WASHINGTON, DC — Rep. Scott Franklin released the following statement regarding his support for H.R. 3564, the Middle-Class Borrower Protection Act:
“The new mortgage rate structure put in place by the Biden Administration on May 1st to “increase pricing support for purchase borrowers limited by income or by wealth” is mortgage socialism. This overreaching policy is a dangerous attempt to force responsible borrowers, with good credit, to subsidize borrowers with riskier loans. Americans can’t afford the radical social agenda being pushed by the left. We must restore free-market, fiscally responsible policies that advance economic prosperity. Personal responsibility and hard work should be rewarded, not penalized with higher interest rates on mortgages. That’s why I was pleased to vote for H.R. 3564, which repeals the recent changes and return to a commonsense risk-based fee structure that does not punish creditworthy home buyers.”
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