HOUSE 3564118th CongressReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Middle Class Borrower Protection Act of 2023

Last Action: 7/10/2023

Actions

2023-07-10Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2023-06-23Motion to reconsider laid on the table Agreed to without objection.
2023-06-23On passage Passed by the Yeas and Nays: 230 - 189 (Roll no. 289).
2023-06-23Passed/agreed to in House: On passage Passed by the Yeas and Nays: 230 - 189 (Roll no. 289).
2023-06-23On motion to recommit Failed by the Yeas and Nays: 197 - 214 (Roll no. 288).
2023-06-23The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.
2023-06-23Mr. Cleaver moved to recommit to the Committee on Financial Services. (text: CR H3127)
2023-06-23The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union.
2023-06-23The previous question was ordered pursuant to the rule.
2023-06-23The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3564.
2023-06-23DEBATE - Pursuant to the provisions of H. Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Pettersen amendment No. 4.
2023-06-23DEBATE - Pursuant to the provisions of H. Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Lee (NV) amendment No. 3.
2023-06-23DEBATE - Pursuant to the provisions of H. Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Lee (NV) amendment No. 2.
2023-06-23DEBATE - Pursuant to the provisions of H. Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Boebert amendment No. 1.
2023-06-23GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 3564.

Showing 15 of 20 actions. Full history on Congress.gov.

CRS Summary

As of 2023-06-23 (53)

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.

(Sec. 2) This section reinstates the fee structure that was in place prior to May 1, 2023.

(Sec. 3) Further adjustments to the fee structure by FHFA are prohibited until 90 days after the publication of a report by the Government Accountability Office (GAO) required by section 5 of the bill. After this period, FHFA must follow Administrative Procedure Act requirements when proposing adjustments to the fee structure.

This section also requires that, to the greatest extent feasible, revisions to the fee schedule must be based on risk.

(Sec. 4) 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.

(Sec. 5) The GAO must report on the changes to the fees made by the FHFA.

(Sec. 7) This section extends through FY2033 the authority of Fannie Mae and Freddie Mac to charge a guarantee fee.

Cosponsors (13)

Bryan Steil (R-WI)
Michael Lawler (R-NY)
Stephanie Bice (R-OK)
Andy Biggs (R-AZ)
Alexander Mooney (R-WV)
Bill Huizenga (R-MI)
Tom Emmer (R-MN)
Rick Allen (R-GA)
Barry Loudermilk (R-GA)
Young Kim (R-CA)
Rudy Yakym (R-IN)
Erin Houchin (R-IN)
Mike Johnson (R-LA)

Subjects

Administrative law and regulatory procedures
Congressional oversight
Credit and credit markets
Federal Housing Finance Agency
Government Accountability Office (GAO)
Government corporations and government-sponsored enterprises
Government information and archives
Government studies and investigations
Housing finance and home ownership
User charges and fees

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