Thursday, April 20, 2023

More bad ideas on the economy from Biden--housing

When I first heard this on the radio, I thought it must be a joke.

"As part of the U.S. Federal Housing Finance Agency’s push for more affordable housing, home buyers with good credit scores will be forced to pay additional fees on their mortgages. Starting on May 1, the federally backed mortgage companies Fannie Mae and Freddie Mac will establish new loan-level price adjustments with private banks nationwide. Those additional fees will be used to subsidize home buyers with risky credit scores."

I switched to another station and heard the same story.

"Under a new Biden administration rule, home buyers with good credit will soon be forced to pay higher mortgage rates to subsidize loans issued to higher-risk borrowers."

So I went to the internet, to the "old media," and looked up FHA

"Mortgage industry specialists say homebuyers with credit scores of 680 or higher will pay, for example, about $40 per month more on a home loan of $400,000. Homebuyers who make down payments of 15% to 20% will get socked with the largest fees."

Am I the only one who remembers the 2007-2008 and the Fannie and Fred complicity in the housing bubble after millions who couldn't handle a mortgage plus all the costs and responsibilities of home ownership helped the economy go belly up and hurt the poor and middle class even more? The government wants to punish people who pay their bills and save to buy a home? Yike! All government bad ideas come from academe. I wonder which failed Socialist professor came up with this one.

I am so non-Bidenary. He's absolutely the worst of the worst presidents we've ever had. He's beginning to make Barack Obama look good. Yes, he's that bad.

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