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.
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.
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.
I assume that this only applies to FHA home loans.
He has no authority over private institutions and mortgage companies.
The primary goal should be to take control of Congress, and the Presidency if it’s possible.
It is well past time to make democrat voters feel economic retribution for their dumb voting choices.
You have bad grades…no problem lower those with good grades
You can’t pay your student loan…no problem everyone else will pay off for you
You don’t live in US…no problem, just cross the border and you will receive many benefits
You have bad credit…no problem we’ll make those with good credit pay more
You don’t like the sex you were born with…no problem declare another sex and you can use that to your advantage
Etc…etc…etc!
Notice how the rich always get a discount because they can buy in bulk? Their business processing fees are much lower than for a small business. Hence their beautiful credit rating.
The little guy pays full price, pays penalties because they were short on $$.. Couldn't make payment on time... Lucky if they have any credit rating.
So basically what biden is doing is taking away 1% of the perks the rich dudes got in the past which helped them get the great credit ratings.
The little guy gets 1.7% to help get better in life.
PS:because of biden, I'm sure my credit rating went way way down. So in a way, I'm welcoming this.