According to various reports, the guarantee fees (g-fees) charged by Fannie Mae & Freddie Mac to guarantee loans will likely not go to pay for new roads, after the US House of Representatives voted overwhelmingly to remove a controversial portion of a massive $325 billion transportation bill that would have used g-fees to offset the costs. The amendment, put forth by Rep. Randy Neugebauer, (R-TX), and Bill Huizenga, (R-MI), passed 354-72. The full version of the bill passed the House by a vote of 363-64.
The Senate passed their own version of the bill back in July that contained language using g-fees as a revenue source. The next step in the process will be reconciliation through a conference committee and then back to each chamber for an “up or down” vote.
This is not a done deal yet, so stay tuned.
Read more at:
Fannie, Freddie fees likely won’t fund new roads, Housing Wire 10/6/15
House Passes Amendment to Transportation Bill, Eliminating Delay to GSE G-Fee Cuts, DSNews 11/6/15
House passes $325B highway bill, The Hill 11/5/15