118th Congress Finance and Financial Sector
S. 2296: Middle Class Borrower Protection Act of 2023
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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.
The bill reinstates the fee structure that was in place prior to May 1, 2023.
The Government Accountability Office (GAO) must report on the changes made by the FHFA. Further adjustments to the fee structure by FHFA are prohibited until 90 days after the publication of the GAO report.
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After this period, FHFA must follow Administrative Procedure Act requirements when proposing adjustments to the fee structure.
The bill also requires that, to the greatest extent feasible, revisions to the fee schedule must be based on risk.
Further, 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.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- John Barrasso R-WYOriginal
- Ted Budd R-NCOriginal
- John Cornyn R-TXOriginal
- Tom Cotton R-AROriginal
- Kevin Cramer R-NDOriginal
- Ted Cruz R-TXOriginal
- Cindy Hyde-Smith R-MSOriginal
- Jerry Moran R-KSOriginal
- Roger Marshall R-KSOriginal
- Marco Rubio R-FLOriginal
- Rick Scott R-FLOriginal
- John Thune R-SDOriginal
- Thom Tillis R-NCOriginal
- Roger Wicker R-MSOriginal
- Pete Ricketts R-NE
Who scored on this bill
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Other bills by Mike Braun
History
- Introduced in the Senate by Mike Braun.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.