State Treasurer Curtis Loftis Joins Coalition of State Financial Officers in Slamming Biden’s Penalty on Responsible Homebuyers
May 1, 2023
State Treasurer Curtis Loftis today announced he and 33 other state financial officers have united to speak out against new federal policy that will make it more expensive for homebuyers with good credit scores to purchase a home.
“This type of thievery might be acceptable in Washington, D.C., but not here in South Carolina,” said State Treasurer Curtis Loftis. “This isn’t policy. This is the Biden Administration penalizing the average, hard-working American.”
In a letter to President Biden and Federal Housing Finance Agency (FHFA) Director Sandra L. Thompson, the coalition of state officers urged the Administration to take action against changes made to FHFA pricing structures. The changes, which are effective May 1, subsidize higher-risk borrowers by handing out better mortgage rates to people with lower credit ratings who have saved less for a down payment.
“Incredibly, those who make down payments of 20 percent or more on their homes will pay the highest fees – one of the most backward incentives imaginable,” stated the letter. “For decades, Americans have been told that they will be rewarded for saving their money and building a good credit score. This policy turns that time-tested principle upside down.”
Treasurer Loftis was joined on the letter by top financial officers from Alabama, Alaska, Arizona, Arkansas, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Nebraska, Nevada, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Texas, Utah, West Virginia, Wisconsin and Wyoming.
The full letter can be viewed here.
About the State Treasurer’s Office
The State Treasurer’s Office provides transparent, accountable and efficient banking, investment and financial management services for South Carolina State Government. Curtis M. Loftis, Jr. has served as State Treasurer since 2011. In addition to managing the office, he serves as the Vice Chair of the State Fiscal Accountability Authority and Chairman of the State Board of Financial Institutions.
For more information on the Treasurer’s Office, visit treasurer.sc.gov.