The Biden administration added a rule to force people buying homes who have good credit to pay higher rates so they can subsidize people with bad credit.
YES, you read that right. It is a federal rule and it goes into effect on May 1st. This is 100% a Biden administration rule, they are the creators and the enactors of this mess, we just add that so you all know who to blame if they try to revise history and pretend a Republican did it when it blows up in their faces.
Look, we follow politics in all forms all of the time, it is literally part of our job here at Twitchy and we had no idea about this until April 20th. The Biden administration is not out touting it, we wonder why? They know it is trash, but they do not care.
Do we learn nothing from history?https://t.co/huvfD6BSgt
— Legal Insurrection (@LegInsurrection) April 20, 2023
Read this from the fabulous piece from Legal Insurrection:
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.
Mortgage industry specialists say homebuyers with credit scores of 680 or higher will pay, for example, about $40 per month more on a home loan of $400,000. Homebuyers who make down payments of 15% to 20% will get socked with the largest fees.
When it comes to progressive policies, expect to learn the same lessons over and over again.
— Andrea E (@AAC0519) April 20, 2023
History ALWAYS repeats itself when it comes to Leftists. They say they want to help the little guy and end up screwing over the middle class. EVERY TIME. While this is not 100% like the subprime mortgage crisis, it is close enough to be its cousin.
Starting to think that the whole “can only vote if you pay taxes” idea isn’t terrible.
— Bob Plankers (@plankers) April 20, 2023
Welp, we really can not say that hasn’t crossed our mind a few times as well. If we are talking about dreams though, let’s end withholding taxes so every person has to write a check to the government every year, we could fix a ton of problems, but we digress. BACK TO THE EVIL AT HAND!
Most of us have learned enough to know this is idiotic.
— Jon Tveten (@jtveten) April 20, 2023
Even people who have not been around very long know this is stupid. There is no person of any age who would say it is a good practice to punish people for doing well and reward them for doing poorly.
Sure! That bailout was the best laundering op up to that point, so they want to do it again! Have to rebuild all those dumbs.
— Maddacci (@Maddacci) April 20, 2023
He has a point, if there were no consequences for their actions before, why should they assume there will be this time?
This is madness. https://t.co/9r2sW2Yupc
— Boxkicker (@boxkicker2191) April 20, 2023
Madness is being much more polite than we would have been.
No, because our government is run by absolute morons https://t.co/wWIGOcMoIK
— Rufus T. Firefly (sworn enemy of Rakell) (@hoggomcswineass) April 20, 2023
Sadly, they prove this every day.
Everything our dullard president turns to crap. Shorter Biden: Follow the rules? F*ck you. https://t.co/BHuubH67Nu pic.twitter.com/OYt5p7U9nM
— Physics Geek (@physicsgeek) April 19, 2023
— Physics Geek (@physicsgeek) April 20, 2023
Simple and to the point. NO. JUST NO. How can we make this stop? The only way we know is to have people actually find out about it and start a fuss. Hence the writing of this article.
Isn’t enacting taxes the job of the legislature? How is this even legal?
— Bob Plankers (@plankers) April 20, 2023
Perhaps it will make its way to SCOTUS. If Obamacare can be seen as a tax why can’t a rate hike on certain people?
(Rhetorical, I know they don’t care)
— Bob Plankers (@plankers) April 20, 2023
Sadly this is true. The Left has no care about the unintended or even the intended consequences of their actions. Look at the ‘defund the police’ movement and you can see they do not care what has happened to cities that actually enacted those policies.
Welp, now you know what we know. Go forth and make a fuss.
Call them out for this insanity. Even though the Left does not care, you may run into someone who does.
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