On Tuesday, U.S. Rep. Randy Feenstra (R-Hull) cosponsored legislation – the Free Market Mortgage Act of 2023 – to repeal President Biden’s mortgage fee hike on responsible homeowners.
“Americans who responsibly saved to buy a home should not be forced to foot the bill for somebody else’s mortgage. Yet, it’s no surprise that President Biden has weaponized the executive branch to saddle Iowa taxpayers with higher fees, redistribute taxpayer dollars, and advance his socialist vision for America,” said Rep. Feenstra. “I’m proud to work with my Republican colleagues to repeal this ridiculous mandate and prevent President Biden from increasing costs on our families who are already struggling due to his wasteful, inflationary policies.”
On May 1, 2023, at the direction of President Biden, the Federal Housing Finance Agency (FHFA) implemented new rules that would increase mortgage payments for homeowners with higher credit scores and redistribute those funds to individuals with low credit scores. According to some estimates, this policy will increase mortgage payments for responsible homeowners from anywhere between $400 to $1,200 per year.