{"id":2540,"date":"2023-05-02T18:58:44","date_gmt":"2023-05-02T18:58:44","guid":{"rendered":"https:\/\/wifamily.news\/?p=2540"},"modified":"2023-05-02T18:59:05","modified_gmt":"2023-05-02T18:59:05","slug":"wisconsin-treasurer-john-leiber-joins-national-pushback-on-new-mortgage-fees","status":"publish","type":"post","link":"https:\/\/wifamily.news\/?p=2540","title":{"rendered":"Wisconsin Treasurer John Leiber Joins National Pushback on New Mortgage Fees"},"content":{"rendered":"

This post originally appeared at https:\/\/www.wisconsinrightnow.com\/john-leiber\/<\/a><\/p>\n

Wisconsin Treasurer John Leiber<\/a> has joined a national coalition of state financial officials pushing back against new federal mortgage fees they call \u201cunconscionable.\u201d<\/p>\n

\u201cThis new policy makes it more expensive for people with good credit to buy houses \u2013 and that\u2019s absurd,\u201d she said. \u201cAmericans who have built a good credit score and saved enough to make a strong down payment should not be penalized and forced to pay more on their mortgage every single month.\u201d<\/p>\n

The letter, sent Monday to President Joe Biden and Federal Housing Finance Agency Director Sandra L. Thompson, includes the signatures of 33 officials from 26 states \u2013 all of whom insist the administration should roll back the modified fee structure<\/a> that applies to borrowers with more favorable credit profiles.<\/p>\n

The new rates, which went into effect Monday, raise upfront fees for borrowers with credit scores over 680 and down payments between 15% and 20%. The extra money collected subsidizes buyers with less favorable finances \u2013 part of the administration\u2019s strategy to make homeownership more accessible for borrowers with less wealth and upward mobility.<\/p>\n

Only mortgages backed by Freddie Mac and Fannie Mae \u2013 which included more than half of home loans taken out in 2020 \u2013 will see the fee increase.<\/p>\n

Garrity and other critics said<\/strong><\/a>\u00a0the backward incentive boils down to a middle-class tax hike that takes \u201cmoney away from the people who played by the rules and did things right.\u201d<\/p>\n

In the letter, the officials shared the administration\u2019s goal of increasing home ownership but said \u201cconfiscating\u201d the money from \u201chardworking, middle-class American families\u201d and using it as a \u201chandout\u201d goes too far.<\/p>\n

Instead, they want to see the federal government adopt policies to reduce inflation, cut energy costs, and lower interest rates \u2013 all factors that would boost discretionary income and give people more leeway to save for a down payment.<\/p>\n

Read the letter here:<\/p>\n

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This post originally appeared at https:\/\/www.wisconsinrightnow.com\/john-leiber\/ Wisconsin Treasurer John Leiber has joined a national coalition…<\/p>\n","protected":false},"author":16,"featured_media":2542,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-2540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wi-right-now"],"_links":{"self":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/2540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2540"}],"version-history":[{"count":1,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/2540\/revisions"}],"predecessor-version":[{"id":2541,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/2540\/revisions\/2541"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/media\/2542"}],"wp:attachment":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}