Senate Republicans are taking aim at a “shortsighted” Biden rule that would force homebuyers with good credit scores to pay higher mortgage rates and fees to subsidize people with riskier credit ratings who are also in the market to buy houses.
Mortgage industry specialists say homebuyers with credit scores of 680 or higher will pay, for example, about $40 per month more on a home loan of $400,000. Homebuyers who make down payments of 15% to 20% will get socked with the largest fees.Mr. Marshall’s letter signals Republicans won’t let the rule go into effect quietly, and may challenge it in court.
It’s not just Republicans who are upset with the rule. President Barack Obama’s former Federal Housing Administration commissioner, David Stevens, told Fox News the nation “can do better programs to help more minorities get into homeownership.”Director Sandra Thompson, a Biden appointee, said the fee changes will “increase pricing support for purchase borrowers limited by income or by wealth.”Dave Boyer contributed to this story.
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