Utah Sens. Mike Lee and Mitt Romney have raised concerns about a new Biden administration policy that will raise mortgage costs for some homebuyers with high credit scores, while lowering costs for buyers with lower credit scores.
WASHINGTON —
The rule changes will mean up to thousands of dollars in savings for some borrowers, while leading to thousands of dollars in higher costs for others."Created as a result of the 2008 financial crisis, the Federal Housing Finance Agency was designed to be nonpartisan," Romney said. "This latest directive from the Biden Administration flies in the face of that.
The letter asks Sandra Thompson, the agency's director, to respond to several questions related to whether the policy will make housing markets more risky and whether her agency asked for comment from the mortgage industry before implementing the changes.
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