You Need to Know - Good Credit? Biden's New Rule Makes You Pay More!

Good Credit? You Pay More!  New Rule from Federal Housing Finance Agency.

On today's episode of You Need to Know, we'll be looking at a new Federal Rule that has been making headlines recently but not nearly enough. Its The Biden Administration's Upside-Down Mortgage Policy from the Federal Housing Finance Agency: We discuss the Baffling Redistribution of Risk, Lessons from the Subprime Mortgage Crisis, and explain PMI Insurance.

Key details:

In a perplexing move reminiscent of the flawed policies that led to the 2008 subprime mortgage crisis, the Biden Administration is introducing a new mortgage rule that forces homebuyers with good credit scores to subsidize those with riskier credit ratings. Effective May 1, the Federal Housing Finance Agency (FHFA) will implement new fees, causing borrowers with credit scores above 680 to pay approximately $40 more per month on a $400,000 home loan. Those making down payments of 20% will shoulder the highest fees, which will be used to lower fees for riskier borrowers.

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