I work in the US mortgage industry, and seeing the administrative state run wild , especially these last 4 years, via the FHFA...its been something else.

Take the HomeReady mortgage program offered by Fannie Mae, a taxpayer owned entity. Consider thesr market distortions to utilize:

- Borrowers must be under an AMI ( adjusted median income ) for the location of the property they want to buy. And areas the agency wants to encourage people with lower incomes to live, they waive the AMI requirement.

-AMI requirement also gets waived if you are moving FROM a Metropolitan Statistical Area (MSA). The list is arbitrary as all hell but essentially if you are moving from a blessed county ( DC is included... ), you can get Homeready pricing along with a $2500 grant and credits towards appraisal regardless of how much you make. Only ONE borrower needs to be from an MSA.

This is just one example but ive watched this administration go absolutely haywire with their hair brained ideas to 'fix housing'. At this point there is lots of economic juice flowing to low income, low fico, low credit borrowers and the result is significantly worse pricing for a borrower with good fico, 25% down, high income. Whatever you think of that morally it is not remotely prudent. I have more thoughts and info on this if people wanna hear it and would be glad to type something more structured up. But im sitting here trying to understand this program and the latest system distortion layered on top and had to tell the plebs.

Over and Out 🤙