House Passes Bill to Make New Mortgages More Expensive for Low-Wealth Americans

WASHINGTON, D.C. – RealEstateRama – The U.S. House of Representatives passed H.R. 3564, a bill that would reverse the Federal Housing Finance Agency’s (FHFA’s) recent update to the pricing of home loans that Fannie Mae and Freddie Mac buy.

“The FHFA was deliberative and thoughtful in updating the pricing framework for conventional mortgages. The same cannot be said of the House of Representatives,” remarked Center for Responsible Lending (CRL) Vice President and Federal Policy Director Mitria Spotser. “This legislation would make it more expensive for lower-wealth, credit-worthy borrowers to purchase a home. For Americans who make up or seek to enter the middle class, this bill would make it harder to build wealth. The Senate should reject this bill.”

CRL produced this factsheet on the H.R. 3564 bill and sent this letter of opposition.

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Press Contact: Matthew Kravitz