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 […]
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