Crapo Questions New FHFA Fee; Cooperative Credit Union Association Accuses Agency of Greed

Senate Banking Committee Chairman Mike Crapo (R-Id.) wants to know why the Federal Housing Finance Agency—amid a financial crisis– is imposing new fees on homeowners who are refinancing their mortgages.

“Many housing market stakeholders have highlighted the potential negative impact the announced pricing increase will have on consumers seeking to access this benefit by increasing the average cost of refinancing,” Crapo wrote in a letter late last week to FHFA Director Mark Calabria.

As pressure builds on the FHFA to reverse its 0.5% fee, the president of the Cooperative Credit Union Association pointed out that the two Government Sponsored Enterprises affected—Fannie Mae and Freddie Mac—posted large profits in the second quarter of the year.

IG Report: FHFA Not Ensuring that Mortgage Servicers Tell Borrowers About Forbearance

The Federal Housing Finance Agency is doing nothing to ensure that mortgage servicers inform borrowers of federally backed mortgages that they have a right to forbearance as they deal with the economic impact of the coronavirus crisis, the agency’s Inspector General said this week. The agency has delegated responsibility for monitoring mortgage servicers to Fannie Mae and Freddie Mac, which reported that they are not ensuring compliance with the rule. In the report, the two agencies are referred to as “the enterprises.” “The Enterprises reported to us that they have not asked any servicer to demonstrate compliance with the CARES