On Monday, 27 states treasurers and other finance officials challenged President Biden to terminate his unconscionable policy in the mortgage redistribution program.
27 States: End The New Policy of President Biden’s Re-Mortgage Redistribution Program
Officials from 27 states are challenging President Biden’s Administration to terminate the mortgage redistribution program. The program will make debtors with good credit scores compensate more to fun loans for debtors with poor credit scores.
President Biden’s policy has taken money from Americans who worked by the rules and always did the right things. These Americans are middle-class hardworking people who gain good credit scores. An official of the 27 States said to President Biden through the letter.
President Biden’s policy will take effect on Monday. The policy will upsurge monthly mortgage payments for debtors with good credit scores. The Federal Housing Finance Agency will use the profits from higher fees to lessen the monthly mortgage for debtors with poor credit. An official of the 27 States said.
The unacceptable policy of President Biden
The new policy of President Biden is clear to be a disaster. The 27 States urge to take appropriate action to terminate this unacceptable policy.
President Biden’s administration is creating much cross-subsidy between bad and good credit. An official of the 27 States concluded in the letter.
Read Also: Biden Green Tax Incentives For The Wealthy Are Increasing The Country’s Debt