Oklahoma Congresswoman Stephanie Bice is one of the key Republicans behind legislation to stop a new Biden administration rule that if put into effect would force lower-risk mortgage borrowers to help subsidize lower rates for the high-risk borrowers.
Bice is vice chair of the Republican Main Street Caucus and told Fox News Digital that Biden was enabling a “culture of dependency” and she was highly critical of the White House for coming up with new regulations and skirting Congress.
“Whether its student loan forgiveness or their mortgage rule, through the power of the pen, Biden and his executive agencies are attempting to bypass Congress and fundamentally change how our country operates,” Bice said. “We should not punish individuals who have made sound financial decisions or have the government incentivize lowering credit scores.”
The bill by Bice is called the Free Market Mortgage Act of 2023 and would repeal Biden’s new policy set to be enacted next month by the Federal Housing Finance Agency.
“Due to reckless spending and high inflation, interest rates have already increased significantly, and the last thing we should do is add more fees for homebuyers. We cannot continue a culture of dependency. My legislation prevents the Biden administration from implementing this senseless rule,” she told Fox News Digital.
Experts have said that under the rule, people with credit scores in the neighborhood of 680 might pay another $40 more per month on a $400,000 loan to subsidize higher-risk mortgages reported Fox News Digital.
Some in Biden’s own party are critical of the plan including former Federal Housing Administration commissioner David Stevens who said, “We can do better programs to help more minorities get into homeownership. This is not the way to do it.”