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The Biden Admin's new “mortgage equity” program forces borrowers with good credit to *pay more*
Twitter ^ | May 1, 2023 | Will Hild

Posted on 05/03/2023 6:23:06 AM PDT by lyby

“This new policy by the Biden administration is a slap in the face to every consumer in the nation who worked hard to develop a good credit score. Forcing them to subsidize lower scored buyers adds insult to the injury of the higher fees they are now required to pay. This is the latest in a disturbing pattern of Biden’s big government intervention into the lives of hard-working Americans in order to push his progressive social agenda..."

(Excerpt) Read more at twitter.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: bidenadministration; fha; middleclass
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1 posted on 05/03/2023 6:23:06 AM PDT by lyby
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To: lyby

See also:

https://1819news.com/news/item/alabama-state-auditor-sorrell-calls-new-biden-fha-mortgage-rule-middle-class-tax-hike

https://news.yahoo.com/florida-home-buyers-higher-credit-215331093.html


2 posted on 05/03/2023 6:24:00 AM PDT by lyby ("Mathematics is the language with which God has written the universe." ~ Galileo Galilei)
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To: lyby

Because good credit is too much like white.


3 posted on 05/03/2023 6:25:33 AM PDT by skeeter
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To: skeeter

“From each according to his ability, to each according to his needs” - Karl Marx (Beijing Biden)


4 posted on 05/03/2023 6:28:47 AM PDT by Howie66 (Let's Go Brandon!!)
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To: skeeter
Biden’s big government intervention into the lives of hard-working Americans in order to push his progressive social communist agenda...
5 posted on 05/03/2023 6:29:53 AM PDT by Thommas (The snout of the camel is already under the tent.)
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To: skeeter

We are becoming one big nation of loser, cry babies. I despise Democrats for destroying my great country.


6 posted on 05/03/2023 6:30:12 AM PDT by Mcroc71603 (Just an observation)
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To: lyby

The feds should not be involved in this, period. Thank our worthless do-nothing GOPe the past years for allowing this to happen.


7 posted on 05/03/2023 6:32:43 AM PDT by quantim (Victory is not relative, it is absolute. )
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To: Mcroc71603

They will lose.


8 posted on 05/03/2023 6:34:02 AM PDT by skeeter
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To: lyby

I saw Biden’s Surgeon General Vivek Murthy on TV last night saying that the Biden administration sees finding a cure for “loneliness” to be part of the Equity Agenda since low-income people are lonelier than the more affluent. Naturally, he didn’t provide any evidence for his claim, it just goes to show you to what extent the Media-Dem Party is going to push this equality BS.


9 posted on 05/03/2023 6:37:45 AM PDT by euram (allALL)
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To: lyby
This is what we get from the deep state. No legislation required these fees. There isn’t a single leader speaking truth. The truth should be banks should not be lending to those that are bad credit risks. The truth should be people not wanting to take on credit when they lack the means to pay their obligations. They first need to educate themselves, develop a work ethic and get a good paying job. And quite honestly, do everything they can to remain debt free.

I’ve been debt free for eight years. No mortgage, no car payment and no credit card payments. I want to buy a new car, but that will have to wait until later this year, AFTER I save enough to buy it with cash. That takes just a little discipline, but the feeling was liberating.

10 posted on 05/03/2023 6:38:02 AM PDT by ConservativeInPA ("How did you go bankrupt?" Bill asked. "Two ways," Mike said. "Gradually and then suddenly." )
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To: lyby

A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury. After that, the majority always votes for the candidate promising the most benefits with the result the democracy collapses because of the loose fiscal policy ensuing, always to be followed by a dictatorship, then a monarchy.

Alexander Fraser Tytler


11 posted on 05/03/2023 6:42:54 AM PDT by ConservativeWarrior (Fall down seven times, stand up eight. - Japanese proverb)
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To: skeeter
Yuo, just wait until the govt. realizes that most people can have their credit score go up and down 50 to 70 points or more. This is for varrious reasons, like forgetting a single payment or having a line of credit canceled. Then after 6 to 8 months, the score is back up.
While it may be that only gainfully employed people with access to credit monitoring can do Th is. a.k.a white people.
Then this plan will have to show its true collors, as plain as black and white.
12 posted on 05/03/2023 6:45:42 AM PDT by midwest_hiker
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To: lyby

Here’s the thing. The credit bureaus are maybe a step away from being a social credit system already, as you aren’t just graded for how well you repay loans but you also get punished if you don’t take out loans frequently enough. These things have spread from lending institutions to employment, so at this point it is a social credit system.

People 20-39, childbearing ages, have average scores of 660-672, so they do benefit from the new rules. What I’d like to know is why we have a social credit system that none of us voted for, and what is it doing making it difficult for people of childbearing age? Families with children are also dinged because they carry more debt than couples.


13 posted on 05/03/2023 6:48:38 AM PDT by BlackAdderess (Haley 2024)
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To: Mcroc71603

Don’t save or work hard and live within your means.


14 posted on 05/03/2023 6:52:49 AM PDT by ActresponsiblyinVA
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To: lyby

Reparations in every single facet of society.

FUBO.


15 posted on 05/03/2023 6:55:08 AM PDT by Cowgirl of Justice
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To: lyby

Discrimination lawsuits should be filed immediately. I hate these mfers with a passion.


16 posted on 05/03/2023 7:05:39 AM PDT by unixfox (Abolish Slavery, Repeal the 16th Amendment)
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To: All

Senate delays legislation restricting ESG after pushback from state’s business elites
Will Blakely | 05.03.23
https://1819news.com/news/item/senate-delays-legislation-restricting-esg-after-pushback-from-states-business-elites?x-craft-preview=86s7BLYJ3F&token=Ls7Fe4uGs1UfX1kw2qPZgkOog67JvUza

If you read that article, bit of background info.:

Katie Boyd Britt resigned her position as President & CEO of the Business Council of Alabama (BCA) in June 2021, “to pursue other opportunities.” Sadly, those “other opportunities” turned out to be Alabama US Senator. IMO, she is one of those “elites.”

The BCA was also a proponent of “Common Core.”

“You will own nothing and be happy,” or whatever it was/is the World Economic Forums claimed/claims. Seems more and more of what you all have stated surfaces every day.


17 posted on 05/03/2023 7:23:37 AM PDT by lyby ("Mathematics is the language with which God has written the universe." ~ Galileo Galilei)
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To: lyby

He doesn’t have the authority to do this so we’ll see where this goes.


18 posted on 05/03/2023 7:26:37 AM PDT by maddog55 (The only thing systemic in America is the left's hatred of it!)
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To: lyby

This “equity” does not affect those who do not need mortgages to buy houses.

That means the gap between the wealthier whites and middle class whites gets even larger.

That is the way the elites like it.


19 posted on 05/03/2023 7:27:29 AM PDT by cgbg (Claiming that laws and regs that limit “hate speech” stop freedom of speech is “hate speech”.)
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To: skeeter
Because good credit is too much like white.

Remember when people without the means or the discipline were granted mortgages a few years ago? What happened? A record number of foreclosures happened, causing banks and the government to lose a lot of money. If you didn't have the discipline to build a decent credit score, why would anyone (rational, that is) expect that, having been given a mortgage, your financial habits are suddenly going to change for the better? If you couldn't get it together to attain a decent credit score before trying to get a mortgage, I have my serious doubts you're suddenly going to turn into a financially savvy homeowner.

20 posted on 05/03/2023 7:47:29 AM PDT by EinNYC
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