The fee, passed a decade ago to help pay for a temporary payroll tax cut, expired Oct. 1. Democrats resurrected it for another decade to help pay for infrastructure priorities.
Despite early criticism of Senate plans to use the 10-basis-point g-fee to help pay for a bipartisan infrastructure bill, industry groups have been more muted since the text of the bill became public.
Big-league housing groups, including the Mortgage Bankers Association and the National Association of Realtors, warned senators not to use the g-fee as “the nation’s piggybank.”
Craig Phillips, senior counselor to Treasury Secretary Steven Mnuchin, recounts the Trump administration’s difficulties in ending the net worth sweep and the conservatorships.
Veteran analyst Dick Bove says tapering by the Federal Reserve and meddling by the FHFA will eventually force the Biden administration to address housing-finance reform.
Mortgage industry observers increasingly argue that Fannie Mae and Freddie Mac should be regulated as utilities. But conservative critics say, “Not so fast.”
Sen. Pat Toomey, R-PA, the ranking member of the Senate Banking Committee, this week indicated the GOP may be ready to compromise on key issues related to GSE reform.
The Fed and commercial banks purchased a combined $1 trillion in agency MBS over the past 12 months, more than 145% of the net supply. (Includes data chart.)
Because of the terms of the CARES Act, not only are borrowers in forbearance allowed to skip their monthly payments, but servicers are prevented from reporting their mortgages as past due.
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