North Dakota Becomes 27th State to Restrict Wall Street Home Resale Fees

North Dakota Becomes 27th State to Restrict Dangerous Wall Street Home Resale Fees

Broad, Bipartisan Coalition Thanks Governor Dalrymple, Senator Grindberg and the Legislature for Standing Up for Homeowners by Banning Fees

BISMARCK, North Dakota – Governor Dalrymple took swift action to protect North Dakota homeowners by signing SB 2149 to restrict Wall Street Home Resale Fees (also known as “private transfer fees”). The new law, sponsored by Senator Grindberg (R-Fargo), places a ban on these fees, a dangerous new financial scheme that steals home equity, lowers home resale values and adds another layer of difficulty to selling a home.
“These fees infringe on property rights and hurt North Dakota consumers,” said Senator Grindberg, who sponsored the legislation. “They have no place in the North Dakota real estate market.  We’ve made sure that when a homeowner buys a new property, he or she owns that home free and clear.”

“The Governor and Legislature stood up for homeowners by protecting consumers from these predatory fees,” said Paula Bachmeier, Vice President North Dakota Land Title Association. “This bill is an important step in enhancing consumer protections, safeguarding the real estate market and protecting our property rights systemin North Dakota.”

Manhattan-based Freehold Capitol Partners is leading the push to add these fees to home purchase contracts.  The fees require that a percentage of the final sale price of a home be paid to a private third party every time the property is sold, typically for 99 years. Freehold is attempting to then sell the right to collect these fees on Wall Street—all the while padding investors’ pockets while stealing equity from homeowners.

North Dakota becomes the 27th state to have restricted the use of Wall Street Resale Fees.

The bill is the latest in a series of government actions to limit Wall Street Home Resale Fees. North Dakota joins Arizona, Arkansas, California, Delaware, Florida, Hawaii, Idaho, Illinois, Iowa, Kansas, Louisiana, Maryland, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Jersey, North Carolina, Ohio, Oregon, South Dakota, Texas, Utah, Virginia and Washington in restricting the dangerous fees. On the federal level, the Federal Housing Finance Agency has issued a proposed rule that would prevent government-sponsored entities from investing in mortgages with these fees.

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Virginia Becomes 24th State to Restrict Dangerous Wall Street Home Resale Fees

Broad, Bipartisan Coalition Thanks Governor McDonnell, Senator McDougle and the Legislature for Standing Up for Homeowners by Banning Fees

RICHMOND, Virginia – Governor McDonnell took swift action to protect Virginia homeowners by signing SB 931 to restrict Wall Street Home Resale Fees (also known as “private transfer fees”). The new law sponsored by Senator McDougle (R-Mechanicsville) places a ban on these fees, a dangerous new financial scheme that steals home equity, lowers home resale values and adds another layer of difficulty to selling a home.

“These fees infringe on property rights and hurt Virginia consumers,” said Senator McDougle, who sponsored the legislation. “They have no place in the Virginia real estate market.  We’ve made sure that when a homeowner buys a new property, he or she owns that home free and clear.”

“The Governor and Legislature stood up for homeowners by protecting consumers from these predatory fees,” said Tim Akers, Virginia Land Title Association President “This bill is an important step in enhancing consumer protections, safeguarding the real estate market and protecting our property rights system.”

Manhattan-based Freehold Capitol Partners is leading the push to add these fees to home purchase contracts.  The fees require that a percentage of the final sale price of a home be paid to a private third party every time the property is sold, typically for 99 years. Freehold is attempting to then sell the right to collect these fees on Wall Street—all the while padding investors’ pockets while stealing equity from homeowners.

Virginia becomes the 24th state to have restricted the use of Wall Street Resale Fees.

The bill is the latest in a series of government actions to limit Wall Street Home Resale Fees. Virginia joins Arizona, Arkansas, California, Delaware, Florida, Hawaii, Idaho, Illinois, Iowa, Kansas, Louisiana, Maryland, Minnesota, Mississippi, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Oregon, South Dakota, Texas and Utah in restricting the dangerous fees. On the federal level, the Federal Housing Finance Agency has issued a proposed rule that would prevent government-sponsored entities from investing in mortgages with these fees.

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The Coalition to Stop Wall Street Home Resale Fees has organized to fight the dangerous financial scheme of transfer fee covenants and to protect homeowners across the country. Together, we are fighting to ensure that homeowners keep full equity in their home, and have the freedom to buy or sell their home without paying-off a private third party.

Arkansas Becomes 22nd State to Restrict Dangerous Wall Street Home Resale Fees

Broad, Bipartisan Coalition Thanks Governor Beebe, Representative Vines, Senator Burnett and the Legislature for Standing Up for Homeowners by Banning Fees

Little Rock, Arkansas – Governor Beebe took swift action to protect Arkansas homeowners by signing House Bill 1388 to restrict Wall Street Home Resale Fees (also known as “private transfer fees”). The new law, sponsored by Representative Vines and Senator Burnett places a ban on these fees,a dangerous new financial scheme that steals home equity, lowers home resale values and adds another layer of difficulty to selling a home.

“The Governor and Legislature stood up for Arkansas homeowners by protecting consumers from these for profit fees,” said Wes Lasseigne, Vice President of the Arkansas Land Title Association. “This bill is an important step in enhancing consumer protections and safeguarding a fragile real estate market from further abuse.”

Manhattan-based Freehold Capitol Partners is leading the push to add these fees to home purchase contracts.  The fees require that a percentage of the final sale price of a home be paid to a private third party every time the property is sold, typically for 99 years. Freehold is attempting to then sell the right to collect these fees on Wall Street—all the while padding investors’ pockets while stealing equity from homeowners.

Arkansas becomes the 22nd state to have restricted the use of Wall Street Resale Fees.
The bill is the latest in a series of government actions to limit Wall Street Home Resale Fees. Arkansas joins Arizona, California, Delaware, Florida, Hawaii, Illinois, Iowa, Kansas, Louisiana, Maryland, Minnesota, Mississippi, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Oregon, South Dakota, Texas and Utah in restricting the dangerous On the federal level, the Federal Housing Finance Agency has issued a proposed rule that would prevent government-sponsored entities from investing in mortgages with these fees.

Coalition Statement on New FHFA Rule

Coalition Applauds FHFA for New Rule to Regulate Financial Scheme that Threatens Homeownership

Private transfer fees infringe on property rights and hurt homeowners

Washington, DC –Members of the Coalition to Stop Wall Street Home Resale Fees applaud the Federal Housing Finance Agency (FHFA) for issuing a proposed rule today to restrict government-sponsored enterprises from investing in mortgages with private transfer fees, a new legally dubious financial scheme that forces homeowners to pay a fee to sell their homes and steals home equity from consumers. The proposal is part of the official rulemaking process.

“We applaud the FHFA for recognizing the dangers of private transfer fees and taking the necessary steps to ensure that this financial scheme does not make further inroads into our country’s real estate market via Fannie Mae, Freddie Mac and Federal Home Loan Bank mortgage purchases,” said Kurt Pfotenhauer, CEO of the American Land Title Association. “FHFA’s decision enhances consumer protection and guards our fragile housing market from unnecessary financial risks.”

Wall Street Home Resale Fees are incorporated into home covenants that filter money from homeowners to private third parties that have no ongoing relationship with the property. The scheme adds language to home purchase contracts requiring that a percentage of the final sales price of a home be paid to private third parties every time the property is sold, typically for 99 years. The fees defy the long-standing principle in real estate law that any covenant that burdens the land must also benefit the land and infringe on homeowners’ property rights.

Wall Street Home Resale Fees have already been restricted in 19 states—and there is legislation pending in multiple states across the country to ban the fees.

Freehold Capital Partners claims that there is $600 billion in real estate across the country subject to the fees, but has yet to release any information to the public about where these properties are located or who benefits from the fees they produce. The company announces business contracts on a state-by-state basis, but does not release the names of their business partners or the developments that are burdened by private transfer fees.

Homeowners and their allies have found that the fees steal home equity from consumers, filter money away from communities and community development, infringe on property rights, and interfere with the safe and efficient transfer of real estate.