A broad coalition of organizations representing the housing, financial services industries as well as public interest groups issued the following statement on the GSEs’ new adverse market fee: “Wednesday night’s surprise announcement by Fannie Mae and Freddie Mac (the GSEs) conflicts with the Administration’s recent executive actions urging federal agencies to take all measures within their authority to support struggling homeowners. The additional 0.5% fee on Fannie Mae and Freddie Mac refinance mortgages will raise costs for families trying to make ends meet in these challenging times. In addition, the September 1 effective date means that thousands of borrowers who did not lock in their ratesRead More →

The Office of the Comptroller of the Currency (OCC) proposed a rule that would allow predatory lenders to partner with out-of-state banks for the purpose of evading North Carolina’s interest rate cap. The “true lender” rule would enable the same situation that the North Carolina Banking Commissioner put a stop to in 2006. Payday lenders like Advance America were operating all over the state, charging annual interest rates up to 400%, which violated North Carolina law and trapped people in high-cost debt cycles. North Carolina currently saves $457 million per year in payday and car title fees by enforcing our consumer protections. Payday and car title loans areRead More →