After an industry outcry, the Federal Housing Finance Agency on Tuesday said it would delay until Dec. 1 the implementation of the 0.5% adverse-market fee on refinanced mortgages purchased by Fannie Mae and Freddie Mac.

That’s almost a month after the Nov. 3 presidential election. If former Vice President Joe Biden usurps President Donald Trump, all bets are off, said Stephen Myrow, managing partner of Beacon Policy Advisors in Washington, D.C. Even if the FHFA goes ahead with the fee, it could be reversed by a Biden administration who likely would stop plans to recapitalize and release the two companies, he said.

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