Economist to Tucker: Biden’s ‘reckless policy’ will put Americans ‘underwater’

Economist to Tucker: Biden's 'reckless policy' will put Americans 'underwater'

MacroMavens CEO Stephanie Pomboy reacts to the Biden administration’s rule to force good-credit home buyers to pay more for their mortgages to subsidize loans to higher-risk borrowers on ‘Tucker Carlson Tonight.’

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Stephanie pomboy is an economist CEO of Macro Maven she joins us tonight to Assess Stephanie thanks so much for Coming on so as always the beneficiaries Of these schemes are never the people Who they tell you they are oh the Oppressed the Hopeless in our inner city There's always their donors who are Buying up residential homes and turning Them into rental properties I mean That's who's winning here Democratic Donors Gee you think Um you know I'm reminded of that old Expression Um those who refuse to learn from History are doomed to repeat it we tried This exercise under George Bush when They decided that we needed to create a Home ownership society and uh you know The Bush Administration in conjunction With Fannie Mae and Freddie Mac you'll Recall Franklin Reigns and Barney Frank All got in and decided that we needed to Make it easier for people to become Homeowners and we all remember how well That whole situation worked out but I Would argue this situation is even more Sinister than what you outlined in terms Of trying to get people to move to the Suburbs and uh you know basically Control them into Home Ownership because We are on the doorstep of a another Deflating home bubble right now so

Essentially what they're doing is They're encouraging people to stretch Into home songs that they couldn't Otherwise afford precisely as the floor Is about to fall out underneath them as Prices decline and we got existing homes Sales as reported by the National Association of Realtors yesterday and it Reflects the second back-to-back month Of declining home prices so it's here Already and we have seen sales volumes Just collapse at a speed that is even Faster than we saw during the housing Bubble bust and that presages an equally Substantial decline on prices so I think We will again for only the second time In our history see Nationwide home Prices decline so this idea that now is The time to encourage people who can't Otherwise afford to get into homes to do So is really really dangerous these People will probably be underwater in Their homes before they even get the Keys then what then what kind of policy Are they going to prescribe you know I Shudder to a imagine and you know it Goes without saying Tucker or it should That the reason homes are increasingly Unaffordable for people is because we Have spent over a decade pushing money Into this economy with Reckless monetary And fiscal policy that inflated a Massive bubble in housing that now the FED is raising rates to dampen so you

Have a combination of inflated home Prices and higher interest rates that Have made it unaffordable it's not Racism that's making homes unaffordable It's Reckless policy and they're Layering more Reckless policy on top to Solve it so nicely put so nicely put This is what asset inflation looks like For the average person Stephanie Palm Boy I appreciate your coming on tonight Thank you subscribe to the Fox News YouTube channel to catch our nightly Opens stories that are changing the World and changing your life from Tucker Carlson tonight

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