To cancel certain proposed changes to loan level price adjustments by the Federal National Mortgage Association and credit fees charged by the Federal Home Loan Mortgage Corporation.
Summary
HB258 would prohibit the Federal Housing Finance Agency (FHFA) and the government-sponsored enterprises it regulates—Fannie Mae and Freddie Mac—from implementing a set of pricing changes announced on January 19, 2023. Those changes, described in FHFA’s single-family pricing framework update and reflected in Fannie Mae Lender Letter LL-2023-01 and Freddie Mac Bulletin 2023-1, relate to loan-level price adjustments and credit fees charged in the secondary mortgage market.
In practical terms, the bill would nullify those announced pricing changes and make them have no force or effect. The measure is narrowly focused on mortgage pricing rules for single-family loans and does not create a broader new regulatory framework; instead, it blocks a specific FHFA policy update from taking effect or continuing in effect.
Impact
The bill would amend federal housing finance policy by restricting FHFA and the enterprises from implementing the referenced single-family pricing framework changes. It would affect mortgage lenders, borrowers, and the secondary mortgage market by preserving the prior pricing structure for loan-level price adjustments and credit fees, rather than allowing the updated fees and adjustments announced in 2023 to be used.
Sentiment
Based on the bill text and the absence of recorded committee debate or votes in the provided materials, the measure appears to be presented as a corrective or rollback of FHFA pricing changes rather than a broad partisan overhaul. The available context shows only introduction and referral to the House Committee on Financial Services, so there is no documented vote-based sentiment in the record provided.
Contention
The likely point of contention is the FHFA’s 2023 pricing framework update itself, especially whether changes to loan-level price adjustments and credit fees are appropriate for Fannie Mae and Freddie Mac. Supporters of the bill would likely view the changes as harmful to borrowers or lenders, while opponents would likely argue the pricing updates are needed for risk-based pricing, market stability, or enterprise soundness. No committee transcript or vote record is provided, so specific member positions are not available.