This is not a drill Biden's new mortgage Policy is here and the disaster is Waiting to happen by forcing financially Responsible Americans to subsidize Mortgage loans for high-risk borrowers The government is setting the stage for A Deja Vu housing crisis that should Evolve financially responsible adults on High alert Fight fake news with the truth every day Arm yourselves tap subscribe enable Notifications and fight back with the Next News Network The bite administration's new mortgage Rule implemented through the federal Housing agency is causing concern among Americans with good credit the policy Redistributes high-risk mortgages and Loans which is set to lead a repeat of The 2008 housing collapse the new rule Requires larger down payments and credit Scores to subsidize the riskier Mortgages of those with lower credit Scores the worst part about it all is Its launch date was May 1st The policy has been criticized by both Republicans and Democrats including President Obama's former Federal housing Administrator on Monday State treasurers And finance officials from 27 States Sent a letter to him to Biden urging him To reverse the policy calling it Unconscious in a bowl and warning of a Potential disaster watch as Fox warns
Potential buyers on its D-Day Well the bite administration's new Mortgage rule goes into effect today Jeff flock live in Princeton New Jersey At Princeton Junction excuse me with More hey Jeff Hey Cheryl good morning to you from Lovely Princeton Junction yeah you know It's not going to affect the house Behind me which is a pending sale They've already got their mortgage but If you haven't got a mortgage yet and You've got a good credit score I have something less than good news for You yeah your fees are going to go up to Try and subsidize perhaps some of the Fees for folks with lower credit scores Take a look at what the federal housing Federal Housing Finance Authority says About it it says and I quote the Director there who says higher credit Score buyers aren't being uh charged More so that low credit score buyers can Pay less but we took a look at the Numbers it's kind of not what the way it Looks like if you have a 640 credit Score for example which is considered Below average and you put 28 down on a 350 000 mortgage you are paying you were Paying about ten thousand dollars in Fees now you'll pay less than eight Thousand but if you have a 740 credit Score which is very good uh you were Paying less than 2 000 in fees now more
Than 3 000 in fees and the folks in the Real estate industry both economists and Real estate agents say that's just not Fair I was argued that the policy would harm Responsible borrowers by making it Harder for them to access Credit and Housing they also noted the policy is Likely to drive up mortgage rates as Lenders will seek to protect themselves Against the risk of default Despite the criticism the vine Administration has defended the policy Arguing that it will increase access to Credit for low and moderate income users We also claim that the policy will help Reduce racial disparities in the Mortgage Market Most Advocates of this policy claim People with good credit are only getting Hammered by minor fees but that's far From the full truth watch Caro it's not just fees it's also a Little bit of a break for low credit Score buyers when it comes to interest Rates if you have a 740 credit score That's not good because in this example Because the fees for you are going up And over the life of a 30-year loan Could be as much as thirty thousand Dollars even uh former Obama Administration HUD officials say you Know they support the idea of trying to Help people out with low credit scores
But this isn't the way to go about it Especially now thank you Despite administration's new mortgage Rules a disaster waiting to happen by Redistributing high-risk mortgages and Loans on a financially responsible Americans the administration is putting The economy at risk of other financial Crisis this policy is a clear mistake And it has never been more evident as Even officials from both parties have Voiced their objections to it it's Crucial to take action and to stay Informed on policies that have have Significant impact on our financial Future and demand that Joe Biden Reverses his unconscionable policy let's Continue this conversation the comments Below for the next News Network I'm Elijah Schaefer have a good night Thank you for watching that report There's no stopping the my pillow Maven Mike Lindell who will not be deterred by Liberal lies he's been at the Forefront Of the fight for Truth for years while Making sure that Americans remain Comfortable while they sleep the next News network is now partnering with him In order to provide you with the best Sleep of your life the patented Interlocking fill part of my pillow is Designed to adapt to your individual Sleeping position regardless of whether You're lying on your back your side or
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