OPINION:
The recently announced federal rule to force home buyers with good credit ratings to pay higher rates in order to subsidize riskier borrowers is just another example of Biden’s faux equality (“Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages,” Web, April 18).
For those who are unaware, this approach is in keeping with Karl Marx’s “Communist Manifesto,” from which the slogan “From each according to his ability, to each according to his need” comes. Granted, a major tenet of communism is the abolition of private property, but this procedure lays the groundwork. During the COVID-19 fiasco, the Centers for Disease Control and Prevention illegally suspended rental payments. In some cases, small landlords were forced to sell their rental properties because they depended upon rents to pay their own mortgages. Others ended up having their homes foreclosed on because of the loss of rental income. After a foreclosure, one’s credit rating takes a dive, making future home purchases difficult.
What if a risky borrower is unable to make their mortgage payments or pay other costs? Is there a trend in the works? California is now setting utility fees according to the ability to pay, not usage.
Will such an approach be extended to other government fees? Will fees be imposed because of a high credit rating or a perceived ability to pay, which is not always accurate? Make these fees high enough and someone could lose not just their credit rating, but their home, too.
HESSIE L. HARRIS
Silver Spring, Maryland
