Boebert Moves to Block Biden Scheme to Hike Your Mortgage if You Have Good Credit

A new Biden administration proposal to hike mortgage payments for Americans with good credit, to subsidize loans for people with bad credit, is running into opposition to Congress.

But is it enough to stop Biden?

The U.S. House of Representatives unanimously passed an amendment from Congresswoman Lauren Boebert (R-CO) “requiring the Government Accountability Office to publish a report on its website exposing the costs and process associated with the Biden administration’s socialist housing policies,” a statement Boebert reports. 

The amendment “will help protect homeowners from Biden’s disastrous scheme to raise fees for people with higher credit scores to subsidize those with lower credit scores,” says Boebert.

“(O)n a $400,000 mortgage, a borrower with a credit score of 680 would be forced to pay $40 more per month to subsidize similar borrowers with worse credit scores,” Boebert reports.

“Joe Biden’s decision to subsidize failure makes more sense when you realize he’s hired Mayor Pete, Karine Jean-Pierre, and Kamala Harris. Raising housing fees at a time when mortgage rates are at the highest level in years thanks to the Biden-Pelosi spending spree will make housing less affordable and result in higher mortgage costs and reduced access to credit for most borrowers who are working hard and doing their best to just get by,” says Boebert.

“My commonsense amendment provides transparency for the American people and exposes the costs and arbitrary processes used by Biden’s minions to ram through his socialist housing policy that penalizes responsible homeowners to subsidize high-risk individuals,” says Boebert.

“Unelected bureaucrats in Washington should not have the ability to impose these un-American regulations on hardworking middle-class families,” Boebert adds.

“This is a gross overreach and will ultimately exacerbate the growing inflation problem we have in this country,” Boebert concludes.

Boebert’s amendment “requires the Government Accountability Office to publish a report on its website and publicly disclose to the American people any costs and the process utilized by the FHFA to unilaterally change Loan Level Pricing Adjustment (LLPA) fees and implement Biden’s unfair, socialist housing policy changes,” her office reports.

Boebert’s amendment to Congressman Warren Davidson’s Middle-Class Borrower Protection Act was approved by the House in a unanimous voice vote. 

The amended bill passed the House by a 230-189 vote and now goes to the Senate.

Opinions expressed by contributors do not necessarily reflect the views of Great America News Desk.