'Atrocious in every way imaginable': Biden punishing folks with good credit

(Photo by Joe Kovacs)

The state controller for Nevada, Andy Matthews, is calling on the Biden administration to drop its plans to punish Americans with good credit scores when they obtain mortgages.

Matthews, in a commentary at Real Clear Wire, took aim at Biden's scheme that took effect May 1, in which the "new Federal Housing Finance Agency policy will force those with good credit scores to pay more for their mortgages each month, with those extra payments used to subsidize the loans of higher-risk borrowers."

The penalty for homebuyers with credit scores of 680 or more is about $40 per month on a loan of $400,000.

"It amounts to a tax increase on the middle class, and it’s atrocious in every way imaginable," Matthews said.

"For starters, it is fundamentally unjust and absurd to impose a policy that punishes those who have acted responsibly, sacrificed, and worked hard toward a secure financial future for themselves and their families. That’s why I was honored to join a coalition of 34 state financial officers from around the country, led by Pennsylvania Treasurer Stacy Garrity, in signing a letter to the Biden administration voicing opposition," Matthews wrote.

But he said Biden's agenda is worse than that.

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"It’s also deeply reckless. The 2008 financial crisis and mortgage meltdown offered a painful lesson in what happens when government intervenes to push those who cannot afford a home loan to take one and to undermine the critical role that credit scores play in assessing a prospective borrower’s risk level," he said. "My home state of Nevada was hit the hardest by that crisis, suffering under the highest rates of foreclosures and unemployment in the entire nation. And Nevadans will once again be put in a position of exceptional vulnerability under the Biden administration’s new policy."

Should people with good credit pay more for mortgages to subsidize those with higher risk?

He charged Biden is expecting "some political gain through what is merely the latest of its many wealth redistribution schemes."

"But while increasing opportunities for home ownership is a laudable goal, the right way to accomplish this is by taking steps to eliminate unnecessary regulations, reduce inflation, and bring down energy costs – not to subvert basic market principles to political considerations," he said.

"If political advantage is what the Biden administration is indeed expecting here, they may be in for a harsh surprise. The more Americans learn about this new policy, the more they are rightly outraged and insulted that the administration would adopt a plan that perversely punishes responsible behavior and removes Americans’ incentives to manage their finances wisely and prudently."

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