G-Fees bundled into highway bill removed in House amendment vote

Source/Bigstock

Source/Bigstock

On Thursday, the U.S. House of Representatives voted overwhelmingly to approve an amendment which calls for removal of the so-called “G-Fee” from a highway funding bill.

The G-Fees, actually GSE guarantee fees, are charged by Freddie Mac and Fannie Mae to lenders for bundling, selling, and guaranteeing the payment of principal and interest on their Mortgage Backed Securities. These fees are passed on to mortgage seekers by the lender and add to the cost of obtaining a mortgage. Under the proposal, these fees could have been used for transportation funding.

The National Association of REALTORS® issued a Call for Action, and more than 20 percent of IAR’s members responded.

According to NAR:

The bill will now go to a House-Senate Conference.  The early indications are that the Senate will agree to the House version.

Once again, REALTORS® make a difference in public policy and protect the industry.

 

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About Jon Broadbooks

Jon Broadbooks is Vice President/Communications for Illinois REALTORS®. He serves as editor of online and print content for the association’s communications including the Illinois REALTOR® magazine and e-newsletters. He conducts spokesperson training seminars and oversees website development for the Association.

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