It's your favorite party that created Fannie Mae and Freddie Mac, first Fannie Mae as a federal government agency and then in 1968 as a private corporation.
When I worked at Fannie Mae between 1988-93, the average Guarantee Fee on a MBS Pool of mortgages was 20-25 basis points.
Today, with the 10 basis points Infrastructure Act add on its about 65-75 basis points.
It now costs American Families $2,000 more per year on a $400,000 mortgage and $4,000 per year on a $800,000 mortgage.
Having the government run the GSES is a mistake.
The MBA loves the elevated surcharges to hard working American Families though! ;-) !
Let's face it, some American Families are better at managing their limited resources than others. Why should an Unelected Bureaucrat in a federal agency decide which groups will be rewarded at the expense of others?
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