WASHINGTON, D.C. – On June 23, U.S. Rep. Randy Feenstra (R-Hull) voted for, and the U.S. House of Representatives passed, the Middle Class Borrower Protection Act, which will repeal President Biden’s tax on Americans with strong credit scores to subsidize those with lower scores.
“Iowa taxpayers who have strong credit scores should not be punished for their financial responsibility. However, that is exactly what President Biden is doing with his socialist wealth redistribution plan for home mortgages,” said Rep. Feenstra. “In our Commitment to America, House Republicans promised that we would protect our families from burdensome government overreach and the Biden Administration’s tax-and-spend agenda. I am proud to uphold that commitment by passing the Middle Class Borrower Protection Act, which will defend responsible Iowa taxpayers from President Biden’s mortgage fee hike as our families struggle from the effects of inflation spurred by wasteful, liberal spending.”
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.
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