McDowell’s Leadership Drives Change at FHFA to Keep American Dream Within Reach of Millions

Washington, D.C.- Today, Congressman Addison McDowell applauds the action from Federal Housing Finance Agency (FHFA) Director Bill Pulte and the Trump Administration to address federal guidance that had limited consumer choice in homeowners insurance and increased entry level costs for families seeking to buy a home.

The action follows a letter led by McDowell and cosigned by over forty-five House Republicans urging FHFA to revisit guidance that restricted Actual Cash Value (ACV) homeowners insurance policies for federally backed mortgages. The prior policy required full Replacement Cost Value (RCV) coverage, which industry experts warned significantly raised insurance premiums and risked pricing many families out of the housing market.

"We should be doing everything in our power to make homeownership attainable - especially in rural towns," McDowell said."I commend Director Pulte and the Trump Administration's action in restoring common-sense consumer choice to the housing market."

The National Association of Mutual Insurance Companies praised Congressman McDowell for his leadership to keep the American dream of homeownership within reach of millions.

"Consumers deserve a market for insurance that offers them any number of products designed to meet their needs and their budgets. NAMIC thanks Congressman McDowell for his strong leadership and tireless resolve in pushing back against this costly coverage mandate to keep the dream of home ownership within reach for millions of Americans." - Jimi Grande, NAMIC SVP - Federal & Political Affairs

FHFA Director Pulte released the following quotefollowing the removal of certain homeowner insurance requirements.

"Thanks to President Trump's landslide victory, we are replacing a disruptive and expensive Biden insurance mandate with commonsense policies for today's market," said FHFA Director William J. Pulte."Lower insurance costs and mortgage rates shrink the monthly payment of a new mortgage, giving new homebuyers confidence that they can afford the American dream."

Read the full copy of the letter here.

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