By Jehmu Greene
March 29, 2024
RealClearPolicy
President Biden and his administration are working overtime to make homeownership possible for millions of working families who did not have a shot at it before. During his State of the Union Address, the president appealed to Congressional Republicans to work with him and pass legislation to lower costs for first-time homebuyers by providing a $10,000 tax credit and by building and renovating more than two million homes. Like the unprecedented job-growing success of Bidenomics, that’s great news that everyone should applaud.
Perhaps to show faster progress in an election year, the administration has also embraced a quick fix that might be superficially helpful but will impose long-term impediments to homeownership. The recently approved pilot program for mortgage-giant Fannie Mae to waive the requirement for lender’s title insurance on some refinances offers a questionable promise of savings and exposes homeowners to additional financial risks.
