Middle Class Borrower Protection Act of 2023

Summary

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. The bill reinstates the fee structure that was in place prior to May 1, 2023. The Government Accountability Office (GAO) must report on the changes made by the FHFA. Further adjustments to the fee structure by FHFA are prohibited until 90 days after the publication of the GAO report. After this period, FHFA must follow Administrative Procedure Act requirements when proposing adjustments to the fee structure. The bill also requires that, to the greatest extent feasible, revisions to the fee schedule must be based on risk. Further, 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 22 May 2023

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 22 May 2023

   Introduced

   Introduced in House

   Source: IntroReferral

3. 22 May 2023

   Introduced

   Introduced in House

   Source: IntroReferral

4. 24 May 2023

   Vote

   Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 26 - 22.

   Source: Committee

5. 24 May 2023

   Committee

   Committee Consideration and Mark-up Session Held

   Source: Committee

6. 7 June 2023

   Calendars

   Placed on the Union Calendar, Calendar No. 79.

   Source: Calendars

7. 7 June 2023

   Reported

   Reported (Amended) by the Committee on Financial Services. H. Rept. 118-103.

   Source: Committee

8. 7 June 2023

   Reported

   Reported (Amended) by the Committee on Financial Services. H. Rept. 118-103.

   Source: Committee

9. 20 June 2023

   Reported

   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.

   Source: Floor

10. 23 June 2023

    Floor

    The Speaker designated the Honorable Dan Newhouse to act as Chairman of the Committee.

    Source: Floor

11. 23 June 2023

    Floor

    Considered under the provisions of rule H. Res. 524. (consideration: CR H3115-3128; text: CR H3120)

    Source: Floor

12. 23 June 2023

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

13. 23 June 2023

    Vote

    On passage Passed by the Yeas and Nays: 230 - 189 (Roll no. 289).

    Source: Floor

14. 23 June 2023

    Vote

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 230 - 189 (Roll no. 289).

    Source: Floor

15. 23 June 2023

    Vote

    On motion to recommit Failed by the Yeas and Nays: 197 - 214 (Roll no. 288).

    Source: Floor

16. 23 June 2023

    Floor

    The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.

    Source: Floor

17. 23 June 2023

    Floor

    Mr. Cleaver moved to recommit to the Committee on Financial Services. (text: CR H3127)

    Source: Floor

18. 23 June 2023

    Passed

    The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union.

    Source: Floor

19. 23 June 2023

    Floor

    The previous question was ordered pursuant to the rule.

    Source: Floor

20. 23 June 2023

    Floor

    The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3564.

    Source: Floor

21. 23 June 2023

    Floor

    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.

    Source: Floor

22. 23 June 2023

    Floor

    House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 524 and Rule XVIII.

    Source: Floor

23. 10 July 2023

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

Votes

Versions

• Referred in Senate · 10 July 2023 · Download file
• Engrossed in House · 23 June 2023 · Download file
• Reported in House · 7 June 2023 · Download file
• Introduced in House · 22 May 2023 · Download file

Documents

11 official files

• Referred in Senate (text)

  Referred in Senate · EN · 10 July 2023

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• Referred in Senate (PDF)

  Referred in Senate · EN · 10 July 2023

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  Vertaal document

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• Engrossed in House (text)

  Engrossed in House · EN · 23 June 2023

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• Engrossed in House (PDF)

  Engrossed in House · EN · 23 June 2023

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• Passed House

  summary · EN · 23 June 2023

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• Reported in House (text)

  Reported in House · EN · 7 June 2023

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• Reported in House (PDF)

  Reported in House · EN · 7 June 2023

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• Reported to House

  summary · EN · 7 June 2023

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• Introduced in House (text)

  Introduced in House · EN · 22 May 2023

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• Introduced in House (PDF)

  Introduced in House · EN · 22 May 2023

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in House

  summary · EN · 22 May 2023

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Sponsors

• Rep. Davidson, Warren [R-OH-8] · R · Sponsor
• Rep. Steil, Bryan [R-WI-1] · R · Sponsor
• Rep. Lawler, Michael [R-NY-17] · R · Sponsor
• Rep. Bice, Stephanie I. [R-OK-5] · R · Sponsor
• Rep. Biggs, Andy [R-AZ-5] · R · Sponsor
• Rep. Mooney, Alexander X. [R-WV-2] · R · Sponsor
• Rep. Huizenga, Bill [R-MI-4] · R · Sponsor
• Rep. Emmer, Tom [R-MN-6] · R · Sponsor
• Rep. Allen, Rick W. [R-GA-12] · R · Sponsor
• Rep. Loudermilk, Barry [R-GA-11] · R · Sponsor
• Rep. Kim, Young [R-CA-40] · R · Cosponsor
• Rep. Yakym, Rudy [R-IN-2] · R · Cosponsor
• Rep. Houchin, Erin [R-IN-9] · R · Cosponsor
• Rep. Johnson, Mike [R-LA-4] · R · Cosponsor
• · ssbk00 · Standing
• · hsba00 · Standing

Related records

• related to ← 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.
• related to ← Middle Class Borrower Protection Act of 2023
• amends ← An amendment numbered 1 printed in Part B of House Report 118-115 to require the GAO Study in Section 5 to also be made available to the public online.
• amends ← An amendment numbered 2 printed in Part B of House Report 118-115 to require that the GAO study assess the recalibrated single-family pricing frameworks impact on first-time, low-income homebuyers.
• amends ← An amendment numbered 3 printed in Part B of House Report 118-115 to require that the GAO study assess the recalibrated single-family pricing framework's impact on affordable housing preservation, rural housing, and manufactured housing.
• amends ← Amendment sought to prevent the legislation from being enacted if the Federal Housing Finance Agency Director determines that the repeal of recalibrated single-family pricing framework increases fees on middle class borrowers.