Biden Administration is making home ownership more expensive

The Biden administration’s new rules coming out of the Fair Housing Finance Agency are a wild assault on people who have saved, budgeted and worked hard to have good credit.

The new policy will force homeowners with good credit to pay a premium on their mortgage every single month in the name of subsidizing the loans of those with worse credit scores. While the goals of maximizing home ownership are good, doing so in a manner that punishes people who did things the right way is un-American and misguided. The federal government should not penalize people who have done things the right way, especially in a time where their policies have already caused the price of home ownership and inflation as a whole to grow out of control.

As my colleagues and I say in our letter:

“But the right way to solve that problem is not to use the power of the federal government to penalize hardworking, middle-class American families by confiscating their money and using it as a handout. The right way is to implement policies which will reduce inflation, cut energy costs and bring lower interest rates. Doing so will enable more families to save and improve their credit scores. Increased financial literacy efforts must also be part of the solution.”

And while this is a national assault on American homeowners, the effects of the bad policies that led us to this situation are being felt in North Dakota too. As the Fargo Forum reported on April 25, 2023: (https://www.inforum.com/news/north-dakota/first-time-home-buyers-feel-the-squeeze)

Inflation itself is taking a major bite out of lower- and middle-income purchasing power and increases the cost of maintaining a home.

The realization is starting to dawn on many first-time home buyers that they may not be able to afford the kind of home now that they would have just two years ago, due to the rise in interest rates.

“Since more people are pushed into the lower end of the market, it also increases the competition for homes in that range”, said Bismarck-area real estate agent Desi Ottmar.

It is my sincere hope that not only will the Biden administration finally get to work on fighting inflation, but also that they rescind this bonehead rule that harms our hard working citizens who have been raised to take personal accountability for their actions and who properly saved for their futures.

Thomas Beadle

Read the letter in full here:

https://sfof.com/wp-content/uploads/2023/05/2023-Biden-Mortgage-Letter67.pdf