GOP aims to reverse mortgage payment increase for high credit scores.
TL;DR
House Republicans, led by Rep. Andy Biggs, are introducing legislation to overturn a new rule from the Federal Housing Finance Agency that would increase mortgage rates for borrowers with higher credit scores. The lawmakers argue that the change is an attempt to prioritize equity over equality in the housing market. The new rule is set to take effect on Monday, but at least 30 Republicans have signed on to the legislation to block it. The FHFA argues that the subsidized fees are not being paid for by the increased mortgage rates on those with higher credit scores.
Topics:businesspolitics#federal-housing-finance-agency#gop#housing-market#legislation#mortgage-rates#politics
- GOP seeks to overturn rule that would hike mortgage payments for high credit scores Washington Examiner
- Why having good credit could cost you more on a home mortgage ABC News
- Changes are coming to some mortgage fees next month CNN
- Your credit score is excellent, so prepare to be penalized The Boston Globe
- VOTE: Should homebuyers with high credit scores subsidize those with lower credit scores? KOMO News
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