Middle Class Borrower Protection Act of 2023
Where it stands
- Introduced5/22/23
- Passed HousePassed 6/23/23
- Senate
- President
- Law
Passed the House 230–189 on June 23, 2023 (Roll Call 289 →). Received in the Senate on July 10, 2023. No Senate action since.
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Roll calls on this bill
- Democratic14 Yea · 189 Nay · 9 Not voting
- Republican216 Yea · 0 Nay · 5 Not voting
- Independent / Other0 Yea · 0 Nay · 0 Not voting
Middle Class Borrower Protection Act of 2023
This bill rolls back changes made by the Federal Housing Finance Agency (FHFA) to the fees charged by Fannie Mae and Freddie Mac for a conventional single-family mortgage (i.e., loan-level pricing adjustments) and restricts future fee adjustments. These changes, effective May 1, 2023, revised the fee charts that provide percentage adjustments based on a mortgagor's credit score and down payment.
(Sec. 2) This section reinstates the fee structure that was in place prior to May 1, 2023.
(Sec. 3) Further adjustments to the fee structure by FHFA are prohibited until 90 days after the publication of a report by the Government Accountability Office (GAO) required by section 5 of the bill. After this period, FHFA must follow Administrative Procedure Act requirements when proposing adjustments to the fee structure.
This section also requires that, to the greatest extent feasible, revisions to the fee schedule must be based on risk.
(Sec. 4) FHFA, Fannie Mae, and Freddie Mac are prohibited from imposing any loan-level pricing adjustment fee that is based on the ratio of the debt of the mortgagor to the income of the mortgagor.
(Sec. 5) The GAO must report on the changes to the fees made by the FHFA.
(Sec. 7) This section extends through FY2033 the authority of Fannie Mae and Freddie Mac to charge a guarantee fee.
13
5/22/23
What happens next
The Senate must pass the same text, then it goes to the President.
If it isn't enacted by Jan 3, 2025, it expires when the 118th Congress ends.
All actions (26)
- 5/22/23Introduced in House
- 5/22/23Referred to the House Committee on Financial Services.
- 5/24/23Committee Consideration and Mark-up Session Held
- 5/24/23Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 26 - 22.
- 6/7/23Reported (Amended) by the Committee on Financial Services. H. Rept. 118-103.
- 6/7/23Placed on the Union Calendar, Calendar No. 79.
- 6/20/23Rules Committee Resolution H. Res. 524 Reported to House. Rule provides for consideration of H.R. 3564, H.R. 3799 and H. Res. 461. The resolution provides for consideration of H.R. 3564 under a structured rule with one hour of general debate; H.R. 3799 under a structured rule with eighty minutes of general debate; and H.Res. 461, under a closed rule with one hour of general debate. The resolution provides for a motion to recommit on H.R. 3564 and H.R. 3799.
- 6/23/23Considered under the provisions of rule H. Res. 524. (consideration: CR H3115-3128; text: CR H3120)
- 6/23/23Rule provides for consideration of H.R. 3564, H.R. 3799 and H. Res. 461. The resolution provides for consideration of H.R. 3564 under a structured rule with one hour of general debate; H.R. 3799 under a structured rule with eighty minutes of general debate; and H.Res. 461, under a closed rule with one hour of general debate. The resolution provides for a motion to recommit on H.R. 3564 and H.R. 3799.
- 6/23/23The Speaker designated the Honorable Dan Newhouse to act as Chairman of the Committee.
- 6/23/23House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 524 and Rule XVIII.
- 6/23/23GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 3564.
- 6/23/23DEBATE - Pursuant to the provisions of H. Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Boebert amendment No. 1.
- 6/23/23DEBATE - Pursuant to the provisions of H. Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Lee (NV) amendment No. 2.
- 6/23/23DEBATE - Pursuant to the provisions of H. Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Lee (NV) amendment No. 3.
- 6/23/23DEBATE - Pursuant to the provisions of H. Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Pettersen amendment No. 4.
- 6/23/23The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3564.
- 6/23/23The previous question was ordered pursuant to the rule.
- 6/23/23The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union.
- 6/23/23Mr. Cleaver moved to recommit to the Committee on Financial Services. (text: CR H3127)
- 6/23/23The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.
- 6/23/23On motion to recommit Failed by the Yeas and Nays: 197 - 214 (Roll no. 288).
- 6/23/23Passed/agreed to in House: On passage Passed by the Yeas and Nays: 230 - 189 (Roll no. 289).
- 6/23/23On passage Passed by the Yeas and Nays: 230 - 189 (Roll no. 289).
- 6/23/23Motion to reconsider laid on the table Agreed to without objection.
- 7/10/23Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.