GOP bill aims to repeal Biden policy penalizing good credit for high-risk mortgages.
House Republicans, led by Rep. Stephanie Bice, are introducing legislation to repeal a new Biden administration regulation that would force lower-risk mortgage borrowers to subsidize lower rates for high-risk borrowers. The regulation, set to be enacted by the Federal Housing Finance Agency (FHFA) next month, has faced opposition from both Republicans and Democrats. Bice's bill, the Free Market Mortgage Act of 2023, aims to prevent the Biden administration from implementing the new policy, which has been criticized for punishing fiscally responsible homebuyers and incentivizing reduced down payments and additional debt.