Talk about the Asian Syndrome is an on going subject in liberal circles. No, we are not alluding to the China threat here, but the threat to American citizens of Chinese heritage, who have thrived, purchased properties and built homes.
The Democrats under Biden have a new way to subsidize mortgages – make the Asians pay a portion of their income in order to subsidize the less fortunate, who can’t afford a mortgage tab.
Yeah, you got that right, Biden will hit those Asians up, plus others with high FICO scores to pay part of their income into a fund that will help poor people buy a house. True, as Marx said, “From each according to his ability, to each according to his needs“
Biden’s mortgage redistribution plan may burden one minority group the most: experts
Asian Americans already face higher mortgage denial rates despite higher credit scores
A Biden administration rule that will have homebuyers with good credit pay more to subsidize riskier borrowers may have a disproportionate impact on Asian Americans, who already face barriers to qualify for home lending.
Under new rules from the Federal Housing Finance Agency set to take effect May 1, borrowers with lower credit ratings and less money for a down payment will qualify for better mortgage rates than they otherwise would have, while those with higher ratings will pay increased fees.
But the burden of the new rules may disproportionately fall on Asian American homebuyers, who as a group have credit ratings that are better than any other racial demographic. According to a report by Investopedia, Asian Americans, who have an average credit score of 745, are the only racial demographic with a rating classified as “very good” by widely used FICO standards.
The 745 average credit score for Asian Americans came in 11 points higher than White Americans, who have an average credit score of 734. Asian American scores also came in ahead of Hispanic and Black Americans, who average ratings of 701 and 677, respectively.
BIDEN RULE WILL REDISTRIBUTE HIGH-RISK LOAN COSTS TO HOMEOWNERS WITH GOOD CREDIT
