New Federal Housing Finance Agency Rule Rescinded Following Backlash
A new rule from the Federal Housing Finance Agency (FHFA) to raise mortgage fees for those with higher credit at the benefit of those with lower credit has recently declined following backlash from over 26 states.
After the rule was proposed in January, many borrowers were pushed back, criticizing the decision as unfair and encouraging others to maintain their credit scores irresponsibly. In response to criticism, FHFA Director Sandra Thompson said, “Some updated fees are higher and some are lower, in differing amounts. They do not represent pure decreases for high-risk borrowers or pure increases for low-risk borrowers. Many borrowers…
