David Stevens, president and CEO of the ""Mortgage Bankers Association"":http://www.mortgagebankers.org (MBA), spoke out Thursday on the group's opposition to House bill H.R. 6429, which would raise guarantee fees (g-fees) on single-family mortgages by Fannie Mae and Freddie Mac to pay for immigration reforms.
[IMAGE] [COLUMN_BREAK]The bill is designed to provide immigrant visas for qualified persons who ""hold a doctorate degree in a field of science, technology, engineering, or mathematics from a United States doctoral institution of higher education"" and who seek to put their skills to use in the United States.
In his statement, Stevens asked Congress to keep housing funds away from other causes.
""Fannie and Freddie's guarantee fees are supposed to be used to help offset the risk inherent in providing mortgages, and any increases to those fees should be used for that purpose,"" Stevens said. ""Dipping back into the housing piggybank to pay for unrelated policy items on the backs of America's homebuyers sends the wrong message at a time when the housing market is starting to show signs of recovery.
""We are asking Congress to reconsider the approach of using guarantee fees for anything other than their intended purpose,"" the statement goes on. ""Increasing the cost of most mortgages will only add to the uncertainty that is plaguing the mortgage market and holding back a more a robust housing recovery.""