GOP bill revokes Biden's controversial mortgage plan.

The Republican-led "Middle Class Borrower Protection Act" passed in the House of Representatives, reversing President Biden's controversial mortgage rule. The legislation would cancel recent changes made by the Federal Housing Finance Agency to the up-front loan level pricing adjustments charged by Fannie Mae and Freddie Mac for guarantee of single-family mortgages. The bill's supporters criticized the changes as "socialist" and argued that the American middle-class would be most harmed by the housing rules. It is unclear what will happen to the bill once it is sent to the Senate.