Biden Administration To Punish Those With Good Credit Scores With Higher Mortgage Payments To Subsidize Others
The Biden administration is attempting to punish people who've paid their bills on time.
That's the result of the Federal Housing Finance Agency's 2023 alterations, set to take effect on May 1st.
The new Biden-enforced federal rule will levy an additional fee on those with high credit scores, in an effort to subsidize those with riskier credit looking to purchase houses.
Those with credit scores of 680 or above are expected to pay an additional $40 per month more than those with lower scores on home loans of around $400,000.
Fees will be highest for those making down payments of 15-20%. The Washington Times spoke to California loan officer Ian Wright about the changes. Wright was unequivocal that this decision was inexplicable.
“The changes do not make sense. Penalizing borrowers with larger down payments and credit scores will not go over well,” he explained.
Another loan originator told The New York Post, “It’s going to be a challenge trying to explain to somebody that says, ‘I worked my whole life for high credit and I’ve put a lot of money down and you’re telling me that’s a negative now?’”
Sounds exactly like something the Biden administration would support.
WILMINGTON, DE - AUGUST 13: Presumptive Democratic presidential nominee former Vice President Joe Biden puts his mask back on after delivering remarks following a coronavirus briefing with health experts at the Hotel DuPont on August 13, 2020 in Wilmington, Delaware. Harris is the first Black woman and first person of Indian descent to be a presumptive nominee on a presidential ticket by a major party in U.S. history. (Photo by Drew Angerer/Getty Images)
Another Absurd Biden Administration Policy To Promote 'Equity'
The Biden administration has worked hard to prioritize policies that actively mock common sense and rationality.
For example, their recent efforts to destroy women's sports under the auspices of Title IX. Which ostensibly was to promote and encourage women's sports.
READ: RILEY GAINES TORCHES BIDEN ADMINISTRATION
Similarly, this change to mortgage rules is entirely backwards.
Instead of providing further incentives for lower credit buyers to improve their financial health, Biden wants to punish those who've handled their finances properly.
There's nothing wrong with wanting to encourage more first time home buyers, but not by punishing those who've worked hard to ensure they did things the right way.
It's similar to Biden's efforts to forgive student loan debts, punishing those who worked hard to repay their loans.
This is what "equity" leads to in practice, interfering in normal processes with comically nonsensical changes. That, of course, don't work.
So when you go to refinance your mortgage with good credit and the loan officer tells you you're going to spend hundreds, if not thousands of dollars per year more because you have good credit, be sure to thank the Biden administration for their profoundly incompetent efforts.