HARRISBURG – The Senate Banking and Insurance Committee today approved a resolution sponsored by Sens. Devlin Robinson and Kristin Phillips-Hill that calls upon the Biden administration and the Federal Housing Finance Agency (FHFA) to abandon its policy that directly taxes middle-class Pennsylvania families. Earlier this year, the FHFA unilaterally adopted a policy that increases fees on homebuyers with good credit who make large down payments, while rewarding borrowers with bad credit and small down payments. Senate Resolution 134 urges President Biden and the FHFA to rescind its policy immediately. Robinson said, “Penalizing those who pursue the American dream while rewarding others with bad financial behaviors is an insult to the hard working middle-class.” Phillips-Hill said, “This illogical policy dodges the real issues when it comes to increased home ownership, like inflation and our sky-high interest rates.” The resolution moves to the full Senate for further consideration.
SEN. DEVLIN ROBINSON
SEN. KRISTIN PHILLIPS-HILL