WASHINGTON, Dec. 5 -- Sen. Eric Schmitt issued the following press release:
U.S. Senator Eric Schmitt (R-MO) led a letter to Federal Housing Finance Agency (FHFA) Director William "Bill" Pulte calling for the repeal of a Biden-Era guidance that would prohibit actual cash value (ACV) homeowners' insurance policies for federally-backed mortgages.
In 2024, at the direction of Biden's FHFA, new policy from Freddie Mac and Fannie Mae required replacement cost value (RCV) homeowners' insurance coverage nationwide. This one-size-fits-all approach ignores the reality of America's diverse housing market and would make homeownership more unaffordable, especially in rural communities where appraisals frequently fall below replacement cost.
The lett...