Biden’s mortgage ‘equity’ will screw up the homebuying market

When did being creditworthy become a federal crime?

Team Biden will intentionally punish homebuyers with good credit scores to subsidize people with shaky histories of paying their debts.

But the latest salvation scheme ignores the sordid history of federal policymakers ravaging homeowners they promised to rescue.

Starting May 1, The Post exposed last week, a Biden administration decree will require adjusting mortgage calculations to penalize homebuyers with a FICO credit score of 680 and above — almost two-thirds of the population.

This levy will be used to reduce costs for people with low credit scores — i.e., risky borrowers more likely to default on mortgages.

Jerry Howard, CEO of the National Association of Home Builders, warns that President Joe Biden’s policy “could decrease homeownership among the middle class.”

Former Federal Housing Finance Agency director Mark Calabria emailed me that moving away from “risk-based credit . . . will ultimately harm both borrowers and financial stability.”

Federal regulations require that all charges and credits to buyers and sellers be explicitly listed in mortgage settlement statements.

The new federally mandated penalty for creditworthy borrowers should be explicitly listed on loan documents as a Social-Justice Surtax.

That surtax could amount to $60 or more per month — equivalent to more than $20,000 over a 30-year mortgage.

What will Biden’s wizards uncork next? Maybe a special home-buying discount for people who fizzle at least $12 a day at Starbucks? Maybe a new mortgage subsidy for boneheads who spend half their income on a spiffy electric car?

Actually, the new compulsory cross-subsidy is part of the Biden crusade to close the homeownership gap between black and white families.

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