GOP Leaders Demand Biden Administration Stop Plans To Punish Good-Credit Homebuyers

  • Two House Republican leaders fired off a letter to Federal Housing Finance Agency Director Sandra Thompson on Tuesday demanding that the Biden administration eliminate its plans to make homebuyers with good credit pay more for mortgage costs to offset those who have riskier credit or else Republicans would “take action to repeal them legislatively and reconsider the parameters of FHFA’s authority.”
  • In January, the Federal Housing Finance Agency (FHFA) announced they would introduce “redesigned and recalibrated upfront fee matrices for purchase, rate-term refinance, and cash-out refinance loans” to change Fannie Mae’s and Freddie Mac’s single-family pricing framework.
  • “In January 2023, FHFA announced redesigned and recalibrated grids for upfront fees in addition to a new upfront fee for certain borrowers with a debt-to-income (DTI) ratio above 40 percent,” FHFA noted in March.
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