Congress, FHFA and the GSEs’ Efforts to Grapple with Covid-Related Housing Market Issues Highlighted at House Financial Services Committee Hearing

Congress, FHFA and the GSEs’ Efforts to Grapple with Covid-Related Housing Market Issues Highlighted at House Financial Services Committee Hearing

On Wednesday, September 16th, Federal Housing Finance Agency (FHFA) Director Mark Calabria testified before the House Financial Services Committee (HFSC) regarding his agency’s response to the COVID-19 pandemic. Of particular interest to committee members – as well as the mortgage industry at-large– was the recent decision to impose a controversial “adverse market” fee of on refinancings. The fee, 0.5% on refinanced mortgages, was announced on August 12th and had been initially scheduled to take effect on August 12th – only three weeks later. However, the rollout has since been delayed to December 1st after the move was met with significant backlash from the mortgage industry