PROOF: Biden Hates Hard Working Americans
Why would Biden even consider doing this?
On Monday, a group of 27 state treasurers and finance officials requested President Biden to terminate what they deemed an “unconscionable” policy of requiring individuals with strong credit scores to subsidize mortgage loans for borrowers with higher risk. The officials cautioned that the implementation of Biden’s proposal would result in a “disastrous” outcome.
According to Fox, the FHFA recently presented Biden’s plan, which is scheduled to go into effect today. The plan’s objective is to aid low-income borrowers in meeting their monthly mortgage payments. To accomplish this, the policy requires individuals with strong credit scores to contribute additional funds to their mortgage payments, which will be applied to the loans of higher-risk borrowers.
The policy has sparked criticism from both sides of the aisle, with members of both the Republican and Democratic parties, including the former Federal Housing Administrator under President Obama, expressing disapproval. On Monday, finance officials from 27 states joined the fray and declared that it was evident that the policy was a misstep, even before its implementation.
In a letter addressed to President Biden and FHFA Director Sandra Thompson, led by Pennsylvania Treasurer Stacy Garrity, the officials asserted that the new policy would inevitably lead to calamity. “It will result in a middle-class tax increase that will unjustly burden American families with an additional cost of millions of dollars. Moreover, during a period when the housing market has already slowed significantly due to increased interest rates, the policy will exacerbate the decline in home sales,” they wrote.
“We urge you to take immediate action to end this unconscionable policy,” they added.
The finance officers from the states expressed their discontentment with the plan for disrupting the traditional system of incentives for home buying by penalizing individuals who make responsible financial choices. They criticized the policy for turning the system “upside down.”
