Fannie Mae-No Politics (FNMA)

[Robert from yahoo bd]

Rob Zimmer hits the nail on the head with this upcoming tax increase on lower and middle income Americans (e.g., 10 bps over 30 yrs on a $300k mortgage = $4,500.00!) which is buried in something innocuously termed a bipartisan Infrastructure Bill: "Even today, there seems no end in excess premiums. In the current bipartisan infrastructure bill, Congress balked at raising user fees on drivers, but enthusiastically increased user fees on young homebuyers — even those not owning cars. And it gets worse: because the fees are applied to Fannie and Freddie mortgages only, which have mortgage limits, wealthy families taking out the largest mortgages will pay nothing. Now, the Baby Boomers running the government and most sectors of America today have their comfortable homes already. They have plenty of built-up home equity and have refinanced many times over the years to have ultra-low mortgage coupons as well. Most don’t have need today of Fannie, Freddie, FHA, or VA mortgages — if they need a mortgage at all."