A House Republican has introduced legislation to block the Biden administration from imposing higher fees on mortgage borrowers with relatively high credit scores to subsidize home buyers with lower credit scores.
co-sponsors. The measure seeks to block a rule by the Federal Housing Finance Agency that will go into effect on Monday.
said in a statement. “Their agenda of equity over equality defies common sense and will endanger the stability of the housing market.”said he hears complaints regularly from constituents about the high cost of housing, “which has been exacerbated by the insane interest rates imposed to combat Biden’s skyrocketing inflation.”
Republicans in the Senate and House have urged the FHFA this week to rescind the proposed fee changes. Sen. Roger Marshall, Kansas Republican, said the rule will “invert the common-sense risk financing structure” at government-sponsored entities and mortgage giants Fannie Mae and Freddie Mac. “Higher-credit-score borrowers are not being charged more so that lower-credit-score borrowers can pay less. Some updated fees are higher, and some are lower, in differing amounts. They do not represent pure decreases for high-risk borrowers or pure increases for low-risk borrowers,” the FHFA said in a statement.
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