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Dangers of Private Transfer Fee Scheme Discussed on Capitol Hill

June 3, 2010

ALTA’s efforts to ban the use of private transfer fee covenants, also known as Wall Street Home Resale Fees, gained momentum Wednesday, May 27, as Rep. Brad Sherman (D-Calif.) raised the issue during the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises hearing on FHFA oversight.

Sherman pointed out the dangers of this financial scheme and asked FHFA Acting Director Ed DeMarco if Fannie Mae and Freddie Mac would participate in transactions that involved PTFs. DeMarco said he was troubled in learning about this issue and expected to release a policy in the near future.

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