Funding from Congress can replace GSE refi fee, Calabria says

FHFA Mark Calabria 575 375
By Jennifer Kang
17 Sep 2020

The adverse market refinance fee came under fire in a hearing this week, during which House policy makers characterised it as last-minute and poorly explained. Federal Housing Finance Agency (FHFA) Director Mark Calabria emphasized that the fee is necessary, and the only alternative would be to receive funding from Congress before the December implementation date.

The House Committee on Financial Services held a virtual hearing with Calabria to assess whether the FHFA is taking appropriate action to protect homeowners during the pandemic. The key topic of the hearing was the adverse market refinance fee, which members of both parties have questioned Calabria on.

Under ...

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