President Biden’s newest middle-class tax hike forces fiscally responsible, hardworking American families to pay additional monthly mortgage fees in order to subsidize higher-risk borrowers, who in turn will pay lower fees.
The biggest fee increases are being given to responsible buyers with good credit. The biggest fee decreases are being given to borrowers with a credit score below 620 who make a down payment of less than 5%.
The Biden Administration’s new rule disincentivizes Americans from engaging in responsible practices to own a home, such as saving their money and building a good credit score. It is reminiscent of previous failed government interventions that led to financial disaster for millions of Americans in 2008.
Urge Congress to support a congressional resolution of disapproval to roll back FHFA’s new rules, protect fiscally responsible American families, and maintain the security of the American housing sector.
