July 16, 2021

Brown Applauds FHFA Action to Lower Refinancing Costs for Homeowners

Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, applauded Federal Housing Finance Agency (FHFA) Acting Director Sandra Thompson for rescinding the additional 50 basis point adverse market fee charged by Fannie Mae and Freddie Mac (the Enterprises) for all refinance loans. Senator Brown led a group of 15 Senate Democrats last year in urging the Enterprises to reconsider their decision to charge this new fee,  particularly during the economic downturn caused by the coronavirus pandemic.

“Removing this additional charge will help put money back in homeowners’ pockets,” Brown said. “I applaud Acting Director Thompson’s quick evaluation of the need for these charges and her action to make sure we’re not needlessly raising costs for homeowners.”