U.S. Representative Gregory Meeks, who represents New York’s 5th District, which covers southeast Queens and parts of Nassau County, and U.S. Representative Pete Sessions, who represents Texas’ 17th District, which covers areas including Waco and College Station, have introduced a bipartisan bill aimed at alleviating financial burdens for first-time homeowners.
The Mortgage Insurance Freedom Act, co-sponsored by Meeks and Sessions, was introduced on Thursday, Dec. 19. The legislation seeks to provide relief for Federal Housing Administration (FHA) borrowers by allowing them to cancel their mortgage insurance premiums once they have accumulated sufficient home equity.
