Cole Supports Legislation To Protect Middle Class Homebuyers

Washington, D.C. – Congressman Tom Cole (OK-04) released the following statement after the House passed H.R. 3564, the Middle Class Borrower Protection Act of 2023. This legislation would block mortgage fee changes from the Biden Administration that would raise mortgage fees on homebuyers with a credit score of 740 or more from 0.25 percent to 1 percent and lower such fees on those with poor credit scores.

“Homeownership is a dream of many Americans of all incomes,” said Cole. “While soaring inflation and high interest rates have made owning a home more difficult to achieve in recent years, a recent executive mandate from the Biden Administration has also squashed this goal. By raising the mortgage fees on those with good credit and lowering fees on those with poor credit, President Joe Biden is sending a clear message that hard work and financial responsibility do not matter. Those who have worked diligently to manage their credit, live within their means and save their hard-earned money will now pay more to subsidize others. This is unfair, unjust and I was proud to support the House passage of this legislation.”

Earlier this week, Cole made extensive remarks on the legislation in a Rules Committee meeting. Video here and transcript here.

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