Chuck Fowke, chairman of the National Association of Home Builders (NAHB) and a custom home builder from Tampa, Fla., issued the following statement after the Federal Housing Finance Agency (FHFA) today announced a delay in the effective date of a new refinance fee to be imposed by Fannie Mae and Freddie Mac:
“NAHB commends the decision by FHFA Director Mark Calabria to delay the effective date of the Adverse Market Refinance Fee that Fannie Mae and Freddie Mac were scheduled to begin charging on Sept. 1. Moving the date to Dec. 1 will help ensure that more consumers enjoy the benefits of historically low interest rates.
“NAHB and 19 other lending, housing and consumer groups issued a joint statement in strong opposition to Fannie Mae’s and Freddie Mac’s plans to impose a surcharge on refinances on Sept. 1. White House officials also had raised concerns and NAHB appreciates President Trump’s close attention to this important issue.
“We recognize the challenges faced by the GSEs during the COVID-19 pandemic. NAHB looks forward to working with the White House, FHFA and the GSEs in the effort to finance and build quality housing for American families during this difficult time.”