Joe Biden is Once Again Taking a ‘wrecking ball’ to America’s Housing Market
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Posted on 3/18/2024 by with 0 comments

Would you be willing to save a few hundred dollars on a car purchase if the seller seemed squirrely and didn’t have the title to the car?

Unfortunately, you will be on the hook for Joe Biden’s latest vote buying scheme to subsidize mortgages for houses with shaky titles.

In his State of the Union address, Biden proclaimed, “My administration is also eliminating title insurance on federally backed mortgages.” 

What could possibly go wrong?

Title insurance protects homeowners against financial loss if there is a defect in the title to their property.

“Wrecking ball benevolence” — my phrase in a 2004 Barron’s article that was quoted in a 2017 federal appeals court decision — leveled the housing sector.

As Rep. Patrick McHenry (R-NC), chairman of the House Financial Services Committee, declared in 2013, “Rank cronyism, Enron-style accounting and outright financial fraud made [Fannie and Freddie] so powerful and unaccountable that they were able to wreck our economy.”

Despite the debacles earlier in this century, Team Biden is championing “no clean title, no problem” mortgage loans.

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