NY Among 5 States Facing Higher Fannie Mae Mortgage Fees
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Fannie Mae and Freddie Mac would charge lenders more to guarantee mortgages in five states where foreclosure delays are pushing up the cost of bad debt, according to a plan by the companies’ U.S. regulator.
The Federal Housing Finance Agency’s proposal may pinch borrowers in New York, New Jersey, Connecticut, Florida and Illinois as those states have higher average total costs for defaulted loans, according to a notice today requesting public input. The agency is proposing a one-time upfront fee of 0.15 percent to 0.3 percent on loans originated in those states that would take effect in 2013.