In America, hard work and perseverance are rewarded. That’s what the American Dream is about. But it seems like President Biden and his Administration does not respect the sanctity of hard work.
Look no further than the Biden Administration’s decision to punish people with good FICO credit scores. Biden's Federal House Finance Agency (FHFA) - tasked with overseeing Fannie Mae and Freddie Mac, the two groups that back the majority of mortgages in the United States - imposed a new mortgage rule last month that taxes borrowers more for having a good credit. Under this unfair rule, you would get charged more on your mortgages if your credit score is higher.
This is a slap in the face for hard working Americans all across the United States. While the Founding Fathers wanted to restrict the government from overstepping their authority, the Biden Administration decided it is a good idea to punish success by taking more money out of people’s wallets.
That’s why the House acted last week and passed the Middle Class Borrower Protection Act that would repeal this rule and reinstate the previous fee structure.
June is National Homeownership Month, and attempting to de-incentivize people from buying a home goes against the American Dream. That’s why this bill was so important: it helps keep that dream alive and makes sure that no Administration is ever allowed to try and quash it.
The bill now heads to the Senate, where I hope a bipartisan coalition will see it as a commonsense measure that makes sure hard work is rewarded. I will keep you all updated every step of the way.