This week, Congressman Blaine Luetkemeyer (MO-3), a member of the Financial Services Committee, sent a letter to Federal Housing Finance Agency (FHFA) Director Sandra Thompson expressing his disapproval of her recent actions regarding changes to credit-reporting requirements.

“As the Director of the Federal Housing Finance Agency (FHFA), I am sure you are aware that the mission of the FHFA is to, ‘ensure the regulated entities fulfill their mission by operating in a safe and sound manner’…”  Rep. Luetkemeyer said in the letter. “Given this clear mission, I am dismayed by your recent comments to move ‘full steam ahead’ with FHFA’s push to implement the change from a tri-merge credit report requirement for Government Sponsored Enterprise (GSE) mortgages to a bi-merge requirement…Clear evidence has shown that this proposed change to a bi-merge credit report will add risk to the housing ecosystem.”

Rep. Luetkemeyer went on to explain how the move could saddle consumers with unmanageable debt and likely lead to millions of foreclosures, devasting the economy.

Read the full letter HERE.