Higher mortgage fees proposed for Illinois, 4 other states
(MCT) — Illinois homebuyers may start paying the price for the lengthy amount of time it takes to foreclose on a home in the state.
The Federal Housing Finance Agency is seeking to increase the guarantee fees that Fannie Mae and Freddie Mac charge for mortgages they acquire in five states -- Illinois, Florida, Connecticut, New Jersey and New York -- to better protect their finances. The fee could add another $42 a year to the payments on a $200,000 mortgage, beginning next year.
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