Sponsors (8)
The bill preserves current single-family mortgage pricing and gives market participants short-term certainty and cost relief, but does so by blocking FHFA pricing updates—keeping potential taxpayer and systemic risks in place, maintaining higher costs for some borrowers, and constraining future regulatory flexibility.
Homebuyers and homeowners — especially lower-credit-risk borrowers — keep existing single-family pricing and risk-based pricing that can result in lower credit fees and avoid immediate higher upfront fees or loan-cost changes.
Lenders, Fannie Mae/Freddie Mac sellers and servicers, and secondary-market participants get regulatory certainty by blocking the January 19, 2023 pricing change, avoiding operational and coordination disruption.
Maintains lenders' ability to price mortgage risk, which supports continued availability of mortgage credit and helps keep the market functioning for borrowers seeking loans.
Taxpayers may remain exposed to pricing structures FHFA sought to update, potentially preserving systemic risks tied to the Enterprises and increasing taxpayer financial exposure.
Borrowers with poor credit (including many low-income individuals) may continue to face higher fees on single-family mortgages, increasing their borrowing costs and worsening affordability.
Permitting or preserving risk-based pricing could perpetuate racial and income disparities in housing costs if credit-risk differences correlate with race or income, reinforcing unequal outcomes.
Based on analysis of 3 sections of legislative text.
Prevents FHFA and the housing enterprises from implementing the Jan 19, 2023 single-family mortgage credit fee pricing changes and voids the related guidance, while allowing risk-based pricing generally.
Introduced January 3, 2025 by Andrew S. Biggs · Last progress January 3, 2025
Blocks the Federal Housing Finance Agency (FHFA) and the housing enterprises from putting into effect the single-family mortgage credit fee pricing changes announced on January 19, 2023, and declares the related lender letter and bulletin to have no force or effect. It also preserves the enterprises' general ability to set credit fees based on borrower risk and establishes a short title for the Act. The bill does not change funding or create new programs; it narrowly targets and nullifies a specific administrative pricing framework while leaving risk-based pricing authority intact.