FM Watch

FM Watch is a group of mortgage insurers, high-cost lenders, and their allies who want to roll back Fannie Mae policies that cut costs to consumers. We call them the Coalition for Higher Mortgage costs, because if they had their way, the costs that Fannie Mae lowers for consumers would go up. Its membership includes trade associations for sub-prime lenders, home appraisers, government-guaranteed enterprises and others who profit from the mortgage origination and settlement business.

All of these entities have one thing in common. They know that consumers benefit from the lower-cost mortgage financing that Fannie Mae provides. You see, Fannie Mae lowers the cost of home ownership on average by $15,000 on every 30-year mortgage it funds. The members of the Coalition for Higher Mortgage Costs (a.k.a., FM Watch) wish that they -- and not the consumer -- could pocket that money.

The companies represented by FM Watch are in dozens of lines of business -- everything from jet turbines to cargo ship insurance and sub-prime loans. These companies have simple goals: maximizing profits from mortgage lending and insurance. How would they do that? Higher costs to consumers.

On the other hand, Fannie Mae is in business to lower consumer costs and to expand home ownership. It profits by home ownership increasing, which depends on lower costs.

 

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