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The Silicon Valley Association of REALTORS® informed its members and their clients that Fannie Mae and Freddie Mac will postpone plans to increase mortgage guarantee fees. The news was recently announced by Rep. Mel Watt, D-N.C, incoming director of the Federal Housing Finance Agency, which oversees the government-sponsored enterprises (GSEs). Watt said he will delay the planned increases in mortgage fees until he has time to review the rationale behind it.

Fannie Mae and Freddie Mac said last month that they intend to charge more to lenders who guarantee loans for borrowers with mid-range-or-below credit scores, as well as borrowers who don’t meet certain down payment guidelines. The fees were set to take effect in March and April of 2014.

Critics in the mortgage and housing industry had argued that the fees were too high. Fee hikes on lenders are usually passed on to borrowers via higher interest rates

Installation2014board

SILVAR’s 2014 Installation Dinner is next week on Thursday, January 9, 6 p.m. at Villa Ragusa, 35 South 2nd Street in Campbell. At this special event, 2014 President David Tonna and the 2014 officers and Board of Directors will be officially installed.

Taking the oath of office with Tonna will be Chris Isaacson, President-elect; Phyllis Carmichael, Treasurer; Carolyn Miller, Past President; Suzanne Yost, Region 9 Chair; Lehua Greenman, Menlo Park/Atherton District Chair; Jeff Beltramo, Palo Alto District Chair; Bonnie Kehl and Joe Brown, Los Altos/Mountain View District Co-chairs; Sue Bose, Cupertino/Sunnyvale District Chair; Mark Von Kaenel, Los Gatos/Saratoga District Chair; Jeff Bell, Mark Burns, Eileen Giorgi, Bill Moody, Karen Trolan, At-large Directors; John Tripp, NAR Director; and Simon Offord, Affiliate Chair. The special awards for REALTOR® of the Year, Affiliate of the Year and Spirit of SILVAR will also be presented during the evening.

Thank you in advance to this year’s Installation Sponsors: Los Gatos/Saratoga District; Alain Pinel REALTORS® – Los Gatos, Saratoga and Almaden Valley; MLSListings Inc.; Kenneth Chan – HSBC; Sereno Group; Troy Harrison Property Inspections; Pacific Union Real Estate; and Daddario Roofing Company.

January 2014
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