As if the current collection of disasters isn't enough!
We have a new FHFA director, Sandra Thompson, who is a radical leftist (shocker) who checks all the usual progressive intersectional boxes.
Sandra Thompson is more concerned with climate change than with ensuring lenders make sound lending decisions. Which will of course, mean crappy lenders will make crappy loans. Crappy loans mean high foreclosure rates.
“If you are befuddled as to why the Federal Housing Finance Agency (FHFA) is contemplating whether to tinker with lending standards during a time of elevated financial insecurity and housing market volatility, then you are not alone. It is further astonishing to wonder how the lessons of the ’08 crash have seemingly been so easily forgotten. As everyone is well aware, the underlying cause of that disastrous economic meltdown was the collapse of the housing and mortgage industries brought about by a previous “innovation:” subprime lending.”
Essentially, Sandra Thompson and the Biden administration wants to look at “nontraditional” credit to open the floodgates to buyers wholly unqualified to otherwise buy a home. This is insane!
So, housing crisis on the way! Wonderful choice "the people" made last election.
Get rid of debt, and avoid any more. Live life simply. Put in a garden....and maybe a smokehouse!
Vladimir Lenin supposedly once said, “The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.”