Dear Fellow Floridian:
On Monday I submitted public comments to the Federal Housing Finance Authority (FHFA), which oversees our nation’s secondary mortgage markets, regarding their proposed fee increase on Floridians. The FHFA’s new proposal would increase Fannie Mae and Freddie Mac’s Guarantee Fee, which could increase the total lifetime costs of mortgages by thousands of dollars for future homeowners.
The proposal, based on a seriously flawed methodology, would penalize Florida for the strong consumer protections we have put in place to shield our homeowners from financial ruin. Even more outrageous is that this proposed policy would raise the lifetime costs of mortgages by potentially thousands of dollars for aspiring homebuyers in our state. Taxpayers have already spent nearly $190 billion bailing out Fannie Mae and Freddie Mac, of which only a fraction has been paid back. It is unconscionable to think that Fannie Mae and Freddie Mac want to take more of taxpayers’ hard-earned dollars through higher fees before resolving more fundamental problems.
Currently, Fannie Mae and Freddie Mac service nearly 2 million loans for single-family homes in Florida. Raising mortgage costs could weaken demand for these homes and reduce their value, which could worsen the foreclosure situation that Fannie Mae and Freddie Mac would be liable for.
This proposed fee is nothing more than a back-door housing tax that unfairly penalizes future homeowners and strains an already fragile housing market. It should be withdrawn.
Chief Financial Officer
State of Florida
Teen Essay Contest Deadline
The deadline has been extended for the Florida Students
$ave Essay Contest until December 21, 2012.
Florida Students $ave aims to
motivate young people to develop personal financial skills and better
prepare them for college and the workplace, awarding hundreds of dollars
to Florida high school students who present the best research and
planning in response to scenarios that reflect on short- and long-term
The contest is open to all Florida high school students (public,
private, charter, virtual or homeschool) for the 2012-13 school year.
Students can submit essays of up to 1,200 words for a chance to win a
first-place prize of $250, while second- and third-place winners will
receive $150 and $50 respectively. Three winners will be chosen from
each of five regions across Florida: Northwest Florida, Jacksonville,
Orlando, Tampa and South Florida.
For more information about the essay contest, including a list of contest
rules, regions, awards and how to submit an essay, visit
www.MyFloridaCFO.com/YMM or call the Division of Consumer Services helpline
at 1-877-MY-FL-CFO (693-5236).
Florida's Bottom Line
recent months, several surveys and studies were released that speak to
the quality of Florida's business climate and discuss Florida's ranking
alongside other states. Here are these resources in case you missed
latest edition of Florida's Bottom Line's lead story is on access to
Small Business Index Survey
The National Chamber Foundation released a study on
The non-partisan Tax Foundation recently released a study ranking
states' business tax climate, the
2013 State Business Tax Climate Index. This survey ranked Florida
fifth best in the nation.