27 states are revolting against President Joe Biden’s new plan to make good-credit borrowers help subsidize mortgages from higher-risk borrowers.
Top finance officials from the states demanded Biden end his “unconscionable” plan before it turns into a total disaster.
The letter was signed by treasurers, auditors, commissioners of revenue, and other top officials from Alabama, Alaska, Arizona, Arkansas, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Nebraska, Nevada, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Texas, Utah, West Virginia, Wisconsin and Wyoming.
Pennsylvania Treasurer Stacy Garrity led the effort.
In a letter to Biden and FHFA Director Sandra Thompson, the officials said:
“It is already clear that this new policy will be a disaster.
“It amounts to a middle-class tax hike that will unfairly cost American families millions upon millions of dollars.
“And – at a time when the real estate market has already slowed considerably due to high interest rates – it will further depress home sales.
“We urge you to take immediate action to end this unconscionable policy.
“The policy will take money away from the people who played by the rules and did things right – including millions of hardworking, middle-class Americans who built a good credit score and saved enough to make a strong down payment.
“Incredibly, those who make down payments of 20 percent or more on their homes will pay the highest fees – one of the most backward incentives imaginable.”
“The right way to solve that problem is not to use the power of the federal government to penalize hardworking, middle-class American families by confiscating their money and using it as a handout.
“The right way is to implement policies which will reduce inflation, cut energy costs and bring lower interest rates,” the letter said.
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