'THIS IS ILLOGICAL': Republicans slam Biden rule forcing people with good credit to subsidize high-risk mortgages.
Managing director of Madison Ventures+ Mitch Roschelle joined ‘Fox News Live’ to weigh in on Bed Bath & Beyond filing for bankruptcy and President Biden’s new mortgage rate plan.Federal Housing Finance Agency of playing politics with the U.S. housing market by forcing people with good credit to subsidize high-risk mortgages, and warned that doing so would put individual homebuyers and the entire market in danger.
"This announcement, scheduled to take effect May 1, 2023, will invert the common-sense risk financing structure at the GSEs in an effort tofor riskier individuals with low credit scores and forcibly raise rates for those with higher scores," they wrote, referring to the government-sponsored entities and mortgage giants Fannie Mae and Freddie Mac.
Experts have said under the rule, people with credit scores in the neighborhood of 680 might pay another $40 more per month on a $400,000 loan to subsidize higher-risk mortgages. Marshall told Fox News Digital that it makes no sense to hit people harder who have been responsible.
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