Since when did having good credit constitute a federal offense?
Crazy Plan Will Penalize Homebuyers
Team Biden will purposefully penalize homeowners with high credit ratings in order to support those with a dubious track record of making their debt payments.
However, the most recent rescue plan overlooks the scandalous record of federal politicians destroying homeowners they had vowed to save.
A Biden administration regulation, which The Post disclosed just last week, will force mortgage computations to be adjusted. This will happen in order to punish purchasers with a FICO credit rating of 680 and above — roughly two-thirds of the population — starting on May 1.
Individuals with poor credit histories, or riskier borrowers who are more inclined to default on loans, will pay less, due to the use of this charge.
Did you work hard?
Pay off your debt?
Earn a nice living for you family?
Well too bad. Joe Biden wants you to pay for the mortgages of those who didn’t.
— Rep. Jim Jordan (@Jim_Jordan) April 25, 2023
President Joe Biden’s strategy, according to National Association of Home Builders CEO Jerry Howard, might reduce ownership amongst those in the middle class.
By abandoning “risk-based credit,” Mark Calabria, a former director of the Federal Housing Finance Agency, warned in a message, that this new policy will eventually damage both the borrower’s and economic stability.
According to federal requirements, mortgage settlement reports must properly detail all fees and credits paid by buyers and sellers.
Isn't it insane that Joe Biden wants to PUNISH people who make their payments on time and REWARD those who don't?
This administration does not have your best interests at heart.
And he says he's running for reelection?https://t.co/DiYR7uLVch
— Rep. Pat Fallon (@RepPatFallon) April 25, 2023
The new Social-Justice Surtax, as required by the federal government, shall be clearly identified on loan agreements. This surtax could cost up to $60 each month, or over $20,000 over the course of a 30-year mortgage.
This begs the question, what will the Biden gang come up with next? Maybe there should be a special discount for property buyers who spend a minimum of $12 a day at Starbucks.
Perhaps there should be a new mortgage assistance program for idiots who waste half of their earnings on a fancy car.
Bad News For Everyone
In reality, the Biden campaign to reduce the homeownership disparity between black and white families includes the new mandatory cross-subsidy.
According to Newsweek, the median credit rating in white communities in 2021 was 727, as opposed to 667 in Hispanic communities and 627 in Black communities.This article appeared in The Patriot Brief and has been published here with permission.