And a happy new years it is as we ring it in with great news!
If you are looking to buy a new home in 2014, chances are those predicted mortgage fee hikes affecting Fannie Mae and Freddie Mac loan seekers are going to be postponed (or better yet cancelled)!
On Friday, December 20, 2013, the soon-to-be chief of the Federal Housing Finance Agency (agency that oversees both Fannie Mae and Freddie Mac), Mel Watt, announced his plan to defer and possibly cancel these hikes noting that further analysis needs to be done.
In other words - these predicted fee increases make no sense (seeing as to how Fannie Mae and Freddie Mac are already very profitable) and will need to be postponed until further notice.
With this turnaround, it appears like the mortgage industry can take a breather... for now.
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