Congressman Patrick T. McHenry | Patrick T. McHenry Official Websie
Congressman Patrick T. McHenry | Patrick T. McHenry Official Websie
WASHINGTON — This week, Congressman Patrick McHenry (NC-10) issued the following statement after the Federal Housing Finance Agency (FHFA) announced it would rescind its unworkable upfront Debt-to-Income fee.
“I’m glad to see the FHFA rescind its unworkable changes to debt-to-income ratio-based fees. Subcommittee Chairman Davidson and I have been raising the alarm about the impact misguided changes like this will have on homebuyers, and I appreciate Director Thompson announcing this action in response. Director Thompson should have done the same with FHFA’s changes to the upfront Loan-Level Pricing Adjustment fees that went into effect on May 1st, but she did not. Instead, Congress will now take action to end this tax on creditworthy borrowers. Both FHFA-mandated price changes would inject additional risk into our housing finance system, threatening the stability of the GSEs and our financial system as a whole. The House Financial Services Committee will continue to hold the Biden Administration’s regulators accountable for forcing progressive priorities through our financial system, rather than focusing on their statutory mandates.”
Original source can be found here.
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