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GOP bill would repeal Biden policy forcing people with good credit to subsidize high-risk mortgages

https://www.foxnews.com/politics/gop-unveils-bill-to-repeal-biden-policy-forcing-people-with-good-credit-to-subsidize-high-risk-mortgages

Rep. Stephanie Bice, vice chair of the Main Street Caucus, unveiled the legislation Wednesday
By Elizabeth Elkind | Fox New

House Republicans are rolling out legislation to stop a new Biden administration regulation that, if implemented, would force lower-risk mortgage borrowers to help subsidize lower rates for high-risk borrowers.

Rep. Stephanie Bice, R-Okla., vice chair of the Republican Main Street Caucus, told Fox News Digital on Wednesday that President Biden was enabling a "culture of dependency" and blasted the White House for levying new regulations while skirting Congress to do so.

"Whether its student loan forgiveness or their mortgage rule, through the power of the pen, Biden and his executive agencies are attempting to bypass Congress and fundamentally change how our country operates," Bice said. "We should not punish individuals who have made sound financial decisions or have the government incentivize lowering credit scores."

Her bill, the Free Market Mortgage Act of 2023, would repeal a new policy that the Federal Housing Finance Agency (FHFA) intends to enact next month.

Experts have said that under the rule, people with credit scores in the neighborhood of 680 might pay another $40 more per month on a $400,000 loan to subsidize higher-risk mortgages.

"Due to reckless spending and high inflation, interest rates have already increased significantly, and the last thing we should do is add more fees for homebuyers. We cannot continue a culture of dependency. My legislation prevents the Biden administration from implementing this senseless rule," Bice said.

Her bill is co-sponsored by at least six other Republican lawmakers.