Biden to Force People with Good Credit to Subsidize Those with Bad Credit – in the Name of ‘Equity’
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.