Buying a home is a significant investment. For most families, it’s their most valuable asset. Our homes foster fond memories, bring families together, and have exemplified the American Dream for generations. However, thanks to the failed economic policies of the Biden Administration, the dream of homeownership has quickly dissipated for many Americans. Skyrocketing interest rates, higher taxes, more red tape, and record inflation spurred by wasteful government spending all prevent American families from investing in their future.
On top of rising costs across the board, the Biden Administration is making matters worse for homeowners. On May 1st, at the direction of President Biden, the Federal Housing Finance Agency (FHFA) implemented new rules that will increase mortgage payments for homeowners with higher credit scores and redistribute those funds to individuals with low credit scores. According to some estimates, this backwards policy will increase payments for millions of families from anywhere between $400 to $1,200 a year. In other words, this is the truest form of socialism; taking from one person to give to another.
Americans who have responsibly saved to afford a down payment and buy a home should not be forced to foot the bill for somebody else’s mortgage. It’s unfair, costly, and wrong. That’s why I recently cosponsored the Free Market Mortgage Act of 2023 to repeal President Biden’s mortgage fee hike on responsible homeowners and end his weaponization of the executive branch to advance his socialist vision for America. Families who have forgone luxuries to purchase a home and worked diligently to protect their credit scores should not be punished for their financial prudence.
I’ve also helped introduce the Regulations from the Executive in Need of Scrutiny (REINS) Act of 2023 to push back against President Biden’s onslaught of new rules, red tape, and regulations. This legislation is straightforward. It would rightfully prioritize Congress’s constitutional power of the purse over President Biden’s reckless abuse of the pen – ensuring that our families, farmers, and main street businesses do not suffer from costly overregulation by the Biden Administration. Hiking fees on responsible taxpayers with the strike of the presidential pen is just one example of excessive regulation that this commonsense bill would stop.
Higher taxes, more fees, and bureaucratic red tape threaten the economic vitality of our country and the financial wellbeing of our families. As a strong voice for fiscal responsibility and pro-growth policies in Congress, the Biden Administration’s ridiculous mortgage rule will burden Americans with more bills while inflation continues to erode their budgets. If President Biden wants to ease the pain of inflation on our families, he must immediately rescind this costly rule and allow Americans nationwide to keep more of their hard-earned paycheck.
We are government together, and your thoughts and opinions matter to me. Please contact my office at Feenstra.House.Gov or by phone at 202-225-4426 if I can ever be of assistance. I am proud to represent our families, farmers, main street businesses, and rural communities in Congress.