MORTGAGES TO COST PEOPLE WITH HIGH CREDIT MORE – New Federal mortgage fee plans will now penalize homeowners with high credit while those with lower credit scores will see fee reductions. A former federal housing commissioner and former CEO of the Mortgage Bankers association, David Stevens, told the NY Post, “It’s unprecedented. My email is full from mortgage companies and CEOs [telling] me how unbelievably shocked they are by this move.”
He continued, “This was a blatant and significant cut of fees for their highest-risk borrowers and a clear increase in much better credit quality buyers – which just clarified to the world that this move was a pretty significant cross-subsidy pricing change.”
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