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.”