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Volume 2014 - Number 44

November 21, 2014

GSE Guaranty Fee Hikes in 2013 Hit Purchase Business, Marginal Credit Borrowers Harder

Average MBS guaranty fees charged by Fannie Mae and Freddie Mac jumped from 36 basis points in 2012 to 51 bps last year, according to an annual study by the Federal Housing Finance Agency that was released late this week. But the impact of the fee hikes was not spread uniformly across the government-sponsored enterprises’ business. The report shows that the estimated average g-fee on purchase mortgages climbed from 40 bps in 2012 to 55 bps last year. The average fee for refinances rose slightly less, by 14 bps, for both rate-term deals (48 bps in 2013) and cash-out refinances (53 bps last year). According to the FHFA study sample, the purchase business rose...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.



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After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?

I’m confident a bill will be passed the first year.


2 to 3 years. GSE reform is complicated.


Sadly it won’t happen in a Clinton or Trump first term.


Not in my lifetime.


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