How to Prepare for the Next Banking Crisis - Whalen -- Seeking Alpha

How to Prepare for the Next Banking Crisis - Whalen -- Seeking Alpha: "Fees charged by Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB), and a mortgage origination cartel led by the big four banks (Bank of America (BAC), Wells Fargo (WFC), JP Morgan Chase (JPM), Citigroup (C)), are now 4-5 points on new origination loans versus less than 1 point during housing boom. Huge subsidy for largest zombie banks effectively blocks refinancing by millions of households.
These fees, which can add up to 7 to 10% of the face value of the loan, raise mortgage rates to borrowers by hundreds of basis points. Banks and the housing GSEs, however, saw significant benefits in declines in funding costs thanks to low fed funds rates."

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