Industry moguls Fannie Mae and Freddie Mac made the decision to reduce certain fees that are obligatory to their borrowers at a time when Mac and Mae have been fighting to increase their finances over the past year.
Freddie Mac announced Friday, following a similar announcement by Fannie Mae on Thrusday evening, that they will not enforce a fee increase which was originally scheduled to go into effect in November.
Both Fannie Mae and Freddie Mac had originally announced a fee increase on the loans they had purchased to .5 percent from .25 percent next month, a saving of $500 on a loan of $200,000.
A representative from Freddie Mac made a statemnet saying the firm hoped theupcoming changes would provide "some relief from the challenges in the current market environment," but clarified they are following lending practices "that are prudent and largely applicable in all market conditions."
" />