Outrage Grows Over Biden Plan To Punish Good Credit Americans
'This mortgage rule is part of a pattern of Biden administration policies that force responsible consumers to subsidize irresponsible ones – from blanket student loan forgiveness ... to ... cardholders who pay on time to pay more.' John Berlau, Competitive Enterprise Institute
View Source | May 1, 2023 6:49 am
- A new federal rule that would charge higher fees to home buyers with good credit to help subsidize those with poor credit goes into effect Monday.
- The Federal Housing Finance Agency announced in January it would increase Loan-Level Price Adjustment fees for mortgage borrowers with higher credit scores to help keep fees lower for those with worse credit.
- Critics argue the rule shifts risk costs onto borrowers with better credit and will leave taxpayers on the hook if the plan leads to major economic issues.
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