(WASHINGTON EXAMINER) – A group of House Republicans is seeking to overturn a recent rule from the Federal Housing Finance Agency that would implement increased mortgage rates for borrowers with higher credit scores, calling the change a veiled attempt to “enforce equity” in the U.S. housing market.
Rep. Andy Biggs (R-AZ), who is leading the group, introduced the legislation on Thursday that seeks to block the FHFA rule from taking effect as scheduled on Monday, according to a copy of the bill obtained by the Washington Examiner. The Arizona Republican has received support from at least 30 co-signers, although more lawmakers are expected to sign on, according to his office.
WND is now on Trump's Truth Social! Follow us @WNDNews
“The FHFA, led by a President Biden-appointed director, is punishing financially responsible mortgage borrowers,” Biggs said. “Their agenda of equity over equality defies common sense and will endanger the stability of the housing market. I hear 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. 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.”
The post GOP seeks to overturn rule that would hike mortgage payments for high credit scores appeared first on WND.
