I just read about Biden Biden punishing those with higher credit scores on The Washington Times: https://www.washingtontimes.com/news/2023/apr/18/joe-biden-hike-payments-good-credit-homebuyers-sub/
News came out that those with a credit score of 680 or higher will have to pay a fee on their mortgage if they buy or refinance a mortgage after May 1st to subsidize those with lower credit scores seeking mortgages. Also, those who make down payments of 15-20% will get crushed with the largest fees. I think this is absolutely terrible for the economy and this nation. People who can't afford houses will have a better chance of getting approved for mortgages and those who contribute to society now have to serve a punishment for their hard work. This will cause another housing market crash. Get ready!!!
Would love to hear your guys' opinions on this! How bad will this be for our economy?
I couldn't disagree more with what Biden is doing. People shouldn't have to be punished for their successes. There is a thing called credit for a reason to show the probability that a borrower will pay back the lender, and if you give these irresponsible individuals a home with low credit seems to me like we got another 2008 bubble coming... which means more real estate opportunities!
Ya thats pretty unfair IMHO... so think of it like this... your kicking ass, paying your bills, using credit, and an all around good citizen with your money lending habits....
But then bam! Your good credit score, responsible nature, is now worth...little....
I heavily forsee a housing crash after a few years of people buying houses with poor credit (most of the time low credit is due to people NOT paying their bills... on time, or at all...)
Very excited to see how that one works out ;)....