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By Craig Bannister, CNSNews, April 21, 2023
Starting next month, homebuyers with good credit will have to pay a monthly mortgage fee to subsidize people with bad credit who want mortgage loans.
The fee, which was instituted by a Biden Administration rule – not by Congress – adds about $40 more a month ($480 per year) to the mortgages of those with credit scores of 680 buying homes in the $400,000 range.
The Biden Administration’s argument is that it isn’t fair that people with poor credit ratings have a harder time getting approved for mortgage loans, and have to pay higher rates, if they do get them. Thus, the fee is meant to “level the playing field” by subsidizing the mortgages of high-risk homebuyers. Or, as Biden appointee and Federal Housing Finance Agency (FHFA) Director Sandra Thompson puts it, increasing their “pricing support.” FHFA is the agency through which the rule was issued.
The new fee is part of the environmental, social and governance (ESG) movement, which seeks to impose liberal ideology on businesses and, by extension, American citizens. …