What's the justification for these add-ons? Although Fannie Mae declined to comment on its latest fee hikes, Edward J. DeMarco, acting director of the federal agency that oversees both Fannie and Freddie, called the add-ons "necessary to protect (the companies) from the costs and risks" inherent in the mortgages they buy or guarantee. Both Fannie and Freddie "underpriced mortgage credit risk" in the boom years, said DeMarco in a recent letter to Capitol Hill critics. The implication here for borrowers in 2011: It's payback time, folks. Get ready to do precisely that — regardless whether the heavy add-ons hamper a housing recovery.