Biden’s ‘socialist’ mortgage plan reversed by GOP bill

14 Democrats vote with Republicans to pass the legislation

The House of Representatives passed a Republican-led bill on Friday that would reverse President Biden’s controversial mortgage rule.

The bill, titled the “Middle Class Borrower Protection Act,” passed in the House on a 230 – 189 vote with 14 Democrats joining all Republicans in passing the measure.

The legislation would “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.”

The act was introduced in the wake of significant outrage from Republicans and housing experts alike who condemned the changes as “socialist”.

Republican Majority Whip Tom Emmer, R-MN, an original cosponsor of the bill, lauded the bill’s passage, telling FOX Business, “The Biden administration’s credit score redistribution plan is socialism at its finest. House Republicans stood up for hardworking Americans today by voting to eliminate this horrific rule and ensure those with good credit are not forced to bankroll high-risk borrowers.”

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