BISMARCK – U.S. Senator Kevin Cramer (R-ND) joined a bipartisan letter led by Senator Mike Rounds (R-SD) to the Federal Housing Finance Agency (FHFA) Director Mark Calabria urging the agency to withdraw a market refinance fee of 0.5 percent recently announced by Government Sponsored Enterprises (GSE) Fannie Mae and Freddie Mac. The surcharge the GSEs will begin imposing on mortgages as of September 1 would raise costs for borrowers and consumers.
“That the Federal Housing Finance Agency (FHFA) would allow the GSEs to take this course of action, during what is universally agreed to be a period of great economic distress, is surprising and deeply troubling,” wrote the senators. “We therefore request that you immediately act to require that the GSEs withdraw this fee to prevent further harm to everyday Americans and our economy.”
Senators Cramer and Rounds were joined on the letter by Senators Steve Daines (R-MT), Jerry Moran (R-KS), Tina Smith (D-MN), Jon Tester (D-MT) and Thom Tillis (R-NC).