Urging the Biden Administration and the Federal Housing Finance Agency to rescind the administration's proposed updates to the upfront fees and matrices for the purchases, rate-term refinancing and cash-out refinancing of mortgage loans.
Impact
If enacted, HR129 would impact Pennsylvania's position related to federal housing finance policies, particularly those affecting mortgage lending regulations. By advocating for the removal of updated fee structures, the resolution seeks to protect borrowers whose financially responsible behaviors could be penalized by increased fees. This stance reflects a desire to maintain a fair lending environment where healthy credit ratings are rewarded rather than financially burdened, ensuring that responsible borrowers continue to have access to affordable mortgage options.
Summary
House Resolution 129 (HR129) urges the Biden Administration and the Federal Housing Finance Agency (FHFA) to rescind proposed updates to upfront fees for mortgage loans. The resolution highlights concerns that these updates disproportionately penalize financially responsible borrowers with higher credit scores, while subsidizing at-risk home buyers with lower credit scores. The intent of the changes, according to the FHFA, is to advance equity in homeownership, but the resolution's proponents argue that it undermines good financial practices and responsible borrowing habits.
Sentiment
The sentiment surrounding HR129 appears to be supportive among those who prioritize fiscal responsibility and fair treatment for borrowers. Legislators who back the resolution express a strong belief in rewarding good credit behavior, while criticisms mainly come from those who interpret the FHFA's adjustments as necessary for expanding access to homeownership for underserved populations. This dichotomy emphasizes the broader debate on balancing risk with equitable access to housing.
Contention
Notable points of contention in discussions around HR129 stem from the divided perspectives on the proposed federal updates. Supporters of the resolution argue that the changes favor a flawed and inequitable approach that overlooks the needs of responsible borrowers. Critics, however, highlight that the updates aim to level the playing field for those historically underserved in the housing market. Thus, the resolution encapsulates a significant conflict between ensuring fair treatment for financially sound individuals and promoting broader access to housing finance.
A resolution to strongly condemn the May 2023 changes to the upfront fees on home mortgages charged by Fannie Mae and Freddie Mac under the direction of the Federal Housing Finance Agency.
Urging the Federal Housing Finance Agency to rescind changes to Fannie Mae's and Freddie Mac's single-family pricing framework for home purchases, rate-term refinance and cash-out refinance loans that affect homebuyers in this Commonwealth.
Relating to residential mortgage loans, including the financing of residential real estate purchases by means of a wrap mortgage loan; providing licensing requirements; authorizing an administrative penalty.
Relating to residential mortgage loans, including the financing of residential real estate purchases by means of a wrap mortgage loan; providing licensing requirements; authorizing an administrative penalty.
Relating to residential mortgage loans, including the financing of residential real estate purchases by means of a wrap mortgage loan; providing licensing and registration requirements; authorizing an administrative penalty.
Relating to residential mortgage loans, including the financing of residential real estate purchases by means of a wrap mortgage loan; providing licensing and registration requirements; authorizing an administrative penalty.
Relating to residential mortgage loans, including the financing of residential real estate purchases by means of a wrap mortgage loan; providing licensing and registration requirements; authorizing an administrative penalty.
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.
An Act Concerning Mortgages, The Residential Heating Equipment Financing Program, The Connecticut Housing Finance Authority And Mobile Manufactured Homes.