Biden's Mortgage Fee Rule and the Subprime Crisis Redux

• 20:41Biden raising mortgage costs for good-credit borrowers to help risky borrowers is a great idea, since good people should be punished so derelicts can get ahead.
• 21:34It's always about race with Biden—they claim they're closing the racial homeownership gap, but this is the same path that led to the subprime mortgage crisis.
• 22:10The government gives sham mortgages disguised to make people think they can afford them until they can't, which won't actually close any gap in an effective way.
• 23:17Wall Street had no morality and created negative amortization loans, pick-a-payment schemes, and balloons disguised as altruism—the exact products that destroyed the economy in 2008.
• 24:02Doing this now is like suggesting a coronavirus research program in China to weaponize respiratory illness—it's the same recipe for disaster.
• 24:57If you worked hard, saved money, and paid your loans back, having to pay more for your house to subsidize others is ludicrous and penalizes good credit.
• 25:23What happens when these new homeowners can't afford fuel, food, gas, and everything else—does the government subsidize all of that too?
• 25:56Not everybody is ready to own a house, and you can't just throw one at someone and expect them to succeed; Tim lost a house because he wasn't ready for the mortgage he took.
• 26:28People stuck in houses they can't afford get angrier and angrier, which is why someone might snap and yank an Uber Eats driver into their house and dismember them.
• 26:46Swamping people with money when they're not ready is tough; Tim can't even figure out his Twitter password to deal with the blue check thing.

subprime mortgage crisisBiden administrationWall StreetCommunity Reinvestment Act