Sponsors (8)
The bill preserves current single-family mortgage pricing and regulatory certainty—protecting many borrowers from immediate fee increases and lenders from disruption—but at the cost of retaining pricing regimes the FHFA sought to change, which may preserve systemic risk, entrench disparities, and limit the agency's ability to modernize pricing in the future.
Homebuyers (especially lower-credit-risk borrowers) keep the existing single-family pricing rules so many borrowers avoid sudden higher fees and retain risk-based discounts on mortgage costs.
Lenders, Fannie Mae/Freddie Mac sellers and servicers, and secondary-market participants get regulatory certainty and avoid near-term compliance and pricing-redesign costs.
Maintaining lenders' ability to price risk supports continued availability of mortgage credit by allowing fees to reflect borrower risk, which can help preserve credit flow into the housing market.
Risk-based pricing as preserved could perpetuate and exacerbate racial and income disparities in housing costs if credit risk correlates with race or neighborhood, disproportionately affecting racial-ethnic minorities and low-income households.
Taxpayers may remain exposed to pricing structures the FHFA sought to update, potentially preserving systemic risks in the housing finance system that the agency identified.
Nullifying FHFA guidance and blocking the agency's pricing changes could undermine regulatory policy coordination and set a precedent that limits the FHFA's ability to update enterprise pricing without Congress, slowing future reforms.
Based on analysis of 3 sections of legislative text.
Blocks FHFA and the enterprises from implementing the specific January 19, 2023 single-family mortgage credit fee pricing framework and nullifies the named lender letter and bulletin.
Prohibits the Federal Housing Finance Agency (FHFA) and the government-sponsored enterprises (Fannie Mae and Freddie Mac) from implementing the single-family mortgage credit fee pricing changes announced January 19, 2023, and declares those specific guidance documents to have no force or effect. Preserves the enterprises' existing authority to use risk-based pricing for single-family mortgage credit fees, but blocks the specific framework and fee schedule set out in FHFA's 2023 guidance documents.
Official title: To cancel certain proposed changes to credit fees charged by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, and for other purposes.
Introduced January 3, 2025 by Andrew S. Biggs · Last progress January 3, 2025