Small Banks Say Freddie Mac Fee Will Stifle Their Lending

Law360, New York (June 10, 2013, 5:15 PM EDT) -- A lobbying group for community bankers said Monday that a new fee Freddie Mac plans to impose on banks that don't generate a minimum number of mortgages each year threatens to increase mortgage industry concentration.

Freddie Mac announced in May a new, $7,500 fee that would be assessed on mortgage lenders that don't issue mortgages with an aggregate unpaid balance of $5 million and mortgage servicers with less than $25 million in aggregate unpaid balances in the previous calendar year.

In a letter to Freddie Mac...
To view the full article, register now.