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Biden About To Make Social Credit Scores In America A Reality…

Joe Biden has demonstrated over again how little he cares about hardworking American families.

In the name of “equity,” the Biden Administration is implementing a new law that would penalize American homebuyers with good credit by forcing them to pay higher mortgage rates to support loans for high-risk applicants.

You read that correctly…

Starting May 1st, those with high credit ratings will be penalized, while those with poor credit scores will be rewarded.

Homebuyers with credit scores of 680 or higher will pay more, while those with credit scores below 680 would receive a lower interest rate.

This is only the latest blunder by Biden in his quest to destroy the American Dream.

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Fox News reports on the latest way the Biden Administration is punishing hard-working Americans:

A Biden administration rule is set to take effect that will force good-credit home buyers to pay more for their mortgages to subsidize loans to higher-risk borrowers.

Experts believe that borrowers with a credit score of about 680 would pay around $40 more per month on a $400,000 mortgage under rules from the Federal Housing Finance Agency that go into effect May 1, costs that will help subsidize people with lower credit ratings also looking for a mortgage, according to a Washington Times report Tuesday.

“The changes do not make sense. Penalizing borrowers with larger down payments and credit scores will not go over well,” Ian Wright, a senior loan officer at Bay Equity Home Loans, told the Times. “It overcomplicates things for consumers during a process that can already feel overwhelming with the amount of paperwork, jargon, etc. Confusing the borrower is never a good thing.”

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The Blaze has more details:

As part of the U.S. Federal Housing Finance Agency’s push for more affordable housing, home buyers with good credit scores will be forced to pay additional fees on their mortgages. Starting on May 1, the federally backed mortgage companies Fannie Mae and Freddie Mac will establish new loan-level price adjustments with private banks nationwide. Those additional fees will be used to subsidize home buyers with risky credit scores.

The Federal Deposit Insurance Corporation defines loan-level price adjustments as “risk-based pricing adjustments that vary based on credit score, loan-to-value ratio, type of product, and various other factors, charged at the time of origination.”

The Washington Times reported, “Mortgage industry specialists say homebuyers with credit scores of 680 or higher will pay, for example, about $40 per month more on a home loan of $400,000. Homebuyers who make down payments of 15% to 20% will get socked with the largest fees.”

According to the New York Post, “Meanwhile, buyers with credit scores of 679 or lower will have their fees slashed, resulting in more favorable mortgage rates. For example, a buyer with a 620 FICO credit score with a down payment of 5% or less gets a 1.75% fee discount – a decrease from the old fee rate of 3.50% for that bracket.”

Several people have taken to social media to try to make sense of this pandemonium.

In the end, this can only be interpreted as evidence that Joe Biden is the worst leader in American history.

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Written by

Sassy Liberty

Sassy Liberty is a political writer for the better part of a decade. She has been vocal for years on social media concerning the communist agenda that has infiltrated our country. She is an advocate for medical freedom, homeschooling, and defunding the woke culture. Do you want to stop the war on kids and defund the commie agenda? msha.ke/danielledeperi

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