Biden’s policies are damaging America’s housing market.

Would you consider saving a few hundred dollars on a car purchase if the seller appeared questionable and didn’t possess the title to the car?

Unfortunately, under Joe Biden’s recent initiative to subsidize mortgages for homes with uncertain titles, you might find yourself in a tricky situation.

In his State of the Union address, Biden announced, “My administration is getting rid of title insurance on federally backed mortgages.” What could possibly go awry?

Title insurance provides protection to homeowners in case of any defects in the title of their property.

Back in 2013, Rep. Patrick McHenry (R-NC) highlighted the issues of cronyism and financial fraud at Fannie and Freddie that led to economic turmoil.

Despite these prior failures, the Biden administration is advocating for mortgage loans with a “no clean title, no problem” approach.

Instead of title insurance, Biden’s team plans to approve subsidized mortgages based on “attorney opinion letters” confirming ownership.

Such letters can be purchased for $199 in some areas, which raises concerns about their reliability compared to a clean deed.

A recent report indicated a spike in home title fraud risk, raising more red flags about the proposed policy changes.

These title insurance waivers are just one of the many housing interventions from the Biden administration, which have contributed to making homes less affordable.

Subsidized mortgages, along with artificially suppressed interest rates by the Federal Reserve, have driven up home prices, doubling the average monthly mortgage payment.

To address these issues, Biden is proposing various tax credits and incentives for homebuyers, which have raised concerns about market manipulation.

It’s evident that Biden’s housing reforms are leaning towards greater recklessness, disregarding past lessons from housing market crashes.

Instead of focusing on addressing the racial homeownership gap, the focus should be on preventing further economic instability caused by hasty policies.

The failure to learn from past mistakes only sets the stage for future housing market crises, instigated by policymakers who prioritize short-term gains over long-term stability.

James Bovard’s latest book is “Last Rights: The Death of American Liberty.”