President Joe Biden participates in a virtual bilateral meeting with Irish Prime Minister (Taoiseach) Micheál Martin Wednesday, March 17, 2021, in the Oval Office of the White House. (Official White House photo by Adam Schultz)
Officials from dozens of states have written to Joe Biden insisting that he drop a new program that punishes good-credit homebuyers – for having good credit.
"It is already clear that this new policy will be a disaster," warned a letter that was organized by Pennsylvania Treasurer Stacy Garrity.
It went to Biden and FHFA chief Sandra Thompson.
"It amounts to a middle-class tax hike that will unfairly cost American families millions upon millions of dollars. And – at a time when the real estate market has already slowed considerably due to high interest rates – it will further depress home sales."
They said "immediate action" is required to end what they called Biden's "unconscionable policy."
A report from Fox Business explains Biden's scheme, announced by the Federal Housing Agency to take effect this week, would force "people with good credit scores to pay more each month for their mortgages."
That money, by the feds, then would be "credited to the loans of higher-risk borrowers."
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The plan to punish credit-worthy borrowers across America actually has been criticized by leaders in both parties already.
The new letter is from treasurers and other finance officials in 27 states: Alabama, Alaska, Arizona, Arkansas, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Nebraska, Nevada, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Texas, Utah, West Virginia, Wisconsin and Wyoming.
The officials warned Biden his plan would "take money away from the people who played by the rules and did things right – including millions of hardworking, middle-class Americans who built a good credit score and saved enough to make a strong down payment."
The report described Biden's agenda as the "forced subsidization of risky loans."
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