[2023-04-23] Biden Just Made Housing More UNAFFORDABLE

Biden Just Made Housing More UNAFFORDABLE

Justin Furniel

Saturday, April 22, 2023

#housingmarket #housingcrisis #housingcrash

https://www.youtube.com/watch?v=2sr8gDv-uL8

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As of late, the Biden administration has implemented a new federal rule that could potentially affect individuals with higher credit scores. The rule, which aims to narrow the gap between homeownership for minorities, will require mortgage lenders to consider a borrower's financial hardships and credit scores when determining their eligibility for certain mortgages.

Under the new rule, lenders will be required to offer more affordable mortgage options to individuals who may have a low credit score or financial challenges. To help subsidize these options, individuals with higher credit scores may be required to pay more for their mortgages.

While the intention of the new rule is admirable, it has stirred up some controversy. Many argue that individuals with good credit scores should not be punished for their financial responsibility. Furthermore, some argue that this rule could have unintended consequences, such as discouraging individuals from striving for a good credit score and discouraging lenders from offering more affordable mortgage options to individuals with lower credit scores.

It's important to note that the Biden administration's goal with this new rule is to provide more equal homeownership opportunities for minorities who have traditionally been excluded from homeownership due to discriminatory lending practices. However, the debate around this rule highlights the complexity of addressing systemic issues and creating policy solutions that benefit everyone involved.

Overall, while the intention behind the new federal rule is good, there are valid concerns about its potential impact on individuals with good credit scores. It remains to be seen how this rule will play out in practice, and whether it will achieve its intended goal of narrowing the homeownership gap for minorities.

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#housingmarket #housingcrisis #housingcrash

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