Washington, D.C. — Last week, Rep. Barry Moore (AL-02) co-sponsored H.R. 2928, Rep. Andy Biggs’ (AZ-05) Responsible Borrowers Protection Act, which would block the Biden Administration’s increased Loan-Level Price Adjustment (LLPA) fees on mortgage borrowers with higher credit scores announced on January 19, 2023. This price adjustment forces responsible homeowners, who pay their mortgage fees on time, to subsidize borrowers with lower credit scores. Moore also joined a letter led by Rep. Keith Self (TX-03) urging the Biden Administration to reconsider this rule.
“On top of massive inflation, a growing national debt, and soaring energy costs, the Biden Administration is punishing responsible homeowners by forcing them to bear the cost of high-risk borrowers,” said Moore. “America did not become a world power by punishing its citizens for their hard work. I am proud to support the work of Rep. Biggs and Rep. Self to end this ridiculous rule.”
To learn more about the Responsible Borrowers Protection Act, click here.
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