Central OC Times

WASHINGTON, D.C. — On June 23, Representative Lou Correa (CA-46) voted against H.R. 3564, a Republican-led bill that would make homeownership more expensive for middle class borrowers, and issued the following statement:

“It is no secret that working families across the United States are facing a housing crisis, and I cannot in good-conscience support a piece of legislation that would make that crisis worse—or punish those middle-class Americans trying to build wealth,” said Rep. Correa. “In addition to making homeownership more expensive for middle class borrowers, this bill fails to advance housing affordability and does not offer a solution for the millions of mortgage-ready consumers who desire and can succeed in homeownership—many of whom call Orange County home. We need to economically empower middle class homebuyers, not make it harder for them to build wealth.”

While Republicans have coined H.R. 3564 as the “Middle Class Borrower Protection Act,” this bill does the opposite. This bill:  

• Hurts middle class borrowers by reinstating higher fees for those least able to pay them.
• Favors wealthy home buyers who have the means to pay large down payments while increasing the deficit.  
• Worsens homeownership and hinders first-time, middle-class homebuyers. 

Original source can be found here.