Opinion

Letter: Mortgage rule is unfair wealth redistribution

Posted May 02, 2023 1:00 am

Effective May 1, mortgage borrowers with good credit ratings will be asked to pay higher fees for their mortgages to subsidize the loan costs of those with poor credit, based on a directive from President Biden to the Federal Housing Agency (FHFA). This plan will force people with good credit to pay more each month for their mortgages and these extra collected fees will be used to subsidize the loans of higher-risk borrowers.

Once again, this is an attempt by Biden to redistribute wealth in our society. A move that was not approved by Congress, but by the flick of Biden's pen. Very similar to what he has tried with loan forgiveness.

This action is so reminiscent of the oft-used analogy of the college student who studies for days to get a well-deserved A on a test, then being forced to take a lower grade so a student who hadn't studied, can be upgraded to a higher grade, so that the world would be fair. When will this lunacy end? November 2024?

Bruce Brown

Inverness

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