Senate GOP slams ‘perverse’ Biden rule forcing people with good credit to subsidize high-risk mortgages

Republicans could be looking to mount a challenge to the rule

Peter Kasperowicz / Fox News

 

Senate Republicans on Wednesday accused the Biden administration's Federal Housing Finance Agency (FHFA) 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.

Sen. Roger Marshall, R-Kan., and a dozen other GOP senators issued this warning in a letter to FHFA Director Sandra Thompson that also demanded the details of how this policy decision was made, a possible sign that the legality of the move could be challenged.

"This announcement, scheduled to take effect May 1, 2023, will invert the common-sense risk financing structure at the GSEs in an effort to decrease mortgage rates for 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.

Oh, So That's Why No One Can Challenge Biden Within the Democratic Party

Matt Vespa / Townhall Tipsheet

Joe Biden is an exceptionally weak incumbent. We’re amid an economic recession, the banking system is failing, and we’re adrift abroad. Biden once again left Americans behind as we headed evacuation operations in war-torn Sudan. It’s a checklist presidency, with its officials more concerned about adhering to woke orthodoxy than effective governance. Inflation remains at unacceptable highs, which is killing working families. Biden’s age and competency are also in play, an issue accentuated by the Democrats’ plot to oust Sen. Dianne Feinstein (D-CA), whose mental decline has been evident for years, to pave the way for judicial confirmations. Biden seems primed for a challenge on his left, a sizeable portion of Democrats doesn’t want this old man to run, but that likely won’t happen for many reasons, but one stands out as the actual killer to the ‘primary Biden’ operation. 

It's the calendar. The primary season for Democrats is a coronation merry-go-round because they already have their candidate, which ensures a Biden sweep. All the early contests are states where Biden performed well four years ago. With no field, he’s bound to dominate, allowing for a delegate count that would be insurmountable for any challenger, something that former Obama adviser David Axelrod noted on CNN:

RIGHT SIDE PATRIOTS...Podcast

 

If you missed last night's show where RIGHT SIDE PATRIOTS Craig Andresen and Diane Sori discussed 'The Presidency Is Ours To Lose'; 'Idiots vs. The Hard Cold Truth'; Schumer's proposed Constitutional change; AI and the SCOTUS; Hunter Biden ordered to appear in court; and Joe officially declares he's running...you can listen to it (and previous shows) at your convenience at: https://rspradio1.com to go directly to our podcasts...we hope you become 'followers' of RIGHT SIDE PATRIOTS.