C.A.R. and NAR applaud the Federal Housing Finance Agency for issuing a final rule to restrict Fannie Mae, Freddie Mac, and the Federal Home Loan Banks from investing in mortgages encumbered by private transfer fee covenants.
“NAR has long been vocal in its opposition to private transfer fees since there is virtually no oversight on where or how fee proceeds can be spent, on how long a private transfer fee may be imposed, or on how the fees should be disclosed to home buyers – and this often places an inappropriate drag on the transfer of property,” said NAR President Moe Veissi.
“To that end, we fully support FHFA’s decision to ban private transfer fees, which we believe increase the cost of homeownership, provide no benefit to home buyers and do little more than generate revenue for developers or investors.”
C.A.R. is pleased to see the Federal Housing Finance Agency take a strong position on this issue, and is hopeful this final rule will prevent organizations from threatening homebuilders with litigation until a private transfer tax benefiting their group is created.
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