PRINTER'S NO. 901
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE RESOLUTION
No.
134
Session of
2023
INTRODUCED BY ROBINSON, PHILLIPS-HILL, BOSCOLA, LANGERHOLC,
ROTHMAN, REGAN, MARTIN, PENNYCUICK, GEBHARD, DiSANTO, BROWN,
DUSH, BROOKS, J. WARD AND LAUGHLIN, JUNE 15, 2023
REFERRED TO BANKING AND INSURANCE, JUNE 15, 2023
A RESOLUTION
Urging the Federal Housing Finance Agency to rescind changes to
Fannie Mae's and Freddie Mac's single-family pricing
framework for home purchases, rate-term refinance and cash-
out refinance loans that affect homebuyers in this
Commonwealth.
WHEREAS, The Federal Housing Finance Agency (FHFA)
implemented a change to Fannie Mae's and Freddie Mac's single-
family pricing framework by introducing redesigned fee matrices
for home purchases, rate-term refinance and cash-out refinance
loans; and
WHEREAS, Under the newly effective change, fees assessed on
borrowers with lower credit scores were reduced while fees were
increased on borrowers with higher credit scores and moderate
down payments; and
WHEREAS, The majority of mortgages that exist today are known
as "conforming mortgages" because they adhere to the
underwriting guidelines of Fannie Mae or Freddie Mac and are
subject to loan-level price adjustments established by the FHFA;
and
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WHEREAS, Housing affordability has reached its lowest level
in over a decade due to the significant surge in mortgage rates
and record home price appreciation; and
WHEREAS, Imposing higher fees on borrowers further
exacerbates the challenge of affording a home within an already
constrained housing market; and
WHEREAS, The increased fees on borrowers with higher credit
scores is contrary to the congressionally chartered duty of the
government-sponsored enterprises, which is to promote access to
mortgage credit throughout the nation, and is unnecessary for
the safety and soundness of the enterprises; therefore be it
RESOLVED, That the Senate of the Commonwealth of Pennsylvania
urge the Federal Housing Finance Agency to rescind all fee
increases that negatively impact Pennsylvania homebuyers; and be
it further
RESOLVED, That copies of this resolution be transmitted to
the President of the United States, the presiding officers of
each house of Congress, each member of Congress from
Pennsylvania and the Federal Housing Finance Agency.
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