Over the years Joe Biden has made it abundantly clear that he is no friend of working class taxpayers.
He and his Democrat allies are doing everything in their power to force their socialist tax-and-spend agenda and their victims are responsible taxpayers.
And homeowners are up in arms after Joe Biden unveiled this sinister plan.
Leave it to Democrats to punish fiscal responsibility
It ought to go without saying that having good credit is an important part of being a successful adult.
Building a good credit score could save you millions over the years, and make the home-buying process much easier and affordable.
Having said that, President Joe Biden and his Democrat allies in Washington, D.C. have a plan to punish fiscally responsible homeowners by rewarding irresponsible homeowners.
Earlier this week, the Biden regime announced a plan that would effectively force home buyers with good credit to pay more on their mortgages in order to subsidize loans for high-risk borrowers.
Under Biden’s plan, those who have low credit scores and can’t afford the typical down payment will qualify for better rates than even before, and it’ll all be at the expense of homeowners who have been responsible and built a good credit score.
The changes go into effect on May 1, and experts are saying that anybody with a credit score higher than 680, can expect to pay up to $40 more a month on their mortgage – which likely means it’ll be far more, as expected costs of every government program in history have been greatly underestimated.
Ian Wright, a senior loan officer at Bay Equity Home Loans, spoke to The Washington Times about the President’s plan, and said, “The changes do not make sense. Penalizing borrowers with larger down payments and credit scores will not go over well.”
“It overcomplicates things for consumers during a process that can already feel overwhelming with the amount of paperwork, jargon, etc,” Wright added. “Confusing the borrower is never a good thing.”
This plan is so horrible that even some former Obama-era officials are speaking out against it.
David Stevens, a former commissioner of the Federal Housing Administration during the Obama Presidency, also pointed out that “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,”
“To do this at the onset of the spring market is almost offensive to the market, consumers, and lenders,” Stevens added.
Joe Biden’s experiments with socialism will backfire tremendously
As British Prime Minister Margaret Thatcher once said, “The problem with socialism is that you eventually run out of other people’s money.”
President Biden would do well to remember these words, as his new housing policy is a page straight out the socialist playbook.
Rewarding fiscally irresponsible individuals will have deep-rooted and long-lasting consequences.
Additionally, the American economy is in no position to put more of a burden on working class taxpayers, given the multitudes of crises happening across the nation – from inflation and the devaluation of the American dollar to the banking crisis and ever-growing consumer credit crisis, and everything in between.
Working class Americans need lower taxes, a lower cost of living, and more financial freedom, especially during this current tumultuous economic and political climate.
Joe Biden’s plan will cause even more uncertainty in the economy, and has the potential to create serious problems in the housing market – and beyond.
US Political Daily will keep you updated on any developments to this ongoing story.