The money Fannie Mae and Freddie Mac earned from the adverse market fee paid for nearly the entire cost of the agencies’ Covid relief options, according to a Federal Housing Finance Agency inspector general report.
The March 2020 CARES Act was meant to blunt the impact of Covid’s economic toll on homeowners, by letting them defer mortgage payments for an initial year without penalty. The legislation also placed a moratorium on foreclosures, which the FHFA later extended to July 2021.
But deferring payments and foreclosure actions “imposed significant costs on the Enterprises,” the inspector details ⇒
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