Freddie Introduces 'Market Condition Delivery Fee'
Freddie Mac said in a lender announcement today that it will assess an additional 25 basis point postsettlement delivery fee all mortgages sold under flow Purchase Contracts with settlement dates on or after March 9, 2008. Called a market condition delivery fee, Freddie said the new fee was the result of "continued deterioration in the mortgage market." Click here to read the announcement. "The new Market Condition Delivery Fee will enable Freddie Mac to continue fulfilling our important housing mission in the current market environment," Patricia J. McClung, a vice president at the GSE, said in a statement. Housing Wire first broke the story last week that Fannie Mae was planning a similar charge, which it is calling an 'adverse market delivery fee.' News of the fee introduction at Fannie prompted some strong reaction from the National Association of Home Builders, which called the fees "a broad tax on homeownership."