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Dow drops 1,100 as US stock market leads a worldwide sell-off following Trump's tariff announcement; 'Uplift Wisconsin' to end service this week due to federal cuts; Advocates rally at AL Statehouse for Medicaid, parole and voting; Portland residents call for ban on cruise ship wastewater discharge.

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President Donald Trump announces worldwide tariffs. Democrats decry 'Liberation Day' as the economy adjusts to the news. And some Republicans break from Trump's trade stance.

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The proposed dismantling of the Depart. of Education has rural schools scared, postal carriers say USPS changes will hurt rural communities most, fiber networks to improve internet may be supplanted by Musk's satellites, and it's time to PLAY BALL!

Federal bill aimed to help MI homebuyers draws criticism

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Tuesday, September 3, 2024   

Michigan has seen a 10% rise in foreclosures this year.

The Middle Class Borrower Protection Act, intended to assist middle-class homebuyers, is under fire for potentially increasing housing costs and making homeownership harder.

Critics warned the bill might benefit landlords and large corporations more than average families by reversing recent Federal Housing Finance Agency fee changes for Fannie Mae and Freddie Mac mortgages.

Caroline Nagy, senior policy counsel at Americans for Financial Reform, explained the concern.

"This bill would order the FHFA to undo that change, raise prices for lower-income folks, first-time home buyers and order the FHFA to lower prices for investors and vacation-home buyers," Nagy outlined.

Nagy highlighted backers of the bill passed it in the House very quickly and it concerns her the legislation was a priority for the leadership. The bill is currently being held in Senate committee in banking housing and urban affairs.

In Metro Detroit, the median sale price for a home in 2023 was at an all-time high of $250,000. Detroit saw around 100 foreclosures in July alone, underscoring the city's ongoing foreclosure problem. Nagy expressed surprise Rep. John James, R-Mich., a Detroit native, actually supports the bill.

"I think that is a very interesting vote, given his location, and the Detroit metro area," Nagy observed. "This is an area that has seen a lot of struggles."

James did not respond to requests for comment. In Michigan, more than 12,000 properties were affected by foreclosures.

Disclosure: Americans for Financial Reform contributes to our fund for reporting on Budget Policy & Priorities, Campaign Finance Reform/Money in Pol, and Social Justice. If you would like to help support news in the public interest, click here.


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