Congressional Budget Office releases cost estimate report for Senate mortgage reform legislation MortgagePress.comSenate Mortgage Reform Legislation, Congressional Budget Office, Fannie Mae, Freddie Mac, Federal Housing Finance Regulatory Reform Act of 2008
The Congressional Budget Office (CBO) estimated that Fannie Mae
and Freddie Mac will pay at least $9 billion in additional fees
over 10 years under the Senate's Federal Housing Finance Regulatory
Reform Act of 2008. If the bill is enacted, the additional fees
would be used for a Federal Housing Administration
mortgage-insurance program until 2011, and then to fund state
housing and community development projects.
The CBO, which released the figures as part of a cost estimate
report requested by the Senate Committee on Banking, Housing , and
Urban Affairs, projects that the program will cost Fannie and
Freddie approximately $710 million combined for 2009.
The report is available on the Congressional Budget Office's Web
site by clicking here.