– Peter Schiff: Joe Biden Is Rewarding People With Bad Credit
On May 1, new Federal Housing Finance Agency (FHFA) rules went into effect that will allow borrowers with lower credit ratings to qualify for better mortgage rates than they otherwise would have. Meanwhile, borrowers with better credit ratings will pay higher fees to subsidize the program. Peter Schiff recently appeared on Real America with Dan Ball to talk about the new rules.
Experts say a person with a credit score over 680 could pay an extra $40 to $70 per month.
When the news came out, Peter Schiff tweeted, “Just when you thought the Joe Biden administration couldn’t get any dumber, it does this. It’s a perfect example of why government shouldn’t have any involvement in the housing market and why the FHA, Fannie Mae and Freddie Mack should all be abolished.”
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