Pennsylvania Senate Bill SR134

Pennsylvania 2023-2024 Regular Session

• Introduced: 6/15/23
• Refer: 6/15/23
• Passed: 10/3/23

Caption

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.

Impact

If enacted, SR134 may influence federal housing finance policies by advocating for adjustments that could make home purchases and refinances more accessible and affordable. This initiative aligns with ongoing discussions about the critical need for affordable housing and the preservation of homeownership as a key component of economic stability in the Commonwealth. By appealing for the rescission of these changes, the bill aims to reinforce the position of state interests in federal housing finance issues, thereby potentially safeguarding the financial interests of homebuyers.

Summary

SR134 urges the Federal Housing Finance Agency (FHFA) to rescind changes to the single-family pricing framework for home purchases, rate-term refinance, and cash-out refinance loans, which have implications for homebuyers within the Commonwealth. The changes in question are believed to negatively impact access to affordable housing and homeownership opportunities by altering the pricing structures that govern these loans. The bill articulates a need for reconsideration of these changes to alleviate the financial burden placed on potential and existing homeowners.

Sentiment

The sentiment surrounding SR134 has shown support from many constituents who are concerned about the rising costs associated with home purchases and refinancing. Legislators expressing support for the bill argue that restoring previous pricing structures is crucial for maintaining and enhancing access to homeownership. However, there may also be dissent among groups wary of federal interventions in what they perceive as necessary financial adjustments, revealing a divide in perspectives on how best to facilitate equitable housing opportunities.

Contention

Notable points of contention surrounding SR134 focus on the appropriateness of urging the FHFA to alter its pricing framework and the potential consequences of such actions. Critics may assert that the changes in question were implemented for sound financial reasons and that reversing these decisions could complicate the financial landscape. Proponents of the bill argue, however, that the changes disproportionately affect vulnerable homebuyers, advocating for a legislative response that prioritizes accessibility and affordability in housing finance.