Biden Admin Seeks to Punish People with Good Credit, Subsidize Those with Bad Credit

The Rich Zeoli Show

Audacy

News

4.9 • 1.6K Ratings

🗓️ 1 May 2023

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The Rich Zeoli Show- Hour 3:

The Drive at 5: According to The Wall Street Journal Editorial Board, the Biden Administration is seeking to implement a new rule which “will raise mortgage fees for borrowers with good credit to subsidize higher-risk borrowers. Under the rule, which goes into effect May 1, home buyers with a good credit score over 680 will pay about $40 more each month on a $400,000 loan, and upward depending on the size of the loan. Those who make down payments of 20% on their homes will pay the highest fees. Those payments will then be used to subsidize higher-risk borrowers through lower fees.” You can read the full editorial here: https://www.wsj.com/articles/upside-down-mortgage-policy-212fd736
Jeff Zymeri of National Review writes, “[t]he Supreme Court agreed to hear Loper Bright Enterprises v. Raimondo, a case which could see an end to Chevron deference, in which courts defer to a federal agency’s interpretation of an ambiguous statute.” Could this potentially reduce the executive branch’s growing authority and restore power to Congress? You can read the full article here: https://www.nationalreview.com/news/supreme-court-agrees-to-hear-case-that-could-spell-the-end-of-judicial-deference-to-federal-agencies/
On Friday, billionaire Elon Musk appeared on HBO’s Real Time with Bill Maher. During the interview, Musk emphasized the necessity for respecting free speech—arguing: “The thing about censorship is, that for those who would advocate for it, just remember, at some point it will be turned on you.”
On Monday, Hunter Biden, the son of President Joe Biden, attended a court hearing related to child support payments in an ongoing Arkansas paternity case. Could this case inadvertently shine light on how Hunter earns money?

Transcript

Click on a timestamp to play from that location

0:00.0	W-P-H-D-H-D-W-O-G-L-H-D-D-3, Philadelphia, from a serial Volvo Studios, where relationships matter.
0:09.5	Always live, on the free Odyssey app, the Revolution.
0:14.0	Well, the broadcast is finished.
0:17.0	This is the next generation of talk.
0:20.0	Now, this is the drive at 5.30 minutes of non-stop talk, with Rich, CEO Lee.
0:30.0	Elon Musk is now warning that dependency on artificial intelligence will threaten civilization.
0:37.0	Welcome back to the show. Glad you're here, A55, A391210, on Twitter, at Rich, CEO Lee.
0:43.5	And states are revolting against the Biden administration's new mortgage redistribution rule.
0:49.0	That's the one that says, if you have good credit, you have to pay more, so that people with bad credit can get mortgages.
0:56.5	Well, a lot of states are pushing back on this, and I think this is a terrible, terrible idea.
1:00.0	State treasurer is an other top finance officials from 27 states today.
1:04.5	Urge President Biden to end the unconscionable policy of forcing people with good credit scores
1:11.5	to subsidize mortgage loans of higher risk borrowers, and they warned the Biden's plan would be a disaster.
1:18.5	This plan was outlined just a few weeks ago by the Federal Housing Agency, and is set to take effect today.
1:25.5	Again, this is another thing where Congress did not pass this.
1:28.5	This is an agency, the Federal Housing Agency made this rule.
1:33.0	They just decided without any debate, without any elected representatives getting involved, this is how screwed up our country is.
1:40.0	Think about this now.
1:41.0	What the hell is the point of Congress? Like, why are they there?
1:44.0	Why do we have a Congress? They don't vote on declarations of war.
1:47.0	We are in this Ukraine war. They didn't vote on it.
1:52.0	They didn't debate whether or not they should turn around and charge you a fee if you've got good credit.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Audacy, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Audacy and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.