Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages Homebuyers with good credit scores will soon encounter a costly surprise: a new federal rule forcing them to pay higher mortgage rates and fees to subsidize people with riskier credit ratings who are also in the market to buy houses.The fee changes will go into effect May 1 as part of the Federal Housing Finance Agency’s push for affordable housing, and they will affect mortgages originating at private banks across the country. The federally backed home mortgage companies Fannie Mae and Freddie Mac will enact the loan-level price adjustments, or LLPAs. https://www.washingtontimes.com/news/2023/apr/18/joe-biden-hike-payments-good-credit-homebuyers-sub/ What do you think? Is this fair? Should those who have maintained good credit and always paid back what they borrowed be forced to pay the price for those who didn't pay back what they borrowed in the past?
this is the typical socialist bullshit that the Democrats push. I saw this on the local news today-we will have more defaults because this income redistribution nonsense will allow people who normally cannot qualify for mortgages getting them. More pandering by the 'Rats
This was already done with health insurance, so it's nothing new. And there's nothing wrong with it. It takes a community to lift all boats. But, IMHO, this is just a bandage over a perverse system that penalizes the least able to pay with the heaviest burden.
Of course the government could have done something as simple as make accounting/finance mandatory in the schools since Sputnik. Instead we were all supposed to read Catcher in the Rye. Search Adam Smith's Wealth of Nations, it is in Project Gutenberg. Search it for "and account". Smith wrote "read, write and account" multiple times and mentioned 'education' EIGHTY TIMES. Apparently Milton Friedman never noticed.
