Biden’s America: A good credit score could cost you more when buying a house |  wayne dupree

Biden’s America: A good credit score could cost you more when buying a house | wayne dupree

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Donald Trump, a former president, said that America “will never be a socialist country”. Then Joe Biden beat him in the 2020 presidential race.

The most recent illustration of Biden’s lack of interest in delivering on Trump’s promise is new government regulations on mortgage costs that would take money from those with high credit to subsidize mortgage rates for those with high credit. bad credit. Sen. Tim Scott (R-SC) voiced his vehement opposition to the decision and said Biden was taking a left turn toward socialism.

For his remarks, Scott deserves praise because that is precisely what Biden is doing. Biden wants to launch a sequel 15 years after the nation’s banks and other financial institutions over-lended to speculative homebuyers and repeatedly took undue risks, leading to the financial disaster of 2008. It’s the effort the latest from Democrats to reward those with bad and bad credit and penalize those who practice fiscal responsibility. These strategies form the foundation of socialism and communism, behavior that infuriated Scott.

“If we weren’t talking about the best country in the world, it would be humorous. If you’re physically capable, you’re exempt from working in Biden’s socialist paradise. In a contentious interview with Fox News, Scott said, ‘If you commit a crime, you are not serving any sentence. “Guess what, if you take out a loan? You don’t have to pay it back. Lower interest rates are offered to those with poor credit. This is the way of socialism, but this paradise never existed.

These regulations reflect the Obama administration’s preference for the redistribution of wealth. Considering Biden was vice president at the time, that makes sense. The relative lack of outcry over this, particularly among Republicans and especially those with their finances in order who would be impacted by this, is puzzling. Those who claim to be against the introduction of socialism into the United States are completely silent.

“That’s exactly what it sounds like, and that’s why it’s so frustrating to see the Biden administration creating rules — not new laws, but rules that change the very fabric of our country,” Scott said. .

More people need to worry about this risky decision for the nation. It penalizes those who have obeyed the law, given up fleeting pleasure, made every effort and taken financial responsibility. Middle-class Americans are suffering under the Biden administration. People with bad credit get a discount, while those with good credit and those who deposit larger amounts are penalized with higher fees. It’s a total shame. It’s encouraging to hear Scott call out Biden on this. More Republicans should follow his lead.