Florida’s two U.S. senators–Republicans Marco Rubio and Rick Scott–are backing U.S. Sen. Mike Braun’s, R-Ind., “Middle Class Borrower Protection Act.”
Braun’s bill “would reverse a harmful Biden administration provision that increases mortgage rates for many middle class Americans” and Scott’s office pointed to a recent action from the White House.
“In May, the Biden administration implemented changes to the Loan-Level Price Adjustment (LLPA) that punishes responsible home buyers with good credit to subsidize those with bad credit. This bill would restore the LLPA to its former state and ensure that the irresponsible decision-making that led to this change will not be repeated,” Scott’s office noted.
“The average American has a credit score over 716. The Biden administration is making homeownership more difficult for everyday Americans by raising rates for most people with a credit score over 680 to subsidize riskier borrowers. I urge my colleagues in the Senate to quickly vote to overturn this unfair rule that penalizes fiscal responsibility,” said Braun.
“Folks that have worked hard to save up and build good credit shouldn’t be punished for doing so. This is ‘Bidenomics’ in action. People who are responsible, like those who have paid off their student loans or Americans who’ve worked hard to build good credit, should be seen as role models, not piggy banks for the left. It’s not fairness, it’s socialism, and I’m proud to join my colleagues to reverse it,” said Scott.
The bill was sent to the U.S. Senate Banking, Housing, and Urban Affairs Committee, though, with Democrats in charge of the chamber, it will have a hard time passing.
The U.S. House passed its version of the bill last month as U.S. Rep. Warren Davidson, R-Ohio, got the bill through on a 230-189 vote that closely mirrored party lines. That held true in the Florida delegation though U.S. Rep. Jared Moskowitz, D-Fla., broke with his party and was one of 16 Democrats to back it.
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