Biden to Subsidize Bad-Credit Mortgages by Penalizing Responsible, Higher-Credit Consumers
George Orwell warned us in his famous book 1984 that, at one point in the Marxist socialist dystopia:
● What was up, would be down.
● What was in, would be out.
● Two plus two would equal five.
● Slavery would equal freedom.
It was scary stuff, but most of us thought it was just fiction. It could never really happen in America, could it? But, alas, it is indeed happening, slowly, but surely.
Take President Biden’s latest fit of craziness that has his housing bureaucrats unilaterally changing regulations to provide government-mandated, lower-interest rates for people with bad credit, while penalizing those who are responsible and pay their bills.
That’s right — consumers who have responsibly paid their bills on time will be burdened with an extra $40 a month on a $400,000 mortgage so that people who’ve developed poor credit by
paying late will get a lower-than normal interest rate. https://www.foxbusiness.com/real-estate/real-estate-expert-shreds-biden-rule-punishing-homebuyers-good-credit-madness
Wow. This is totally nuts, but it’s hard to be surprised.
This is the same president who sought to absolve higher-earning professionals from paying back their student loans, while truck drivers, plumbers and cops who never went to college would subsidize them.
He is the same president who rewarded people for staying home on the couch rather than going to work.
He is the same president who shut down our oil and gas harvesting in America, only to turn around and purchase dirtier fuels from Saudi Arabia and Venezuela.
He is the same president who has his Justice Department jail nonviolent protesters of the conservative ilk, while praising protesters who shut down the Nashville government.
He’s the same president who supports Black Lives Matter protesters who attacked innocent people in their cars, yet prosecutes individuals who sought to defend themselves from rioters.
The most remarkable thing about this new interest rate subsidy from the government is that it mirrors the totally irresponsible actions of the government before the real estate collapse of 2007.
Woke politicians wanted to dramatically expand homeownership, especially amongst minorities and those on the lower echelons of the economic totem pole. They threw out the window basic
economic principles that said people who cannot afford a home should not buy one. It led to the greatest recession since the Great Depression.
You would’ve thought that we already learned from this mistake, but not the Woke socialists in Biden’s government.