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.
“If implemented, the latest FHFA fee change could result in thousands of dollars in additional fees for lower-risk homeowners over time, while encouraging and rewarding financial irresponsibility,” he said. “My legislation prohibits the new fees from going into effect and I’m grateful for the support of more than 30 of my House Republican colleagues.”
“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.
“The Biden administration’s latest effort to enforce equity in the housing market is offensive and un-American,” said Adam Brandon, president of the conservative FreedomWorks. “Borrowers with excellent credit should not be punished for doing right and be forced to bear more financial burdens due to the fiscal irresponsibility of others.
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