Since President Biden took office, he has increased the role of the federal government in the lives of everyday Americans. The policies of this Administration have led to high inflation, more government dependency, a struggling economy, and mortgage rates that have doubled over the last 3 years. Instead of reversing his failed policies, he continues to double down.
Under a new rule from the Federal Housing Finance Agency (FHFA), which took effect on May 1st, borrowers with lower credit ratings and less money for a down payment will qualify for better mortgage rates, while those with higher ratings will pay increased fees. Individuals with a credit score over 680 will pay about $40 more each month on a $400,000 loan. This monthly payment could also be higher, depending on the size of the loan.
Simply put, Biden’s new policy will force home buyers with good credit to pay more for their mortgages to subsidize loans to higher-risk borrowers. To make matters worse, and similarly to his student loan forgiveness scheme, he is once again trying to bypass Congress by centralizing more power in the hands of the executive branch. This is why I introduced the Free Market Mortgage Act of 2023. This legislation would prevent Biden’s senseless FHFA policy from being enacted and stops his anti-capitalist agenda.
I am committed to halting the President’s detrimental agenda and holding his Administration accountable. Since Biden took office, he has made policy decisions that supersede authority with little or no oversight. This changes under a House Republican majority. We are fighting back and seeking to end a culture of dependency on the federal government. The last thing we should do is add more fees and burdens on hard-working Oklahomans. I will continue working to get our country back on track.
