Government Regulations
To quote Jamie Dimon of JP Morgan Chase before Congress on June 13, 2012, "Lets not throw the baby out with the bathwater", ... "I believe in strong regulation, not necessarily more regulation".. He clarified by saying that continuing to add regulation on top of bad, ineffective regulation would just make it more complex and costly and less effective, meaning be a little thoughtful about the regulation that you impose on business. That is the common sense approach. People are concerned when they hear that Congress invites industry experts in to discuss development of laws and regulations for fear of watering down the law/regulation. So, that means they would rather have politicians in Congress who DO NOT understand the industry, develop a new law/regulation on their own? That hurts the industry, the economy and the employees and clients of the industry in question. If Congress is the "executive" representing the people of the US, they should use industry experts and make strong and proper executive decisions that create effective laws with with the best interests of the country in mind, and with out political maneuvering.

How is this 'equitable'?

5/6/23
from The Gray Area:
5/6/23:

Barack Obama told us in 2008 that 'fundamentally changing this country' and 'redistributing its wealth' were his two objectives. It did not play well then, so you probably haven't heard much about this latest 'redistribution' scheme in the mainstream media. Effective May 1st, this past Monday, if you have a good credit score and want to buy a house, you will pay more to help to subsidize loans for borrowers with poor credit. That's right. Apparently the Biden Administration is not happy with good citizen's saving money, keeping their debt down, and paying their bills. Therefore, those good citizens must pay more! I know, you are saying, that can't be true, its too ridiculous. Oh, but it is true. Here is what the FHFA said in their announcement back in January: “These changes to upfront fees will strengthen the safety and soundness of the Enterprises by enhancing their ability to improve their capital position over time,” said Director Sandra L. Thompson. “By locking in the upfront fee eliminations announced last October, FHFA is taking another step to ensure that the Enterprises advance their mission of facilitating equitable and sustainable access to homeownership.”​​ The priorities outlined in the 2022 and 2023 Scorecards for the Enterprises include developing a pricing framework to maintain support for single-family purchase borrowers limited by weal​th or income, .. Yes, this came out quietly in January with an equally quiet implementation on May 1st. More than 30 officials from 27 states are demanding the Biden administration end its mortgage redistribution program. “It is already clear that this new policy will be a disaster” the letter also said. Unconscionable! Why is it okay for a federal agency to issue such edicts? The federal bureaucracy more and more is allowed to write regulations that the public is supposed to follow. Not Congress, filled with our representatives, but paid bureaucrats. Such government actions, occurring with increasing frequency, is why you hear people bemoan, the 'deep state'. This Biden government policy is so bad that even the left-leaning USAToday ran this story: Biden is using your good credit to subsidize riskier home loans. How is that fair? What’s the message that President Joe Biden and Democrats are sending here? It’s definitely not one of rewarding smart decisions. ‘Equitable’ for whom? Biden tried to do something similar with his $400 billion-plus student loan “forgiveness” plan by creating a situation that unfairly penalizes those who have paid the loans they took out – and the ones who never got loans in the first place – by making them pay for this leniency. You probably haven't heard much about this issue because it is not popular with anyone. Redistribution of wealth is a political narrative the media supports, but publicizing this one is a loser for them.

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