Tuesday, May 2, 2023
By Gary Bauer
Do you pay your bills on time? Do you manage your finances responsibly? Have you worked hard to earn a good or excellent credit rating? If so, Joe Biden wants to punish your success.
A new Biden regulation takes effect today that penalizes Americans with good credit scores by assessing them higher fees when they buy a house. The money generated will be used to subsidize home loans for buyers with less-than-ideal credit.
This is all being done in the name of "equity" – and I'm not referring to the improving financial value of your home. This is the left's idea of "equity," which is another neo-Marxist code word for radical (often race-based) policies.
The backlash against this terrible idea is growing.
The top financial officers of 27 states are demanding that Biden immediately rescind his new mortgage rule. They warn that his "unconscionable" policy amounts to a new "middle-class tax hike" that will "further depress home sales" and result in a "disaster."
What could possibly go wrong when the government encourages risky mortgages? The Great Recession caused by the housing crisis and mortgage meltdown wasn't that long ago!
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