Middle Class Borrower Protection Act of 2023
USA118th CongressHR-3564| House
| Updated: 7/10/2023
Warren Davidson
Republican Representative
Ohio
Cosponsors (13)
Mike Johnson (Republican)Alexander X. Mooney (Republican)Rick W. Allen (Republican)Stephanie I. Bice (Republican)Young Kim (Republican)Andy Biggs (Republican)Rudy Yakym (Republican)Barry Loudermilk (Republican)Tom Emmer (Republican)Bill Huizenga (Republican)Michael Lawler (Republican)Erin Houchin (Republican)Bryan Steil (Republican)
Financial Services Committee, Banking, Housing, and Urban Affairs Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Middle Class Borrower Protection Act of 2023 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. (Sec. 2) This section reinstates the fee structure that was in place prior to May 1, 2023. (Sec. 3) Further adjustments to the fee structure by FHFA are prohibited until 90 days after the publication of a report by the Government Accountability Office (GAO) required by section 5 of the bill. After this period, FHFA must follow Administrative Procedure Act requirements when proposing adjustments to the fee structure. This section also requires that, to the greatest extent feasible, revisions to the fee schedule must be based on risk. (Sec. 4) 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. (Sec. 5) The GAO must report on the changes to the fees made by the FHFA. (Sec. 7) This section extends through FY2033 the authority of Fannie Mae and Freddie Mac to charge a guarantee fee.
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Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 26 - 22.
Placed on the Union Calendar, Calendar No. 79.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-103.
Rules Committee Resolution H. Res. 524 Reported to House. Rule provides for consideration of H.R. 3564, H.R. 3799 and H. Res. 461. The resolution provides for consideration of H.R. 3564 under a structured rule with one hour of general debate; H.R. 3799 under a structured rule with eighty minutes of general debate; and H.Res. 461, under a closed rule with one hour of general debate. The resolution provides for a motion to recommit on H.R. 3564 and H.R. 3799.
Considered under the provisions of rule H. Res. 524. (consideration: CR H3115-3128; text: CR H3120)
Rule provides for consideration of H.R. 3564, H.R. 3799 and H. Res. 461. The resolution provides for consideration of H.R. 3564 under a structured rule with one hour of general debate; H.R. 3799 under a structured rule with eighty minutes of general debate; and H.Res. 461, under a closed rule with one hour of general debate. The resolution provides for a motion to recommit on H.R. 3564 and H.R. 3799.
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 524 and Rule XVIII.
The Speaker designated the Honorable Dan Newhouse to act as Chairman of the Committee.
GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 3564.
DEBATE - Pursuant to the provisions of H. Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Boebert amendment No. 1.
DEBATE - Pursuant to the provisions of H. Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Lee (NV) amendment No. 2.
DEBATE - Pursuant to the provisions of H. Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Lee (NV) amendment No. 3.
DEBATE - Pursuant to the provisions of H. Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Pettersen amendment No. 4.
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3564.
The previous question was ordered pursuant to the rule.
The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union.
Mr. Cleaver moved to recommit to the Committee on Financial Services. (text: CR H3127)
The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.
On motion to recommit Failed by the Yeas and Nays: 197 - 214 (Roll no. 288).
View VoteOn passage Passed by the Yeas and Nays: 230 - 189 (Roll no. 289).
View VoteMotion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Finance and Financial Sector
Administrative law and regulatory proceduresCongressional oversightCredit and credit marketsFederal Housing Finance AgencyGovernment Accountability Office (GAO)Government corporations and government-sponsored enterprisesGovernment information and archivesGovernment studies and investigationsHousing finance and home ownershipUser charges and fees
Middle Class Borrower Protection Act of 2023
USA118th CongressHR-3564| House
| Updated: 7/10/2023
Middle Class Borrower Protection Act of 2023 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. (Sec. 2) This section reinstates the fee structure that was in place prior to May 1, 2023. (Sec. 3) Further adjustments to the fee structure by FHFA are prohibited until 90 days after the publication of a report by the Government Accountability Office (GAO) required by section 5 of the bill. After this period, FHFA must follow Administrative Procedure Act requirements when proposing adjustments to the fee structure. This section also requires that, to the greatest extent feasible, revisions to the fee schedule must be based on risk. (Sec. 4) 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. (Sec. 5) The GAO must report on the changes to the fees made by the FHFA. (Sec. 7) This section extends through FY2033 the authority of Fannie Mae and Freddie Mac to charge a guarantee fee.
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Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 26 - 22.
Placed on the Union Calendar, Calendar No. 79.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-103.
Rules Committee Resolution H. Res. 524 Reported to House. Rule provides for consideration of H.R. 3564, H.R. 3799 and H. Res. 461. The resolution provides for consideration of H.R. 3564 under a structured rule with one hour of general debate; H.R. 3799 under a structured rule with eighty minutes of general debate; and H.Res. 461, under a closed rule with one hour of general debate. The resolution provides for a motion to recommit on H.R. 3564 and H.R. 3799.
Considered under the provisions of rule H. Res. 524. (consideration: CR H3115-3128; text: CR H3120)
Rule provides for consideration of H.R. 3564, H.R. 3799 and H. Res. 461. The resolution provides for consideration of H.R. 3564 under a structured rule with one hour of general debate; H.R. 3799 under a structured rule with eighty minutes of general debate; and H.Res. 461, under a closed rule with one hour of general debate. The resolution provides for a motion to recommit on H.R. 3564 and H.R. 3799.
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 524 and Rule XVIII.
The Speaker designated the Honorable Dan Newhouse to act as Chairman of the Committee.
GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 3564.
DEBATE - Pursuant to the provisions of H. Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Boebert amendment No. 1.
DEBATE - Pursuant to the provisions of H. Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Lee (NV) amendment No. 2.
DEBATE - Pursuant to the provisions of H. Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Lee (NV) amendment No. 3.
DEBATE - Pursuant to the provisions of H. Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Pettersen amendment No. 4.
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3564.
The previous question was ordered pursuant to the rule.
The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union.
Mr. Cleaver moved to recommit to the Committee on Financial Services. (text: CR H3127)
The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.
On motion to recommit Failed by the Yeas and Nays: 197 - 214 (Roll no. 288).
View VoteOn passage Passed by the Yeas and Nays: 230 - 189 (Roll no. 289).
View VoteMotion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Warren Davidson
Republican Representative
Ohio
Cosponsors (13)
Mike Johnson (Republican)Alexander X. Mooney (Republican)Rick W. Allen (Republican)Stephanie I. Bice (Republican)Young Kim (Republican)Andy Biggs (Republican)Rudy Yakym (Republican)Barry Loudermilk (Republican)Tom Emmer (Republican)Bill Huizenga (Republican)Michael Lawler (Republican)Erin Houchin (Republican)Bryan Steil (Republican)
Financial Services Committee, Banking, Housing, and Urban Affairs Committee
Finance and Financial Sector
Related Bills
- HRES 118-524: Providing for consideration of the bill (H.R. 3564) to cancel recent changes made by the Federal Housing Finance Agency to the up-front loan level pricing adjustments charged by Fannie Mae and Freddie Mac for guarantee of single-family mortgages, and for other purposes; providing for consideration of the bill (H.R. 3799) to amend the Internal Revenue Code of 1986 to provide for health reimbursement arrangements integrated with individual health insurance coverage; and providing for consideration of the resolution (H. Res. 461) condemning the use of elementary and secondary school facilities to provide shelter for aliens who are not admitted to the United States.
- S 118-2296: Middle Class Borrower Protection Act of 2023
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Administrative law and regulatory proceduresCongressional oversightCredit and credit marketsFederal Housing Finance AgencyGovernment Accountability Office (GAO)Government corporations and government-sponsored enterprisesGovernment information and archivesGovernment studies and investigationsHousing finance and home ownershipUser charges and fees