Years ago, Democrats created a massive financial crisis by messing with the housing market. President Bill Clinton forced banks to give out loans to people with bad credit or no credit at all. All those “sub-prime” mortgages–shocker–defaulted, leading to a global banking crisis that wiped out many people’s retirements.
And Biden’s looking to do it again. He is making a move to bail out people who shouldn’t be buying homes. He is trying to subsidize these bad loans and even making sure these people aren’t paying high-interest rates. But how is he doing it? By punishing Americans who worked so hard to get good credit.
From Fox News:
A Biden administration rule is set to take effect that will force good-credit home buyers to pay more for their mortgages to subsidize loans to higher-risk borrowers.
Experts believe that borrowers with a credit score of about 680 would pay around $40 more per month on a $400,000 mortgage under rules from the Federal Housing Finance Agency that go into effect May 1, costs that will help subsidize people with lower credit ratings also looking for a mortgage, according to a Washington Times report Tuesday.
Unbelievable. Joe Biden, the black-hearted socialist that he is, will force Americans who did it the right way to bail out people who refused. His new rule will increase the mortgage payments of Americans with good credit to lower the risk and cost of mortgages for people with bad credit.
Um… isn’t the whole credit system supposed to stop people from buying houses who can’t afford it? Yet Biden is punishing Americans who worked hard, saved their money, and paid off their credit cards by forcing them to pay for the people who squandered their money and refused to budget.
This is classic left-wing Democrat thinking. In Biden’s tiny brain, people with bad credit are just “victims” of an evil system. Mostly because they are minorities, right? And people with good credit don’t have it because they worked hard, but because they benefited from an “oppressive” system.
So to “balance” things out (or to redistribute the wealth) Biden is making honest, resourceful Americans shoulder the burden of losers and debtors. Does that seem right to you? This isn’t a case of wealthy Americans voluntarily helping out the poor.
This is a corrupted, failed president trying to punish hard-working Americans to buy the votes of people with bad credit. It’s an insult to all honest Americans and it sends the message that, if you refuse to do the right thing, you’ll be rewarded.
- Biden is pushing to make good credit homeowners pay more to bail out high-risk borrowers.
- The rule will raise the mortgages of homeowners to cover the expenses of bad credit borrowers.
- This comes as Joe Biden pushes many far-left progressives rules in the name of socialism.
Source: Fox News