Middle Class Borrower Protection Act of 2023
This bill rolls back changes made by the Federal Housing Finance Agency (FHFA) to the fees charged by Fannie Mae and Freddie Mac for a conventional single-family mortgage (i.e., loan-level pricing adjustments) and restricts future fee adjustments. These changes, effective May 1, 2023, revised the fee charts that provide percentage adjustments based on a mortgagor's credit score and down payment.
(Sec. 2) This section reinstates the fee structure that was in place prior to May 1, 2023.
(Sec. 3) Further adjustments to the fee structure by FHFA are prohibited until 90 days after the publication of a report by the Government Accountability Office (GAO) required by section 5 of the bill. After this period, FHFA must follow Administrative Procedure Act requirements when proposing adjustments to the fee structure.
This section also requires that, to the greatest extent feasible, revisions to the fee schedule must be based on risk.
(Sec. 4) FHFA, Fannie Mae, and Freddie Mac are prohibited from imposing any loan-level pricing adjustment fee that is based on the ratio of the debt of the mortgagor to the income of the mortgagor.
(Sec. 5) The GAO must report on the changes to the fees made by the FHFA.
(Sec. 7) This section extends through FY2033 the authority of Fannie Mae and Freddie Mac to charge a guarantee fee.
Middle Class Borrower Protection Act of 2023
This bill rolls back changes made by the Federal Housing Finance Agency (FHFA) to the fees charged by Fannie Mae and Freddie Mac for a conventional single-family mortgage (i.e., loan-level pricing adjustments) and restricts future fee adjustments. These changes, effective May 1, 2023, revised the fee charts that provide percentage adjustments based on a mortgagor's credit score and down payment.
The bill reinstates the fee structure that was in place prior to May 1, 2023.
The Government Accountability Office (GAO) must report on the changes made by the FHFA. Further adjustments to the fee structure by FHFA are prohibited until 90 days after the publication of the GAO report.
After this period, FHFA must follow Administrative Procedure Act requirements when proposing adjustments to the fee structure.
The bill also requires that, to the greatest extent feasible, revisions to the fee schedule must be based on risk.
Further, FHFA, Fannie Mae, and Freddie Mac are prohibited from imposing any loan-level pricing adjustment fee that is based on the ratio of the debt of the mortgagor to the income of the mortgagor.
Middle Class Borrower Protection Act of 2023
This bill rolls back changes made by the Federal Housing Finance Agency (FHFA) to the fees charged by Fannie Mae and Freddie Mac for a conventional single-family mortgage (i.e., loan-level pricing adjustments) and restricts future fee adjustments. These changes, effective May 1, 2023, revised the fee charts that provide percentage adjustments based on a mortgagor's credit score and down payment.
The bill reinstates the fee structure that was in place prior to May 1, 2023.
The Government Accountability Office (GAO) must report on the changes made by the FHFA. Further adjustments to the fee structure by FHFA are prohibited until 90 days after the publication of the GAO report.
After this period, FHFA must follow Administrative Procedure Act requirements when proposing adjustments to the fee structure.
The bill also requires that, to the greatest extent feasible, revisions to the fee schedule must be based on risk.
Further, FHFA, Fannie Mae, and Freddie Mac are prohibited from imposing any loan-level pricing adjustment fee that is based on the ratio of the debt of the mortgagor to the income of the mortgagor.
CR H3115-3128; text: CR H3120)
3564, H.R. 3799 and H. Res. 461. The resolution provides for consideration of H.R. 3564 under a structured rule with one hour of general debate; H.R. 3799 under a structured rule with eighty minutes of general debate; and H.Res. 461, under a closed rule with one hour of general debate. The resolution provides for a motion to recommit on H.R. 3564 and H.R. 3799.
Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Boebert amendment No. 1.
Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Lee (NV) amendment No. 2.
Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Lee (NV) amendment No. 3.
Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Pettersen amendment No. 4.
Cleaver moved to recommit to the Committee on Financial Services. (text: CR H3127)
197 - 214 (Roll no. 288).
On passage Passed by the Yeas and Nays: 230 - 189 (Roll no. 289).
230 - 189 (Roll no. 289).
Res. 524 Reported to House. Rule provides for consideration of H.R. 3564, H.R. 3799 and H. Res. 461. The resolution provides for consideration of H.R. 3564 under a structured rule with one hour of general debate; H.R. 3799 under a structured rule with eighty minutes of general debate; and H.Res. 461, under a closed rule with one hour of general debate. The resolution provides for a motion to recommit on H.R. 3564 and H.R. 3799.