A Republican-led bill was passed last Friday which would reverse the controversial mortgage plan of President Biden.
President Biden (Photo: CNBC)
Biden’s Controversial Mortgage Plan
The recently passed bill, which is entitled the “Middle Class Borrower Protection Act,” received a 230-189 vote from the House with over 14 Democrats joining Republicans in passing the bill. The bill is said to cancel the latest changes that the Federal Housing Finance Agency implemented to the adjustments of loan level pricing which were charged by Freddie Mac and Fannie Mae for the guarantee of mortgages for single families. The bill was introduced during the call from Republicans and experts in housing that labeled the said changes as “socialist”.
Rep. Warren Davidson was the bill’s prime proponent, who labeled the Agency’s plan as unfair during his interview with FOX Business last May. Davidson questioned why would be people punished for making housing more expensive. One of the original cosponsors of the bill, Tom Emmer of the Republicans, backed up Davidson’s arguments. Saying that people within the middle class would be the most affected by the recent housing changes.
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What Would Happen To The Bill?
What will happen to the bill once it has been passed onto the Senate is currently unclear, but several sources informed FOX Business that Democrats could agree with the Republicans to approve the bill and send it directly to the president himself.
Emmer stated that lawmakers would have little to no effort in passing the legislation and that his own district proves that it is not that known. He added that Minnesota, Emmer’s district, mostly disagrees with Biden’s “attack” on the income group. Democrats could also agree.
