House GOP members stepped up to kill one of President Biden’s most controversial new mortgage rules; Republicans were calling Biden’s proposal “socialist.”
But now they’ve passed the “Middle-Class Borrower Protection Act,” on a 230 – 189 vote with 14 Democrats joining all Republicans.
The legislation “cancel[s] recent changes made by the Federal Housing Finance Agency to the up-front loan level pricing adjustments charged by Fannie Mae and Freddie Mac for guarantee of single-family mortgages.”
From Fox Business:
Republican Majority Whip Tom Emmer, R-MN, an original cosponsor of the bill, lauded the bill’s passage, telling FOX Business, “The Biden administration’s credit score redistribution plan is socialism at its finest. House Republicans stood up for hardworking Americans today by voting to eliminate this horrific rule and ensure those with good credit are not forced to bankroll high-risk borrowers.”
The bill was originally introduced by Rep. Warren Davidson, R-OH, who denounced the Federal Housing Finance Agency’s plan as unfair in an interview with FOX Business last month.
“Why would you punish people by making it more expensive for people that have been most responsible? On the credit score piece, it’s not even clear that it only helps people who are poor. I mean, there are wealthy people who don’t manage their credit well,” Davidson said.
Emmer echoed Davidson’s sentiments, suggesting that the American middle-class will be most harmed by the housing rules while questioning the Biden administration’s motives.
“I think the president is either unaware of what the policy really does or he’s being very disingenuous about the fact that it’s going to help the middle class,” Emmer said.
“The middle-class are now going to be punished under the new Biden rule because guess what? People who didn’t do the hard work that you did to make sure that they maintain good credit so that they could participate in the same way you and I are now going to subsidize them,” the Minnesota congressman added.
More over at Fox Business:
BREAKING: Biden's 'socialist' mortgage plan reversed by GOP billhttps://t.co/c6gudIgkY2
— FOX Business (@FoxBusiness) June 23, 2023
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