States Revolt against Biden's 'Disaster' Mortgage Redistribution Rule to Subsidize Risky Loans; Biden's Controversial Policy Is Set to Take Effect Today

Peter Kasperowicz : May 1, 2023
FoxBusiness.com

[FoxBusiness.com] State treasurers and other top finance officials from 27 states on Monday urged ...Biden to end what they said was his "unconscionable" policy of forcing people with good credit scores to subsidize mortgage loans of higher-risk borrowers, and warned Biden's plan would be a "disaster." ... "It is already clear that this new policy will be a disaster," they wrote in a letter led by Pennsylvania Treasurer Stacy Garrity that was sent to Biden and FHFA Director Sandra Thompson. "It amounts to a middle-class tax hike that will unfairly cost American families millions upon millions of dollars. And—at a time when the real estate market has already slowed considerably due to high interest rates—it will further depress home sales. We urge you to take immediate action to end this unconscionable policy," they wrote... Subscribe for free to Breaking Christian News here Click Here to read. (Image: Pixabay)