{"id":1917132,"date":"2023-04-20T09:56:02","date_gmt":"2023-04-20T13:56:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-now-punishing-americans-with-high-credit-scores-to-subsidize-certain-homebuyers\/"},"modified":"2023-04-20T10:01:39","modified_gmt":"2023-04-20T14:01:39","slug":"biden-now-punishing-americans-with-high-credit-scores-to-subsidize-certain-homebuyers","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-now-punishing-americans-with-high-credit-scores-to-subsidize-certain-homebuyers\/","title":{"rendered":"Biden Now Punishing Americans With High Credit Scores To Subsidize Certain Homebuyers"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-now-punishing-americans-with-high-credit-scores-to-subsidize-certain-homebuyers%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1917132&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Just when you think the <a href=\"https:\/\/www.dailywire.com\/topic\/biden-administration\" target=\"_blank\" rel=\"noopener\">Biden administration<\/a> can\u2019t possibly have any more awful ideas, his team rolls out a plan to punish Americans with high credit scores to subsidize high-risk homebuyers.<\/p>\n<p>On Wednesday, The Washington Times <a href=\"https:\/\/www.washingtontimes.com\/topics\/the-federal-housing-finance-agency\/\" target=\"_blank\" rel=\"noopener\">reported<\/a> that starting May 1, Americans purchasing a new home or refinancing their existing mortgage can expect to pay higher mortgage rates and monthly fees if they have a higher credit score. Americans with lower credit scores and smaller down payments will be given better rates. In other words, Biden is essentially stealing from the rich to give to the needy by adjusting the fees on loan-level price adjustments.<\/p>\n<p>\u201cThe changes do not make sense,\u201d senior loan officer at Bay Equity Home Loans Ian Wright <a href=\"https:\/\/nypost.com\/2023\/04\/16\/how-the-us-is-subsidizing-high-risk-homebuyers-at-the-cost-of-those-with-good-credit\/\" target=\"_blank\" rel=\"noopener\">told<\/a> the Times. \u201cPenalizing 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. Confusing the borrower is never a good thing.\u201d<\/p>\n<p>It makes sense if you are a member of the Biden administration. In the name of equity, the Biden administration seeks to close the racial gap in homeownership. To do this, they are enacting numerous changes to the housing market that will benefit those at the lower end of the spectrum \u2014 which tend to be minorities for a variety of reasons.<\/p>\n<p>So, according to The New York Post, industry experts say that its going to wind up backfiring.<\/p>\n<p>\u201cIt\u2019s going to be a challenge trying to explain to somebody that says, \u2018I worked my whole life for high credit and I\u2019ve put a lot of money down and you\u2019re telling me that\u2019s a negative now?\u2019 That\u2019s a hard conversation to have,\u201d one expert told the Post.<\/p>\n<p>Even former Obama officials are sounding the alarm.<\/p>\n<p>\u201cIt\u2019s unprecedented,\u201d David Stevens, Federal Housing Administration commissioner under President Barack Obama, <a href=\"https:\/\/nypost.com\/2023\/04\/16\/how-the-us-is-subsidizing-high-risk-homebuyers-at-the-cost-of-those-with-good-credit\/\" target=\"_blank\" rel=\"noopener\">told<\/a> the Post. \u201cMy email is full from mortgage companies and CEOs [telling] me how unbelievably shocked they are by this move.\u201d<\/p>\n<p><b data-stringify-type=\"bold\"><a class=\"c-link c-link--focus-visible\" href=\"https:\/\/onelink.to\/dwapp\" target=\"_blank\" rel=\"noopener noreferrer\" data-stringify-link=\"https:\/\/onelink.to\/dwapp\" data-sk=\"tooltip_parent\">CLICK HERE TO GET THE DAILY WIRE APP<\/a><\/b><\/p>\n<p>The push to put \u201criskier mortgages\u201d in the hands of those who couldn\u2019t otherwise afford homes also could cause disruption should a recession hit \u2014 which the Federal Reserve is predicting.<\/p>\n<p>None of this matters to President Joe Biden and his ilk. They never let a bad idea get in the way of equity.<\/p>\n<p><i>The views expressed in this piece are the author\u2019s own and do not necessarily represent those of The Daily Wire.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Just when you think the Biden administration can\u2019t possibly have any more awful ideas, his team rolls out a plan to punish Americans with high credit scores to subsidize high-risk homebuyers. On Wednesday, The Washington Times reported that starting May 1, Americans purchasing a new home or refinancing their existing mortgage can expect to pay<\/p>\n","protected":false},"author":326,"featured_media":1917133,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[3884,3620,6178,24735,12551,9272,9178],"class_list":["post-1917132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-americans","tag-biden","tag-credit","tag-homebuyers","tag-punishing","tag-scores","tag-subsidize"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1917132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/326"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1917132"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1917132\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1917133"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1917132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1917132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1917132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}