Screwing Average Joe
The Young Turks
00:00
The New Mortgage Fee Structure Will Hurt the Mortgage Industry
The new fee structure encourages underwriters to engage in riskier lending at a time of outrageously inflated housing prices and high interest rates. Income isn't even factored into credit scores, so this really isn't about redistributing wealth from billionaires to the poor. This actually pits working Americans against one another and deepens resentment and division. And I'm old enough to remember the outcome of George W. Bush's administration pushing policies with similar objectives that culminated in a housing market collapse in 2008.
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