Sponsor
Stephanie I. Bice
Representative · R-OK
Representative · R-OK
The bill preserves current mortgage pricing and gives short-term protection and certainty to borrowers and lenders, but at the cost of restricting FHFA and the enterprises' ability to adjust pricing and manage risk—potentially increasing taxpayer exposure and delaying market-stabilizing reforms.
Homebuyers, mortgage borrowers, and potential borrowers keep current single-family pricing terms and are protected from near-term increases in mortgage costs tied to the enterprises' revised pricing policies.
Lenders and mortgage investors gain regulatory certainty because the bill nullifies the announced guidance and prevents the enterprises from implementing the new pricing changes.
Taxpayers could face higher long-term exposure because the bill may prevent the enterprises from adjusting fees or pricing to better align with risk, especially in a future downturn.
The bill limits FHFA's authority to update pricing policies, which could delay reforms intended to stabilize mortgage markets or address emerging risk exposures.
Rescinding the guidance by statute rather than through the agency process could create legal or operational uncertainty for Fannie Mae and Freddie Mac and for the firms that do business with them.
Based on analysis of 2 sections of legislative text.
Prohibits FHFA and the GSEs from implementing the Jan. 19, 2023 single‑family pricing framework and voids the related Fannie Mae and Freddie Mac guidance.
Prohibits the Federal Housing Finance Agency (FHFA) and the government-sponsored enterprises (GSEs) defined in federal law from implementing the single-family pricing framework updates FHFA announced on January 19, 2023, and declares the related Fannie Mae lender letter and Freddie Mac bulletin to have no force or effect. In short, it blocks those specific pricing changes for single-family mortgages and invalidates the associated guidance documents.
Official title: To cancel certain proposed changes to loan level price adjustments by the Federal National Mortgage Association and credit fees charged by the Federal Home Loan Mortgage Corporation.
Introduced January 9, 2025 by Stephanie I. Bice · Last progress January 9, 2025