S. 2296 · 118th Congress
Middle Class Borrower Protection Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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BraunSponsor15 cosponsors · 15 R
R
Barrasso
TB
R
Budd
JC
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Cornyn
TC
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Cotton
KC
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Cramer
TC
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Cruz
CH
R
Hyde-Smith
JM
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Moran
RM
R
Marshall
MR
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Rubio
RS
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Scott
JT
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Thune
TT
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Tillis
RW
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Wicker
PR
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Ricketts14 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill rolls back changes made by the Federal Housing Finance Agency (FHFA) to the fees charged by Fannie Mae and Freddie Mac for a conventional single-family mortgage (i.e., loan-level pricing adjustments) and restricts future fee adjustments.
What it does: CRS summary · Introduced in Senate · Jul 13, 2023
Middle Class Borrower Protection Act of 2023
This bill rolls back changes made by the Federal Housing Finance Agency (FHFA) to the fees charged by Fannie Mae and Freddie Mac for a conventional single-family mortgage (i.e., loan-level pricing adjustments) and restricts future fee adjustments. These changes, effective May 1, 2023, revised the fee charts that provide percentage adjustments based on a mortgagor's credit score and down payment.
The bill reinstates the fee structure that was in place prior to May 1, 2023.
The Government Accountability Office (GAO) must report on the changes made by the FHFA. Further adjustments to the fee structure by FHFA are prohibited until 90 days after the publication of the GAO report.
After this period, FHFA must follow Administrative Procedure Act requirements when proposing adjustments to the fee structure.
The bill also requires that, to the greatest extent feasible, revisions to the fee schedule must be based on risk.
Further, FHFA, Fannie Mae, and Freddie Mac are prohibited from imposing any loan-level pricing adjustment fee that is based on the ratio of the debt of the mortgagor to the income of the mortgagor.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Middle Class Borrower Protection Act of 2023
Latest action (Jul 13, 2023): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jul 13, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.