U.S. House Passes Extension of G-Fee Increase for Immigration Reform

A controversial bill that would extend an increase on guarantee fees (g-fees) on mortgages backed by the GSEs or the Federal Housing Administration (FHA) has passed in the House of Representatives.

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The bill, ""H.R. 6429"":http://thomas.loc.gov/cgi-bin/bdquery/D?d112:1:./temp/~bdMrS0::/home/LegislativeData.php?n=BSS;c=112| (""STEM Jobs Act of 2012""), proposes reforms for immigrant visas offered to immigrants who possess advanced training in science, technology, engineering, or mathematics. A section added to the bill calls for a one-year extension of g-fee hikes to help pay for the program, changing the end date on the fee increases from October 2021 to October 2022.

The legislation passed 245-139. It still needs to go before the Senate.

The proposal has attracted criticism from trade groups and industry representatives. Only one day before the bill passed, ""Mortgage Bankers Association"":http://www.mbaa.org/default.htm president and CEO David Stevens ""called on Congress"":https://themreport.com/articles/mbas-stevens-asks-congress-to-reconsider-g-fee-hike-for-other-costs-2012-11-29 to reconsider the use of g-fees for purposes other than aiding the housing industry, noting that ""[d]ipping back into the housing piggybank to pay for unrelated policy items on the backs of America's homebuyers sends the wrong message at a time when the housing market is starting to show signs of recovery.""