Posted on 04/22/2023 1:30:17 PM PDT by spirited irish
A new Biden administration rule that is set to go into effect will force homeowners with good credit to pay more on their mortgages in order to subsidize loans to high-risk borrowers.
According to a new, insane Biden Admin rule, people with good credit will be assessed higher mortgage rates to subsidize riskier loans to people with lower credit. Homeowners will now be punished for being responsible.
Biden's attack on success in the name of "equity" continues.
(Excerpt) Read more at oann.com ...
Biden’s really good at redistributing.
Wealth to himself and family. Weapons to terrorists and globalists. Power from the people to bureaucrats. Votes from his opposition to himself, and on and on.
Biden’s really good at redistributing.
Wealth to himself and family.
Weapons to terrorists and globalists.
Power from the people to bureaucrats.
Votes from his opposition to himself, and on and on.
Impressive list...
Mortgage company rates are not controlled by the govt. Maybe FHA and VA loans but not conventional.
Sounds like a round-about way for high-earners to be ‘taxed’ in order to pay for the lower-earner’s mortgages.
IOW, sounds like a tax, and taxes are supposed to be the legislators’ job.
IOW,it should be illegal and unconstitutional for the president to willy=nilly force people to pay for something that they’re not responsible for.
If that edict is allow to stand, what’s to stop any president in the future from passing similar ‘rules’ to take from the well-off to pay for just about anything that the lower-earners have trouble paying for. Example, why not groceries or cars or theater tickets or flights or vacations, or clothes, etc.
My guess is that if this is implemented, it will be carried out in a discriminatory way, so that the beneficiaries will mostly be blacks or other minorities. In other words, reparations by another means.
As B. Franklin advises;
Neither a borrower nor a lender be.
SOMEBODY STOP THIS GARBAGE!!! Where in the heck is “Team Mitch?” Kevin? ANYONE?
Well.....
Sounds like another bud lite scenario..
Got good credit, rent for another year instead of buying...
Let the lenders try to make a living off of bad credit loans...
Remember the last time?
Where have we heard this before? The subprime loan crisis.
Its always about who assumes the risk.
In this case the risk is being transferred from the Banks and Government to the Middle Class. Just like obama care
Of course the profits will stay with the banks.
Many mortgage lenders sell their loans to Fannie Mae.
The loans bought by Fannie Mae, have to be structured to meet the standards of Fannie Mae.
So there will be pressures in the mortgage market, to structure the loans with these fees and rates, to meet these absurd criteria being set down by the Biden administration.
Many mortgage lenders want to sell their loans, so that they have more money to in turn, make more mortgage loans. It’s just the way the mortgage business works.
And a major buyer of mortgage loans, is Fannie Mae.
Never knew Shakespeare’s first name was B.Franklin.
Rule. What the hell happens to LAW?
we’re not in the house hunting market but do we have to use fannie or freddie?
People with good credit had their rates soar.
It lasted 1 1/2 years and was finally overruled by a district court judge; the (A-hole) WA insurance commissioner lost on appeal.
SloJo’s next step on our road to communism.
Disgusting.
We’ve tried schemes like this before. The poor still wind up losing their houses. This is stupid lending, for which we will all pay the price.
What a ******* t*rd.
Biden accepts bribes to make his money. He got money from Russia and China, who he pretends to stand up to.
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