PRINTER'S NO. 1379

THE GENERAL ASSEMBLY OF PENNSYLVANIA

HOUSE RESOLUTION

No.

129

Session of

2023

INTRODUCED BY GROVE, M. MACKENZIE, GREINER, KAUFFMAN, DIAMOND,

KEEFER, MOUL, PICKETT, SMITH, HAMM AND SCHEUREN, MAY 30, 2023

REFERRED TO COMMITTEE ON HOUSING AND COMMUNITY DEVELOPMENT,

WHEREAS, On January 19, 2023, the Federal Housing Finance

Agency (FHFA) Director stated that, "By locking in the upfront

fee eliminations announced last October, FHFA is taking another

step to ensure that the Enterprises (Fannie Mae Lender and

Freddie Mac) advance their mission of facilitating equitable and

sustainable access to homeownership"; and

WHEREAS, According to the FHFA press release, the updates

"include developing a pricing framework to maintain support for

single-family purchase borrowers limited by wealth or income,

while ensuring a level playing field"; and

individual is to repay a loan and make on time payments; and

WHEREAS, An individual's credit score is based on your credit

history, which can include open accounts, total debt, repayment

history, types of loans and inquiries to your credit; and

WHEREAS, Prospective lenders review an individual's credit

score to determine whether or not to give the individual a line

of credit and it also determines the terms, including length and

interest rate, of the loan; and

WHEREAS, When a lender is doing a credit risk assessment on a

potential loan applicant, the lender reviews the applicant's

credit history, capacity to repay, capital, the loan's

WHEREAS, Having an understanding and encouraging financial

literacy empowers all communities and will lead to a stronger

and more educated workforce; and

WHEREAS, When communities are financially capable, everyone

benefits; and

WHEREAS, Providing financial literacy education and awareness

to underserved communities should be a priority; and

WHEREAS, Providing underserved communities with the tools

needed to make effective financial decisions will provide the

education and awareness of personal finance, reinforcing the

WHEREAS, Since the Federal Government has not achieved the

results it wanted with its previous housing interventions, the

Biden Administration and FHFA is now attempting to correct

previous flawed interventions; therefore be it

RESOLVED, That the House of Representatives of the

Commonwealth of Pennsylvania urge the Biden Administration and

the Federal Housing Finance Agency to immediately rescind the

administration's proposed updates to the upfront fees and

matrices for the purchases, rate-term refinancing and cash-out

refinancing of mortgage loans; and be it further

RESOLVED, That individuals with a higher credit score should

Senate.

Representatives.