> In September the Biden FHFA announced it would require Fannie and Freddie to “prepare and implement three-year Equitable Housing Finance Plans that describe each Enterprise’s planned efforts to advance equity in housing finance.” Translation: They must find ways to boost minority homeownership no matter the risk for taxpayers.
> The plans released last week might have been written by California Rep. Maxine Waters. Central to Fannie’s plan are “Special Purpose Credit Programs” that increase access to credit and encourage “sustainable homeownership for Black consumers.”
> One program would assist black borrowers with down payments. Most home-buyers are required to put down at least 20% of the cost of a new home to reduce the risks of default. Fannie’s plan would effectively require taxpayers to subsidize down payments for black borrowers. Revenue that Fannie earns on its mortgage portfolio is retained as capital to protect taxpayers during a downturn. Under Fannie’s plan, some of that revenue would go to reducing down payments.
>Another new program would reduce “loan level price adjustments” for black home buyers. Lenders typically charge higher rates for borrowers with lower credit scores, and Fannie says reducing them can “reduce obstacles for prospective Black homeowners.”
> Still another program would “support the reduction of borrower closing costs for Black homebuyers”—for instance, via appraisal reimbursements. Taxpayers would help finance this “support.” Fannie also wants to help black homeowners avoid foreclosure by helping them “deal with unexpected expenses and repairs, or temporary disruptions to income.” This suggests that Fannie may now push into funding home repairs and welfare.
Canada already gives preferential rates to immigrants and makes leafs pay full price.
Jackson Gutierrez
So......2008 on steroids. Sweet.
Elijah Ward
I identify as a black woman.
Julian Bennett
More money for africans... The WEF "predicted" there would be a billion nee immigrants... Hyperinflation on the horizon. Fuck.
Hunter White
This is what caused the 2008 recession.
Alexander Carter
Where link OP? WHERE?
Nicholas Wood
I can’t tell if this is a good thing or bad thing for homeowners. On the one hand, it is incredibly discriminatory. On the other, it shows the housing market will keep on being injected with government funds and thus keep property values up. Not sure about this.
Jose Morris
This is the black rock secret. They’re going to make bank selling houses at twice the going rate to “special loans”
Leo Williams
how is this not systemic racism?
Xavier Stewart
How is this not cut and dry discrimination
Jacob Bailey
It’s only a fraction of what this country owes LGBTQ POC for building this country then oppressing
Bentley James
Cool, I'll identify as Black when buying a house.
Hudson Stewart
The new program here allows immigrants to start with an 800 credit score and no checks or down payments required.
Every day you see a smashed or dented Mercedes or BMW SUV cruising along with their kids inside eating a bag full of dollarama treats.
Hunter Reyes
So this is the line but higher education is not? I wanna see this vote annulled.
Samuel Fisher
Easier to get away with jew or native.
Josiah Morris
>the mortgages crises 2008 two: electric boogaloo!
Luke Perry
Any sauce on that. I was starting to wonder why so many new arrivals had nice cars but eere clueless on how to operate baby strollers....
user house prices are going to fucking crater within a year of this The banks are using your money to buy overvalued houses from themselves only to repossess them six months later when the niggers can't keep up with the mortgages
Aaron Jenkins
> blacks
seems only for blacks and not other minority races.. mexicans, asians, indians, etc. so, if a person is 1/2 black 1/2 white does that cancel them out? 1 - 1 = 0
Carter Powell
won't this encourage even further miscegenation? is that the point? the funny word here is consumers: yeah, there are black consumers, but do they competitively produce? i still don't get why south east asians are making fucking t shirts when god knows they'd do a billion times better job at any of this garbage 'blacks' supposedly work in.
Nolan Hernandez
The logical conclusion to this equity ideology is destruction.
>How to make 2008 style lending publicly acceptable again and get government bailing you out under the guise of helping the minorities.
They need to pump more money into the system now that the markets are shitting the bed and this is one way to do it. Just give all nogs as much money as possible and no one can criticize you or they're a racist.
This was inevitable, it worked so well last time to con the American taxpayers out of trillions of dollars. They want more bailouts, Biden (like Obama) is going to give it to them all with Republican support.
Aaron Torres
What year are you people from?
Dominic Ward
it's funny cause when this all comes to an end as the woman asks the white man to stand up, will he?
Logan Parker
Oh sheeeit I'm subprime maxxxxxing
Adam Long
Mo money fo dem programs
Evan Ward
Oh yea they are using the exact same playbook it's absurd but even the shit that didn't seem related to 2008 is echoing
