Conservatives and White Supremacists angry about Biden's pro-Black mortgage policies

[Professor Emeritus]

Wall Street Journal published an op-ed attacking the new Fannie and Freddie programs to give tangible benefits to make homeownership easier for Black home buyers. Their attack is getting picked up by the major White Supremacist sites like American Renaissance (AmRen). I'm quoting the American Renaissance cut of the WSJ article:

It was probably inevitable that the Biden Administration would enlist housing giants Fannie Mae and Freddie Mac to advance its woke agenda, and now it has. Last week the government-sponsored enterprises released plans to promote housing “equity” that are chock-full of race-based subsidies.

{snip}

The plans released last week might have been written by California Rep. Maxine Waters. Central to Fannie’s plan are “Special Purpose Credit Programs” that increase access to credit and encourage “sustainable homeownership for Black consumers.”

One program would assist black borrowers with down payments. Most home-buyers are required to put down at least 20% of the cost of a new home to reduce the risks of default. Fannie’s plan would effectively require taxpayers to subsidize down payments for black borrowers. Revenue that Fannie earns on its mortgage portfolio is retained as capital to protect taxpayers during a downturn. Under Fannie’s plan, some of that revenue would go to reducing down payments.

Another new program would reduce “loan level price adjustments” for black home buyers. Lenders typically charge higher rates for borrowers with lower credit scores, and Fannie says reducing them can “reduce obstacles for prospective Black homeowners.”

Still another program would “support the reduction of borrower closing costs for Black homebuyers”—for instance, via appraisal reimbursements. Taxpayers would help finance this “support.” Fannie also wants to help black homeowners avoid foreclosure by helping them “deal with unexpected expenses and repairs, or temporary disruptions to income.” This suggests that Fannie may now push into funding home repairs and welfare.


{snip}

Today the GSEs are in relatively good financial condition but that could change if underwriting standards loosen. That’s what happened in the 2000s as former Rep. Barney Frank famously said in 2003 he wanted to “roll the dice” on subsidies for housing. They came up snake eyes for taxpayers and owners who borrowed more than they could repay.

Freddie Mac’s equity plan also includes credit programs to address “systemic barriers” to housing for minorities but at least tries to camouflage its racial preferences. Fannie makes its subsidies for blacks explicit, but they don’t appear to extend to other racial groups such as Hispanics and Asians. Low-income white borrowers are also excluded.

{snip}

Initially pasted the comments to show how hurt they were over it but don't want to give them that attention. The big question is whether they can get the courts to block it like they did with the new subsidies for Black farmers. The fact that Trump got all those far-right judges into power is becoming a huge issue for programs like this and it's not going to be undone quickly unless the dems can get a big enough majority to pack the courts.

 

[Professor Emeritus]

Here is the actual press release from Fannie Mae themselves:

Fannie Mae Addresses Inequalities in Housing Faced by Black Renters and Homeowners | Fannie Mae

Fannie Mae released a three-year Equitable Housing Finance Plan that outlines actions the company will take to knock down barriers faced by Black renters and homeowners throughout their housing journey.

www.fanniemae.com

Fannie Mae Addresses Inequalities in Housing Faced by Black Renters and Homeowners​

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today released a three-year Equitable Housing Finance Plan that outlines actions the company will take to knock down barriers faced by Black renters and homeowners throughout their housing journey. The Plan builds on recent innovations and efforts Fannie Mae has taken to make mortgages and rental housing more accessible and inclusive.

Fannie Mae's Equitable Housing Finance Plan focuses on empowering Black renters and homeowners in three key areas:

• Housing Preparation: Helping Black consumers prepare early for sustainable homeownership and access to quality rental housing through credit building and financial education.
• Buying or Renting: Removing unnecessary obstacles Black people face in shopping for, acquiring, renting, or mortgaging a home.
• Moving in and Maintaining: Enhancing sustainable homeownership so that renters and homeowners can withstand disruptions or temporary hardships and remain stably housed.

"Our Equitable Housing Finance Plan lays the groundwork to meaningfully address housing barriers faced by Black renters and homeowners," said David C. Benson, President and Interim Chief Executive Officer, Fannie Mae. "We want to knock down these barriers, one by one, doing our part to undo the legacy of discriminatory practices that perpetuate racial housing gaps in America. The Plan is a solid step toward this goal and a milestone in our work to make housing stronger, fairer, and more sustainable for the people and communities we serve."

In addition to addressing the effects of legacy discrimination against Black renters and homeowners, the Equitable Housing Finance Plan's solutions will benefit all renters and homeowners, including other underserved populations. As the Plan matures and evolves, Fannie Mae will expand its focus to the unique challenges faced by other populations, including Latino people and other groups who by virtue of their race, ethnicity, geographic location, or other characteristics have been historically underserved by the housing and mortgage finance system.

Fannie Mae's Equitable Housing Finance Plan is one important element of a much larger corporate Environmental, Social, and Governance strategy and the company's mission to facilitate equitable and sustainable access to homeownership and quality affordable rental housing across America. The company has already begun implementing many aspects of the Plan in addition to a number of ongoing efforts to create solutions that help remove obstacles to homeownership. Fannie Mae will continue to collaborate with partners and seek out new stakeholders in the housing industry to achieve the common goal of housing equity. Ongoing actions and goals include:

• Empowering consumers through a robust program of financial and housing education. In January 2022, Fannie Mae introduced HomeView™, a comprehensive and free education resource designed to support consumers at every stage of the homeownership journey.
• Changing the way renters and homeowners are served by expanding access to quality affordable rental housing in more high-opportunity neighborhoods, including renters who rely on Housing Choice Vouchers, and by creating a more inclusive credit eligibility system for people who are denied that access today, in a manner that is safe, sustainable, and fair. Fannie Mae recently enabled lenders to use a history of timely rental payments as a factor when reviewing mortgage applications, and the company's RefiNow™ option provides an easier mortgage refinance process and lower upfront costs.
• Encouraging our company and the housing industry at large to better reflect the true diversity of the nation and communities we serve through ongoing efforts such as Future Housing Leaders® and the Appraiser Diversity Initiative.

 

[BaggerofTea]

The right wing wants black Americans to be a permanent 2nd class in this country

 

[JadeB]

#BothSides

 

[CrimsonTider]

TLR quiet for some strange reason

 

[Joe Budden]

Gonna pull up a chair and wait for the “I agree with conservatives on everything except racism” gang to show up.

 

[BaggerofTea]

@Billy Ocean


we need that both sides list breh

 

[DatBoiHawk]

Why do white people never sit back and think about the fact that they’re mostly the ONLY race always on some bullshyt. Seems like they’d be like “ya know we’re the ONLY ones in every comment section talking shyt about black people. How come the other races aren’t in here doing it? Maybe something is wrong with us”

 

[get these nets]

#BothSides

TLR quiet for some strange reason

Both of you, and everybody who enters this thread, knows that none of the bothsiders can think for themselves.
Low intelligence MFers just repeating dumb shyt.

 

[BiggWebb79]

TLRepublicans/Bothside gang had a lot to say in that other thread about money going towards the Black community from the Biden Administration, let's see what they have to say about this

 

[ORDER_66]

So "MINORITIES" is black only¿??!!! aint there a fukking thread on this shyt already????

 

[acri1]

Waiting for one of these bothsiders to tell me how it would make no difference if their boy Trump was in office

 

[acri1]

TLRepublicans/Bothside gang had a lot to say in that other thread about money going towards the Black community from the Biden Administration, let's see what they have to say about this

They've avoiding this thread like

 

[Mowgli]

Cacs would be mad if black people got good ice cream.

shyt is,

White noise at this point.

 

[Professor Emeritus]

They've avoiding this thread like

Notice how even the one commenting is angry not at the white people complaining, but angry at the fact the thread was posted at all.

So "MINORITIES" is black only¿??!!! aint there a fukking thread on this shyt already????

Read the OP if you don't know what's going on. Freddie Mac's programs said underprivileged minorities (Blacks/Latinos), while Frannie Mae's programs are Black-specific. That got the Wall Street Journal especially angry.

It's a bit ironic to bytch about the topic having been covered and yet not even know the basic details of the topic.