President Joe Biden's Federal Housing Finance Agency is forcing Americans with high credit scores to pay fees that will subsidize Americans with lower credit scores starting on May 1st.
Any American with a credit score above 680 will be forced to pay monthly fees if they want to access home loans which the Federal Housing Finance Agency controls.
What is worse is the Federal Housing Finance Agency controls nearly 60% of all home loans, meaning that most Americans will be forced to pay thousands to subsidize those who failed to be financially responsible.
The Biden administration is subsidizing buyers with poor credit scores -- and therefore poor financial positions -- to buy homes and put them in a position to fail, which could lead to mass foreclosures.
Indiscriminate loans and subsidization are what led to the disastrous financial collapse of 2008, and it appears the Biden administration has learned nothing from that painful lesson.
The president has made buying a home less affordable for responsible Americans and is further undermining our economy. The consequences will affect all of us and Congress is doing nothing to stop this policy.