In the last two weeks, I had 14 meetings and visited over 20 communities throughout the state, and here is what I found:
Archive for March, 2013
In light of higher foreclosure costs and delays in judicial states, the FHFA (the regulatory body for Fannie Mae and Freddie Mac) is proposing additional fees on loans made in judicial foreclosure states. The FHFA has selected Connecticut, Florida, Illinois, New Jersey, and New York (all judicial states) for the new fees, as the total carrying cost of loans in these states far exceed the national average. The fee would be charged to lenders as a one time upfront fee for every loan Fannie or Freddie acquires, resulting in homeowners paying a higher effective mortgage payment.