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Private Transfer Fees

Publication Details
Type
Proposed Rulemaking
Document Number
2011-2565
Federal Register Publish Date
02/08/2011
Comment Open Date
02/08/2011
Comment End Date
04/11/2011
Comment Status
Closed
Rulemaking Details
Rulemaking

Private Transfer Fees

03/16/2012
Number
RIN-2590-AA41
Group
Fannie Mae
FHL Banks
Freddie Mac
CFR
12 CFR 1228
Effective Date

Private Transfer Fees

Contact Information

FOR FURTHER INFORMATION CONTACT: ​For issues regarding this proposed rule, contact Christopher T. Curtis, Senior Deputy General Counsel, (202) 414–8947, christopher.curtis@fhfa.gov; David Pearl, Executive Advisor, Office of the Deputy Director for Enterprise Regulation, (202) 414–3821, david.pearl@fhfa.gov; Christina Muradian, Senior Financial Analyst, Office of Examinations Policy and Strategic Planning, (202) 408–2584, christina.muradian@fhfa.gov; or Prasant Sar, Policy Analyst, Office of Policy Analysis & Research, (202) 343–1327, prasant.sar@fhfa.gov. (None of these telephone numbers is a toll-free number); Federal Housing Finance Agency, 1700 G Street, NW., Washington, DC 20552. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Additionally, the TDD 1-(800) number referenced in Rulemaking documents attached to this page is obsolete and the 7-1-1 number should be used.

Summary

SUMMARY: This proposed rule would restrict the regulated entities—the Federal National Mortgage Association ("Fannie Mae"), the Federal Home Loan Mortgage Corporation ("Freddie Mac") (collectively, the "Enterprises"), and the Federal Home Loan Banks ("Banks")—from dealing in mortgages on properties encumbered by certain types of private transfer fee covenants and in certain related securities. Such covenants are adverse to the liquidity and stability of the housing finance market, and to financial safety and soundness. This proposed rule would except private transfer fees paid to homeowner associations, condominiums, cooperatives, and certain tax-exempt organizations that use the private transfer fees to provide a direct benefit to the owners of the encumbered real property. With limited exceptions, the rule would apply only prospectively to private transfer fee covenants created on or after the date of publication of the proposed rule.

DATES: Written comments must be received on or before April 11, 2011.​
 

Public Comments people-icon

Below are a compilation of public comments made on this publication.

1128 items
Date Sort ascending First Name Last Name Organization Comment
Fred Warshaw Bay Country Owners Corp. View CommentView Comment Email: N/A
Attachment: View Attachment
Jason Arechiga N/A View CommentView Comment Email: N/A
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Harry Delagrammatikas Knolls Cooperative, Section 1 View CommentView Comment Email: N/A
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