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House set to vote on bill to cancel GSEs’ single-family pricing framework
The House is set to vote today on the Middle Class Borrower Protection Act of 2023 (H.R. 3564), which would cancel the Federal Housing Finance Agency’s (FHFA) recent changes to the GSEs’ single-family pricing framework.
During the House Financial Services Committee markup last month, NAFCU offered support for efforts to allow the GSEs to rebuild capital, noting that “strong liquidity and funding requirements are an important step toward preventing another government bailout in the event of an economic downturn and ultimately removing the GSEs from conservatorship.” However, the association noted it’s concerned that it will result in higher guarantee fees, harming consumers and credit unions that sell loans to Fannie Mae and Freddie Mac.
NAFCU Senior Vice President of Government Affairs Greg Mesack yesterday wrote to the House to reiterate support for the bill. The association will continue to engage Congress and the FHFA to ensure credit unions have the ability to provide safe, sustainable, and equitable housing for all communities.