Here’s a story that hasn’t drawn nearly enough attention yet. A new change being driven by the Biden administration’s Federal Housing Authority will cause new fees and increased interest rates for home mortgages. Starting on May 1st, Fannie Mae and Freddie Mac will offer discounted mortgage rates to prospective home buyers with “riskier credit backgrounds” (meaning people with poor credit ratings) to enable them to qualify for a mortgage. But that will generate more losses in the system and that money will have to be made up somehow. So people holding lower-cost mortgages because they have a good credit rating will be charged more, leading to their monthly mortgage payments going up. I suppose this is the latest front in the battle for “equity.” (NY Post)Read More
The war on those with good credit
