WASHINGTON Consumers may see little change in the ultimate cost of Fannie Mae or Freddie Mac loans despite a restructuring of certain loan fees announced Friday by the Federal Housing Finance Agency.
Who should hear consumer stories first, the CFPB or the financial services company already involved with the consumer?
FHFA's reduction appears likely to involve loan level price adjustments that the two government-sponsored enterprises charge borrowers and adverse market fees charged on every loan, but not a guarantee fee reduction that the industry has sought.
Former Treasury Secretary Larry Summers, who sits on Lending Club's board, said in a speech Wednesday that such technology-focused marketplace lenders should be given a fair chance to compete.
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