Housing Wire: Fannie Mae and Freddie Mac CEOs address industry on refinance fee grievances

Housing Wire, August 20, 2020: Fannie Mae and Freddie Mac CEOs address industry on refinance fee grievances

In a combined letter on Thursday, Fannie Mae CEO Hugh Frater and Freddie Mac CEO David Brickman addressed industry criticisms following the GSEs’ announcement last week of an additional 50 basis point fee on refinances starting Sept. 1.

After the announcement, various companies including the Mortgage Bankers AssociationNational Association of Realtors, Community Home Lenders Association, National Association of Home Builders and many others called for the withdrawal of the fee, citing it as “untimely” in an age of economic distress. On Aug. 14, the National Association of Mortgage Brokers received more than 10,000 supporters behind its campaign to reverse the GSE fee in just 24 hours after the campaign’s launch.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

Complete the form to download the full report: