Congressman Keith Self | Congressman Keith Self website
(Washington, D.C.) Congressman Keith Self led a letter to President Biden, along with 39 other Members of the U.S. House of Representatives, admonishing the Federal Housing Finance Agency’s latest rule that assesses fees on people with good credit to subsidize those with poor credit.
“Americans who worked hard to save and build good credit to buy a home will now be penalized with higher mortgage fees in order to subsidize riskier borrowers who have lower credit scores,” Congressman Keith Self said. “Our Founders never intended for ‘Life, Liberty, and the pursuit of Happiness’ to include the federal government picking winners and losers. The Biden administration’s attempts to insert ‘equity’ into every executive policy is an assault on American exceptionalism and must be stopped.”
If allowed to continue, the proposed changes to the loan-level price adjustments (LLPAs) for new mortgages would quadruple mortgage fees for those with a credit score over 740 and the ability to make a 15% down payment. This flawed policy serves as another means for the Biden administration to place burdens on the backs of hardworking Americans through its progressive policies.
Original source can be found here .
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