excalibur
Diamond Member
- Mar 19, 2015
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The Joe Biden motto: Another day, another way to do harm.
The mess just keeps on going. And some of you cheer this guy on only because you were told to believe that Trump is a bad man.
The mess just keeps on going. And some of you cheer this guy on only because you were told to believe that Trump is a bad man.
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.
Biden policymakers believe they are so smart that they can turbo-charge housing demand while removing the guardrails — and nothing bad will happen (except Biden’s reelection).
In lieu of title insurance, the Biden administration will approve granting subsidized mortgages based on “attorney opinion letters” that assert a lawyer believes someone owns a house.
Such form letters can now be purchased for $199 in some locales. This sounds on par with the $99 online deals selling “emotional support animal letters” people exploit to “prove” they need their dog, cat, kangaroo or squirrel with them at all times.
Having a page of pablum on fancy law-firm letterhead will be no competition for a clean deed — or a tangled land dispute that could go back generations.
A recent report by FundingShield found that home title fraud risk “reached an all-time high” late last year.
The title insurance waiver is part of a blizzard of housing interventions to portray Biden as a savior.
But foolish federal policies have made homes less affordable than ever before.
...
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.
Biden policymakers believe they are so smart that they can turbo-charge housing demand while removing the guardrails — and nothing bad will happen (except Biden’s reelection).
In lieu of title insurance, the Biden administration will approve granting subsidized mortgages based on “attorney opinion letters” that assert a lawyer believes someone owns a house.
Such form letters can now be purchased for $199 in some locales. This sounds on par with the $99 online deals selling “emotional support animal letters” people exploit to “prove” they need their dog, cat, kangaroo or squirrel with them at all times.
Having a page of pablum on fancy law-firm letterhead will be no competition for a clean deed — or a tangled land dispute that could go back generations.
A recent report by FundingShield found that home title fraud risk “reached an all-time high” late last year.
The title insurance waiver is part of a blizzard of housing interventions to portray Biden as a savior.
But foolish federal policies have made homes less affordable than ever before.
...
Joe Biden is once again taking a ‘wrecking ball’ to America’s housing market
Joe Biden is wrecking the housing market by ditching things such as proper title insurance.
nypost.com