Former Federal Housing Administration Commissioner David Stevens blasts the Biden administration for using the new high-risk homebuyer rule for 'political purposes.'
National Association of Home Builders CEO Jerry Howard breaks down April's housing market index, which showed new home starts rose slightly.Fannie Mae and Freddie Mac, has long sought to give consumers more affordable housing options.
Federal Housing Finance Agency Director Sandra Thompson said the new rules are designed to "increase pricing support for purchase borrowers limited by income or by wealth" and come with "minimal" fee changes.Stevens, however, said the industry was "outraged" by the decision to use GSEs for "political purposes."
"I literally just got an email from an executive with a mortgage lending company. He goes, ‘So I guess we have to teach borrowers to worsen their credit before theyin order to get the better price.’ I mean, that's a bit of an extreme, but yes, I totally recognize and appreciate the effort to bring more people into homeownership who have traditionally not had that opportunity.
A new Biden administration rule will subsidize costs for high-risk homebuyers through buyers with good credit.A recent report from Realtor.com showed that the number of available homes on the market last month is down more than 50% from the typical amount before the pandemic began.data and seeing how much home sales are declining because of these rising interest rates," Stevens said.
"Now we're adding this second whammy to good credit-worthy home buyers who are now going to have to pay for other people's mortgages. And that's something that I think is a real bad reaction."
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