Secure Americans from Financial Exploitation (SAFE) Act
Impact
The enactment of HB3041 would directly influence the operations of the Federal Housing Finance Agency and its associated enterprises by ensuring existing credit fee structures remain unchanged. This could contribute to more stable mortgage rates for consumers and maintain more predictable costs for homebuyers. As the bill effectively cancels the proposed changes, it aims to alleviate concerns surrounding affordability in housing, ensuring that families are not subjected to surcharges that could exacerbate the challenges of accessing home ownership. Proponents argue that this stability is crucial for promoting economic mobility and financial security for constituents.
Summary
House Bill 3041, titled the 'Secure Americans from Financial Exploitation (SAFE) Act', seeks to nullify amended credit fees set forth by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Specifically, it targets changes announced by the Federal Housing Finance Agency (FHFA) regarding single-family mortgage credit fees. These proposed adjustments, disclosed on January 19, 2023, were aimed at modifying the pricing framework associated with mortgages, but the bill aims to prevent their implementation and ensure that these changes have no legal validity, thereby protecting consumers from potential financial burdens associated with higher fees.
Contention
Discussions surrounding HB3041 are likely to involve varied perspectives. Supporters advocate that maintaining current credit fee levels protects consumers from rising costs that could hinder home ownership, particularly among low to moderate-income families. However, there may be counterarguments from fiscal conservatives who believe that the proposed changes by the FHFA were necessary for maintaining the financial health of the housing sector. Concerns may also be raised regarding whether preventing these changes reflects a broader reluctance to adapt to evolving economic conditions, suggesting that a balance must be achieved between protecting consumers and ensuring the sustainability of housing finance entities.
Related
To cancel certain proposed changes to loan level price adjustments by the Federal National Mortgage Association and credit fees charged by the Federal Home Loan Mortgage Corporation.
To cancel certain proposed changes to loan level price adjustments by the Federal National Mortgage Association and credit fees charged by the Federal Home Loan Mortgage Corporation.
Responsible Borrower Protection Act of 2025This bill prohibits the Federal Housing Finance Agency, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac) from implementing changes to the single-family home loan pricing framework for upfront fees on certain home loans, announced in January 2023. The changes revise the fee charts that provide percentage adjustments based on a borrower's credit score and other risk factors. Overall, these changes increase the percentage adjustments, with variations based on the particular risk profile of the loan.