On Monday, 27 state treasurers and other high-ranking finance officials requested that President Biden end his "unconscionable" policy of requiring individuals with good credit scores to fund mortgage loans for borrowers with higher-risk profiles. They cautioned that Biden's proposal would result in a "disastrous" outcome.
The Federal Housing Agency (FHFA) unveiled Biden's plan a few weeks ago, which is scheduled to come into effect today. The objective of the plan is to assist low-income borrowers in meeting their monthly mortgage payments. This will be accomplished by imposing additional monthly payments on individuals with good credit scores, which will be applied to the loans of higher-risk borrowers.
The Biden regime has gone full-on Marxist in nearly all of their policies ---#TheGreatAmericaShow
States revolt against Biden's 'disaster' mortgage redistribution rule to subside risky loans
— Lou Dobbs (@LouDobbs) May 1, 2023
The contentious policy has drawn criticism from both Republicans and Democrats, including the former Federal Housing Administrator under President Obama. On Monday, financial officers from 27 states added their opinions, asserting that the policy is a blunder, even before its implementation.
"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.
The finance officers from the states criticized the plan for upending the conventional home buying incentives by punishing individuals who make responsible financial choices.
The correspondence was endorsed by treasurers, auditors, revenue commissioners, and other senior officials from Alabama, Alaska, Arizona, Arkansas, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Nebraska, Nevada, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Texas, Utah, West Virginia, Wisconsin, and Wyoming.
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