U.S. Representative Brad Miller Statement on Expected FHFA Proposal

Statement

By:  Brad Miller
Date: Sept. 19, 2012
Location: Washington, DC

U.S. Rep. Brad Miller commented on an expected proposal from the Federal Housing Finance Agency to increase guarantee fees for loans originated in states that have implemented enhanced foreclosure protections for consumers.

"It is hard to see this as anything other than bullying states that are protecting homeowners from foreclosure abuses. If Fannie and Freddie properly underwrite new mortgages and have decent servicing, the cost of complying with state foreclosure laws cannot credibly justify an increase in the G-fee. FHFA has no business holding a state's new mortgage market hostage to extort weaker homeowner protections for existing mortgages."