The state controller for Nevada, Andy Matthews, is calling on the Biden administration to drop its plans to punish Americans with good credit scores when they obtain mortgages.
Matthews, in a commentary at Real Clear Wire, took aim at Biden’s scheme that took effect May 1, in which the “new Federal Housing Finance Agency policy will force those with good credit scores to pay more for their mortgages each month, with those extra payments used to subsidize the loans of higher-risk borrowers.”
The penalty for homebuyers with credit scores of 680 or more is about $40 per month on a loan of $400,000.
“It amounts to a tax increase on the middle class, and it’s atrocious in every way imaginable,” Matthews said.
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“For starters, it is fundamentally unjust and absurd to impose a policy that punishes those who have acted responsibly, sacrificed, and worked hard toward a secure financial future for themselves and their families. That’s why I was honored to join a coalition of 34 state financial officers from around the country, led by Pennsylvania Treasurer Stacy Garrity, in signing a letter to the Biden administration voicing opposition,” Matthews wrote.
But he said Biden’s agenda is worse than that.
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“It’s also deeply reckless. The 2008 financial crisis and mortgage meltdown offered a painful lesson in what happens when government intervenes to push those who cannot afford a home loan to take one and to undermine the critical role that credit scores play in assessing a prospective borrower’s risk level,” he said. “My home state of Nevada was hit the hardest by that crisis, suffering under the highest rates of foreclosures and unemployment in the entire nation. And Nevadans will once again be put in a position of exceptional vulnerability under the Biden administration’s new policy.”
He charged Biden is expecting “some political gain through what is merely the latest of its many wealth redistribution schemes.”
“But while increasing opportunities for home ownership is a laudable goal, the right way to accomplish this is by taking steps to eliminate unnecessary regulations, reduce inflation, and bring down energy costs – not to subvert basic market principles to political considerations,” he said.
“If political advantage is what the Biden administration is indeed expecting here, they may be in for a harsh surprise. The more Americans learn about this new policy, the more they are rightly outraged and insulted that the administration would adopt a plan that perversely punishes responsible behavior and removes Americans’ incentives to manage their finances wisely and prudently.”
IMPORTANT NOTE: Although millions of American parents send their precious children off to public school every day, imagining their kids’ days will be filled with reading, writing, arithmetic, science, history, sports and music, they’re not only in for a shock – but for total BETRAYAL. Today’s “public” (government) schools have become far-left ideological, political and religious indoctrination centers aimed at reprogramming and transforming America’s children.
Kids are being taught to HATE their own country and to see themselves and their parents as racists – or victims of racists. They are sexualized and corrupted, and many are groomed into the dark LGBT world, with almost 6,000 schools prohibiting parents from even hearing about their child’s transgender “transition.” In between all the far-left indoctrination and sexual corruption, teachers take time to scare children to death about the near-term end of life on earth due to “catastrophic climate change.” Another lie. But it’s all classic Marxism/communism, with even the “3 R’s” – reading, writing and arithmetic – now being corrupted with “woke,” “1984”-style madness.
Perhaps never has the true threat of today’s U.S. public school system been exposed as in the sensational April issue of WND’s critically acclaimed monthly Whistleblower magazine, titled “THE GREATEST BETRAYAL: How Marxism and madness have taken over America’s public school system.” Whistleblower is available in both the popular print edition and a state-of-the-art digital version, either single issues or discounted annual subscriptions.
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This article was originally published by the WND News Center.
Related:
- Is Biden’s Credit Score Screw Job On Mortgage Pricing Even Legal?
- Homeowners With Good Credit Being PUNISHED With Biden Redistribution Of High-Risk Loan Costs
- Punishing The Responsible: Biden Wants To Force Good-Credit Mortgage Borrowers To Subsidize The Risky
- 27 States Rebel Against Biden’s Mortgage “Redistribution”
- Face it: Joe Biden HATES You And Wants You To SUFFER!
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