COMMUNIST AMERICA: Biden Regime To Force Homebuyers with Good Credit to Pay Higher Interest Rates To Subsidize High Risk Mortgage Borrowers

More left-wing hatred of the good: punishing the productive, rewarding the looter. Demonizing success, exalting failure.

America is perishing by intellectual default.

“It is the Communists’ intention to make people think that personal success is somehow achieved at the expense of others and that every successful man has hurt somebody by becoming successful. It is the Communists’ aim to discourage all personal effort and to drive men into a hopeless, dispirited, gray herd of robots who have lost all personal ambition, who are easy to rule, willing to obey and willing to exist in selfless servitude to the State.”

The Communists’ chief purpose is to destroy every form of independence—independent work, independent action, independent property, independent thought, an independent mind, or an independent man. Conformity, alikeness, servility, submission and obedience are necessary to establish a Communist slave-state.” Ayn Rand.

Biden is now going to force homebuyers with good credit to pay higher interest rates… to subsidize high-risk mortgage borrowers.

We are living during the worst Presidential Administration of our times.

— Ryan Fournier (@RyanAFournier) April 20, 2023

Biden rule will redistribute high-risk loan costs to homeowners with good credit

Interest rates for mortgages have roughly doubled over the past year

By Michael Lee | Fox News April 20, 2023:

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.

“The changes do not make sense. Penalizing borrowers with larger down payments and credit scores will not go over well,” Ian Wright, a senior loan officer at Bay Equity Home Loans, told the Times. “It overcomplicates things for consumers during a process that can already feel overwhelming with the amount of paperwork, jargon, etc. Confusing the borrower is never a good thing.”

A new Biden administration rule will make borrowing for a home more expensive for those with good credit scores to subsidize loans to higher-risk borrowers.

The Federal Housing Finance Agency, which oversees federally backed home mortgage companies Fannie Mae and Freddie Mac, has long sought to give consumers more affordable housing options. But those who work in the industry believe the new rules will only serve to frustrate and confuse people.

“This confusing approach won’t work and more importantly couldn’t come at a worse time for an industry struggling to get back on its feet after these past 12 months,” David Stevens, a former commissioner of the Federal Housing Administration during the Obama administration, wrote in a social media post responding to the new rules. “To do this at the onset of the spring market is almost offensive to the market, consumers, and lenders.”

The rules come as the housing market has struggled in the wake of multiple interest rate increases by the Federal Reserve.

Under the new rules, consumers with lower credit ratings and less money for a down payment would qualify for better mortgage rates than they otherwise would have.
Sold Home For Sale Real Estate Sign and House

Federal Housing Finance Agency Director Sandra Thompson said the new rules are designed to “increase pricing support for purchase borrowers limited by income or by wealth” and comes with “minimal” fee changes.

While Stevens agreed there was a gap in opportunity for low-income — especially minority — borrowers to qualify for affordable homes, he argued that attempting to manipulate prices was not the solution.

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Zeus

1 year ago

They spent over a century setting a stage where the top hates the bottom, the bottom hates the top, and and the middle is divided both ways and crushed and culled into submission.

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Zeus

1 year ago

The endless parade of damages and threats and betrayal and insult and murder and perversion and insanity, hides an existing mountain of the same. We lose sight of what they have already done to us, and we lose sight of how long they have been doing it. We don’t stop to think about why this is happening. If we ever stop to think about what they have already done, we will want to hunt them like feral hogs and exterminate them by the family.

1

THX 1138

1 year ago

Thank you for quoting Ayn Rand but you don’t go far enough, you don’t get to the moral heart of the matter which she so radically, objectively, rationally, and historically identified.

The crucial moral issue is altruism versus rational selfishness. Is man, every man, every individual, an end in himself, or the means for the ends of others? Altruism is the moral justification, or more precisely rationalization, of collectivism and socialism in all its variants of communism, fascism, and Nazism.

Altruism is also at the core of Judaism, Christianity, and Islam. Does man, every man, belong to himself, and therefore free and independent of God to pursue his own mind, his own, will, his own life, his own conclusions and decisions, pursuing his own self-interested, and personal happiness for his own sake? Or is he the property of God, and therefore he must submit himself to be the property of this God and worship him obediently, sacrificing his mind, and his will, to the will of this God?

Judeo-Christianity’s central moral code of altruism and self-sacrifice prepared the ground for modern totalitarianism. The communist simply ejects God out of the altruist equation and replaces this Almighty God with Almighty Society as the supernatural, super organism, super entity that man, every man, must be sacrificed to.

“America’s inner contradiction was the altruist-collectivist ethics. Altruism is incompatible with freedom, with capitalism and with individual rights. One cannot combine the pursuit of happiness with the moral status of a sacrificial animal….

From her start, America was torn by the clash of her political system with the altruist morality. Capitalism and altruism are incompatible; they are philosophical opposites; they cannot co-exist in the same man or in the same society. Today, the conflict has reached its ultimate climax; the choice is clear-cut: either a new morality of rational self-interest, with its consequences of freedom, justice, progress and man’s happiness on earth—or the primordial morality of altruism, with its consequences of slavery, brute force, stagnant terror and sacrificial furnaces.” – Ayn Rand

1

Andrea Plamondon

1 year ago

Reply to  THX 1138

Morality is often subjective, and therein lies the rub… requiring subjugation.

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THX 1138

1 year ago

Reply to  Andrea Plamondon

Morality is not subjective, morality is objective.

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D

Patriotliz

1 year ago

Wake up and smell the Democrat Communist Revolution! The demise of the American Dream.
“From each according to his abilities, to each according to his needs.”

2

ORRN31

1 year ago

The regime’s ability to come up with creative ways to destroy this country is admirable.

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D

VTS

1 year ago

Solution: don’t buy anything and do not borrow. The interests rates will drop big time.

1

Paul(mine,mine,mine)

1 year ago

Hey, Biden voters. Are you interested in buying a house?

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