Senate GOP slams ‘perverse’ Biden rule forcing people with good credit to subsidize high-risk mortgages
Fox News
Senate Republicans on Wednesday said the Biden administration is putting individual homebuyers and the entire housing market in danger by forcing people with good credit to subsidize high-risk mortgages.
"This announcement, scheduled to take effect May 1, 2023, will invert the common-sense risk financing structure at the GSEs in an effort to decrease mortgage rates for riskier individuals with low credit scores and forcibly raise rates for those with higher scores," they wrote, referring to the government-sponsored entities and mortgage giants Fannie Mae and Freddie Mac. "This shortsighted and counterproductive policy demonstrates a profound misunderstanding of the necessity of accurately tailoring housing finance products to credit risk and establishes a perverse incentive that punishes hardworking Americans for their fiscal prudence." Pete Kasperowicz is a politics editor at Fox News Digital.
"The housing market should not be exploited as a means to pander to targeted demographics that you have chosen, nor an instrument to secure political favoritism," they added.
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