Why Kamala’s IDIOTIC “Housing Plan” Will Make Things WORSE

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Kamala’s stupid housing subsidies, her stupid, like I can’t, anytime you hear the word subsidy, I don’t care if it’s coming from a donkey, an elephant, doesn’t make any difference, it’s stupid and you’re getting screwed. You as a taxpayer are getting royally screwed. Alyssa Finley today in the Wall Street Journal.

talks about what Kamala has in store, not just what she has in store, what the current administration is also currently doing. All of this stuff is flying under the radar. So her plan is she wants to subsidize Americans to take out bigger mortgages. And hey, hey, hey, hey, it’s OK. I’m not making this up. It’s OK. Hey, hey, hey, it’s all right. If you can’t repay them, it’s all right. We’re just going to we’re going to waive those payments away.

Believe it or not, that’s taking place right now. This is like going back to the was it the wonder Obama there, the make affordable. I forget what the name of that plan was, but anyway, it’ll come to me in a second. Let’s take a look. What’s going on right now? About 70 percent, 70 percent of single family mortgages are guaranteed by federal agencies. Fannie Mae, Freddie.

MAC, they’re regulated by the Federal Housing Finance Agency. Basically what is going back to Obama, what happened under Obama and Biden is they eased credit standards and reduced cost to borrowers for government -based mortgages, costing you and I more money. They have Federal Housing Administration, which ensures homes for lower income and first -time buyers with down payments as low as

3 .5%. Down payment as low as 3 .5%. what could possibly go wrong? It cut mortgage premiums in 2015 and 2023. This increased the buyer’s purchasing power by 10 .5%. It also pushed prices up. The feds have also allowed

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riskier buyers to qualify for bigger mortgages. The Consumer Financial Protection Bureau actually said in 2013, they barred lenders from issuing mortgages to those whose total debt payments would exceed 43 % of their income. Yet, the rule was exempted for government -backed mortgages.

About 70 % of recent federal housing administration loans and 40 % of mortgages backed by Fannie and Freddie have debt ratios that the Bureau considers risky. That’s up from 30 % and 16 % respectively in 2012.

Yet Fannie and Freddie allowing buyers to take out mortgages with down payments as low now as 3%. Allowing for gifts and other government grants. They’re actually allowing people to take out a second mortgage for their down payment. You can’t make this stuff up. Now Harris wants to have, hey, here you go, it’s $25 ,000. Down payment assistance.

25 ,000 dollars first time home buyers. you go. Here’s $25 ,000 of my money, your money. So somebody else can make a down payment. Yeah, it’s like going back, making homes affordable program under Obama. Again, and now what they’re doing, because of all sorts of issues, the administration current ministry by administration.

playing a game of extend and pretend, modifying mortgages to avoid defaults and foreclosures. The FHA rolled out, wait for it, a home retention plan that covers the late payments of delinquent borrowers and up to 25 % of the principal and interest on monthly payments for three years. The FHFA in May instructed Fannie and Freddie to extend the duration.

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of mortgages and cut principal and interest payments by 20 % for homeowners facing hardships.

You can’t make this up. they’re allowing riskier borrowers to qualify for mortgages that they can’t afford. They’re writing down monthly payments and this is all on your dime. And Harris wants to take it to the next level by giving away 25 grand to all first time buyers. Her other ridiculous idea as well as, I’m gonna build 3 million homes. Really? How you plan on doing that?

you’re just going to again. Well, you’re to you’re going to trample on all local zoning regulations and rules within local communities. You’re do that. Yeah. Good luck with that. Good luck with that. I see it firsthand here. See it firsthand here. Good luck. I mean, it can take a long time for anything to get approved to be built. People, they don’t want it.

Not in my backyard. We’re worried about the traffic and there’s gonna be lawsuit after lawsuit after lawsuit. It’s not that easy.

You can’t, I declare and decree you’re gonna build three million more homes. mean, if somebody, it’s right there. If somebody could come up with an intelligent plan of actually converting, like I said, commercial space that we don’t need anymore. I mean, it’s right there, but just to declare and decree that you’re gonna be able to do this, quite frankly, it’s moronic. Again, anytime you hear the word, anytime you hear the word subsidy,

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just automatically think that someone is reaching and you’re getting reaching into your wallet and just taking your money. It doesn’t work. We’ve been subsidizing student loans. What has that done? Drive in the place of college education, straight up any time the government subsidizes anything, it’s an absolute disaster. Not to mention the fact. I’m sorry, but not everyone deserves to own a home. You have no right to a home.

You have the right to go out and work your ass off and then eventually go out and buy a home. But I don’t feel it’s it’s my job to help you pay down payment. I don’t I’m sorry. That’s that’s not being greedy. OK, I’m not. Allowing people to get into homes with little to no skin in the game.

You’re gonna be given in the down payment. And again, you know, it’s gonna allow them to get a house that they probably can’t afford. They’ve got no equity in the house. I don’t like it anymore. I’m just gonna pick up and move. What’s to stop them? Watchdog on wallstreet .com.