John,
My Senate colleagues and I recently introduced the Middle Class Borrower Protection Act, a bill that would end Joe Biden’s unfair mortgage rule aimed directly at fiscally-responsible American home purchasers that are being penalized with higher rates. |
The President’s Federal Housing Finance Agency enacted his mortgage rule that “recalibrated” borrowing price structures to disproportionally favor individuals with lower credit scores, which includes the policy of eliminating upfront fees for borrowers who don’t have the means or capital to actually pay back the loan. The average American has a credit score over 716. The Biden administration is making home ownership more difficult for everyday Americans by raising rates for most people with a credit score over 680 to subsidize riskier borrowers. This is an outrage and completely contrary to the foundation of our nation’s fiscal security. |
Punishing American home purchasers that have been responsible with their resources, and worked hard to maintain a respectable credit score is despicable, and I won’t stand for it! Thank you for your support, Mike Braun |
