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In his first major policy shift from the outgoing FHFA director, Mel Watt is moving quickly. Watt has decided to delay the previously planned fee increases for federally held mortgage loans. This is an about face if you will that might signal the beginning of a new policy that is more consumer/homeowner friendly. The goal of the planned increases to these fees was to shrink the footprint of Fannie Mae and Freddie Mac. In other words reduce the amount of loans being serviced by these 2 GSE’s. This might be construed as a signal that Harp 3.0 is in the works and Homeowners across the country will soon be able to refinance their mortgages to historic low rates.

UPDATE

MEL WATT HAS PROVEN THAT HE DOES NOT HAVE THE BACKBONE TO HELP MILLIONS OF AMERICAN BORROWERS CURRENTLY UNDERWATER ON THEIR MORTGAGES. MEL WATT SHOULD STEP DOWN…

The Troll