A contentious new fee on mortgage refinancings for roughly half of the U.S. housing market has been delayed until Dec. 1, according to the regulator overseeing mortgage giants Fannie Mae and Freddie Mac.
FILE PHOTO: A new apartment building housing construction site is seen in Los Angeles, California, U.S. July 30, 2018. REUTERS/Lucy NicholsonWASHINGTON: A contentious new fee on mortgage refinancings for roughly half of the U.S. housing market has been delayed until Dec. 1, according to the regulator overseeing mortgage giants Fannie Mae and Freddie Mac.
The 0.5per cent fee, which would have applied to all mortgages backed by the pair and aimed at recouping potentially billions of dollars in losses created by the coronavirus pandemic, was originally set to take effect on Sept. 1. The regulator, the Federal Housing Finance Agency, also said the fee would not apply to mortgages worth less than US$125,000.