Policymakers Look to Restrict Sudden Proliferation Of ‘Private Transfer Fee Covenants’ in Mortgages
June 3, 2010
Fannie Mae and Freddie Mac are expected to issue new policies on private transfer fee covenants, a proliferating and potentially predatory mortgage feature that imposes additional costs on home buyers and sellers, often at the last minute. A private transfer fee covenant is a transfer fee payable to a private third party (typically the property developer...