Washington – RealEstateRama – Congresswoman Lauren Boebert’s amendment requiring the Government Accountability Office to publish a report on its website exposing the costs and process associated with the Biden administration’s socialist housing policies passed the House by voice vote with unanimous bipartisan consent. Congresswoman Boebert’s amendment will help protect homeowners from Biden’s disastrous scheme to raise fees for people with higher credit scores to subsidize those with lower credit scores.
Congresswoman Lauren Boebert (CO-03) stated, “My commonsense amendment provides transparency for the American people and exposes the costs and arbitrary processes used by Biden’s minions to ram through his socialist housing policy that penalizes responsible homeowners to subsidize high-risk individuals. Unelected bureaucrats in Washington should not have the ability to impose these un-American regulations on hardworking middle-class families. This is a gross overreach and will ultimately exacerbate the growing inflation problem we have in this country.
“Joe Biden’s decision to subsidize failure makes more sense when you realize he’s hired Mayor Pete, Karine Jean-Pierre, and Kamala Harris. Raising housing fees at a time when mortgage rates are at the highest level in years thanks to the Biden-Pelosi spending spree will make housing less affordable and result in higher mortgage costs and reduced access to credit for most borrowers who are working hard and doing their best to just get by.”
Congresswoman Boebert has been an extremely effective legislator in the 118th Congress and has now passed two bills through the House of Representatives with bipartisan support and passed fifteen of fifteen amendments through the House, fourteen of which had strong bipartisan support.
Over the past year of Biden’s economic failures, mortgage interest rates have doubled. To make matters worse, Biden rolled out new socialist housing changes that forced borrowers with good credit scores to pay more per month to subsidize borrowers with low credit scores. For instance, on a $400,000 mortgage, a borrower with a credit score of 680 would be forced to pay $40 more per month to subsidize similar borrowers with worse credit scores.
Specifically, Congresswoman Boebert’s amendment requires the Government Accountability Office to publish a report on its website and publicly disclose to the American people any costs and the process utilized by the FHFA to unilaterally change Loan Level Pricing Adjustment (LLPA) fees and implement Biden’s unfair, socialist housing policy changes.
Congresswoman Boebert’s amendment to Congressman Warren Davidson’s Middle-Class Borrower Protection Act passed the House by voice vote with unanimous, bipartisan consent. The bill ultimately passed the House with bipartisan support, 230-189. Congresswoman Boebert voted for the Middle-Class Borrower Protection Act since it scraps Joe Biden’s disastrous policy of subsidizing failure at the expense of responsible homeowners.