"In short, the new LLPA framework will inevitably increase mortgage costs for lower-risk individuals and handicap those borrowers with larger down payments. Further, the changes provide no incentive to borrowers to maintain good credit and will confuse borrowers at all credit levels. Disincentivizing good credit behavior and penalizing responsible Americans during an inflation crisis -- which required the Federal Reserve to increase interest rates 10 consecutive times in a year -- is wrong and unresponsible.
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"As governors, we promote hard work, accountability, fairness, and opportunity for all our citizens. The LLPA mandates blatantly contradict these goals. Therefore, we request you rescind the updated LLPA immediately. If you are unwilling to do so, Congress must take action."