Fannie Mae Charging .25% to Borrowers for Stimulus Package

MortgageMan · Aug 8, 2008

I just got an email from Countrywide today that says that Fannie Mae is going to start charging a quarter of a point on all their loans. This must be to pay back the Govt. for the stimulus package. I don't know what to think of this quite yet. If your looking to buy or refinance make sure you do it before Oct 1, 2008 or your costs are going to go up by .25% of your loan amount. Just a heads-up.

Here's the email:

FNMA is requiring a .25% delivery fee on all loans which will take effect on the 10/1/2008 delivery of instruments. This has to do with the Housing stimulus package. All FNMA lenders will be required to charge this fee. Countrywide has elected to bridge our timeline and offer more competitive pricing on our shorter lock periods.... specifically the 7 and 12 day locks....

Any thoughts on this issue??

BowHuntWithaRifle · Aug 8, 2008

Sounds like they are sticking it up your Fannie and didn't ask Mae I.

"I shoot at wolves, I don't dance with them."

Stands With A Fist

Wiszard · Aug 8, 2008

Does this have anything to do with maybe trying to recoupe the banks net losses on all of the REO properties? Is this a way for the government to help the banks in a back door kind of way? Just a thought...

Steve

ktc · Aug 8, 2008

Looks like everyone gets to pay for the jack-wads who went in over their heads and tried to keep up with the Jones'. Charge the defaulters an extra 10.25 on THEIR loans.