The ATF's Interview on Face the Nation Was a Trainwreck
MSNBC's Maddow Angered That Supreme Court Will Hear Trump Immunity Case
NBC News Reporter Says Haley Is Looking at Total Annihilation on Super Tuesday
The GOP Is Changing, And That’s Good
Nikki Haley Keeps Making a Mess of Things
Don’t Get Too Excited About California’s Senate Race Just Yet
Climate Catastrophizing Finally Backfiring on Radical Environmentalists
Separation of Church and State
Will Nikki Haley Claim The Declaration of Independence, Constitution ‘Not the Same’ and...
GOP Leaders, Listen to Your Base
Conspiracy Theories on the Right are Finally Being Proven True
Airdrops and Elections
I’m Running for Congress to Take Action and Deliver Results
Gavin Newsom Visits the Southern Border After Handing Out Freebies to Illegal Migrants
Ted Cruz: 'Joe Biden Campaigned on Dismantling the Southern Border'
Tipsheet

Here's the Awful Thing Biden Just Did to the Mortgage System

A new Biden administration mortgage rule set to take place on May 1 will force loan applicants with good credit to pay higher fees and subsidize applicants with poor credit in the name of "equitable" access to home ownership. 

Advertisement

"Basically it is redistribution," Fox Business anchor Maria Bartiroma explained Thursday morning. "What you're doing is you are redistributing high risk mortgages and high risk loans."

"This is what we did back in 2005 and 2006 which led to the biggest blow off ever in terms of the housing market and took us down the road of the worst financial recession in a generation," she continued. "Basically what you have going on is larger down payments and credit scores to redistribute risky mortgages so those people with a strong and good credit score actually pay the bill for the mortgages that are much riskier for those people who don't have that kind of credit score." 

This is a housing crisis in the making and one former Obama advisor David Stevens is calling a terrible idea

Advertisement

“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?’ That’s a hard conversation to have,” one worried Arizona-based mortgage loan originator told The Post.

“It’s unprecedented,” added David Stevens, who served as Federal Housing Administration commissioner during the Obama administration. “My email is full from mortgage companies and CEOs [telling] me how unbelievably shocked they are by this move.”

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement