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  • Comment Detail

  • Date: 06/22/23
    First Name: Bill
    Last Name: Campbell
    Email: wwrcampbell5416@gmail.com
    Organization Type: N/A
    Organization: Retired

  • Comment

    June 22, 2023

    Dear Sandra Thompson:

    Thank you for contacting my office regarding the Federal Housing Finance Agency (FHFA) and credit score mortgage requirements. I appreciate hearing from you.

    On May 1, 2023, the FHFA implemented a harmful change to the single-family pricing framework through the government-sponsored entities (GSEs), Fannie Mae and Freddie Mac. Under the new changes mortgage financing structure, people with higher credit scores will pay a higher mortgage rate to subsidize a relatively lower rate for people with bad credit scores. I am deeply concerned with the FHFA’s proposed rule that rewards financial irresponsibility, distorting the system for all Americans.

    That is why on April 26, 2023, I joined a letter along with 15 of my colleagues led by Roger Marshall of Kansas condemning Director Sandra Thompson’s rule. The letter criticized the FHFA for conflating credit scores with affluence, oversimplifying and perpetuating a false narrative surrounding individual financial responsibility. After the FHFA received our letter, they published a “request for information” (RFI) on the harmful new provision to collect input from the public.

    Sincerely,

    Bill Campbell

    P.S. This message was sent by email to save taxpayer dollars.

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    --------------------------- Original Email ---------------------------
    From: wwrcampbell5416@gmail.com
    Sent: 4/24/2023
    Subject: Mortgage rates reverse on credit rating
    Did you vote on this rule, effective May 1st (next Monday) that
    increases the cost of a mortgage on those with higher credit ratings ?

    Bill Campbell