Free Republic

Changes in the mortgage industry could spell bad news even if you have good credit. Beginning May 1, some people with higher credit scores may actually end up paying a higher fee while those with lower scores will pay less. "It's really a big change," explained mortgage loan officer and credit score expert Al Bingham. "It's going to hit the consumer hard when they go to apply for a mortgage." The changes are part of the federal government's effort to provide equitable access to home ownership. According to Bingham, it comes down to fees that lenders pay back to federal...

(CBS News) Just before Christmas, American workers got a rare gift from Washington politicians - the current payroll tax cut would be extended for two more months. At the time, both President Barack Obama and House Speaker John Boehner lauded the move to avoid a tax increase for millions of working Americans. But there's something the politicians weren't bragging about - the fact that they're paying for the two-month tax cut with what has turned into a brand new fee on home buyers. The new fee is a minimum of one-tenth of 1 percent on Fannie Mae- and Freddie Mac-backed...

Most homebuyers will pay an increased fee to finance their mortgage as part of a U.S. Senate compromise approved today to continue a 2 percentage point cut in payroll taxes and extend unemployment benefits until February. In a last-minute compromise reached Friday night, the Senate agreed to extend the payroll tax cut and unemployment benefits but only for two months and to pay the estimated $30 billion to $40 billion cost by increasing the fees on new mortgages backed by Fannie Mae and Freddie Mac. The increase is expected to cost a new homebuyer about $17 a month for a...