Republicans on the state level are demanding that Biden and the FHFA repeal the asinine recent law that punishes Americans with high credit scores by forcing them to subsidize the mortgages of those with low credit scores. The Biden Administration has been attempting to regulate real estate for a while. In June 2021, Biden forced the Supreme Court to offer him the ability to fireplace Mark Calabria because the regulator of Freddie Mac and Fannie Mae. Biden’s team said they were “moving forward today to switch the present director with an appointee who reflects the administration’s values.” This was also when shareholders sued the federal government for the 2012 decision to pay all proceeds on to the Treasury.
Trump was in favor of Calabria and fought to separate Freddie and Fannie from the federal government, however the Democrats repealed all the things once Joe took over. Florida Chief Financial Officer Jimmy Patronis and 33 other Republicans on the state level are urging Biden and the FHFA to repeal this “hair-brained” policy. “This recent policy … will take money away from the individuals who played by the foundations and did things right – including tens of millions of hardworking, middle-class Americans who built a superb credit rating and saved enough to make a robust down payment,” the group noted. “Incredibly, those that make down payments of 20 percent or more on their homes pays the very best fees – one of the vital backward incentives possible.”
Patronis and others argued that owning a house was once the American dream, and the brand new law will hurt middle-class families who worked and budgeted for his or her downpayment and credit rating. “[T]he right technique to solve that problem just isn’t to make use of the ability of the federal government to penalize hardworking, middle-class American families by confiscating their money and using it as a handout. The correct way is to implement policies which can reduce inflation, cut energy costs and convey lower rates of interest. Doing so will enable more families to save lots of and improve their credit scores. Increased financial literacy efforts must even be a part of the answer,” the letter also states. Lowering energy scores and inflation just isn’t a part of the Construct Back Higher agenda.
Providing individuals with loans who otherwise wouldn’t qualify is an element of the plan for the Great Reset. Raising taxes on all the things possible can be a part of the agenda. The federal government desires to tax the center class out of homeownership, force the working class to default on their mortgages, and move everyone into government-provided smart cities. The hatred toward government is brewing and can soon bubble over.