5/1/23.....Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages

[pknopp]

What about those of us that already own our real estate out right? Next we will be penalized, beyond the fucking property taxes we already pay, for not being "disadvantaged'.
Mark my words, that is next.

You have been subsidizing the banks for years and years.

 

[Lisa558]

I dislike all of this also but I'm simply stating what people support overall. Sad, but they do.

They support it because most people have poorer credit scores or did not have the discipline to save 20% for a down payment, and they like the idea of more responsible people paying more so they can pay less.

It’s the standard Democrat M.O. of punishing success.

 

[pknopp]

They support it because most people have poorer credit scores or did not have the discipline to save 20% for a down payment, and they like the idea of more responsible people paying more so they can pay less.

It’s the standard Democrat M.O. of punishing success.

People loved the artificially low interest rates we had for years and years. They aren't so happy we now have to pay for them.

 

[Concerned American]

They aren't so happy we now have to pay for them.

Due to Biden and the democrat's hyper inflation, dumbass.

 

[Lisa558]

People loved the artificially low interest rates we had for years and years. They aren't so happy we now have to pay for them.

Not everyone. In my family, we discussed how the Fed needed to act and raise rates. But of course, we are Republicans and know that there’s no such thing as a free lunch, or a money tree.

 

[pknopp]

Due to Biden and the democrat's hyper inflation, dumbass.

Keep your head buried in the sand.

 

[pknopp]

Not everyone. In my family, we discussed how the Fed needed to act and raise rates. But of course, we are Republicans and know that there’s no such thing as a free lunch, or a money tree.

Republicans who voted for the guy clamoring for negative interest rates?

 

[Lisa558]

Keep your head buried in the sand.

Oh, the irony.

 

[Lisa558]

Republicans who voted for the guy clamoring for negative interest rates?

We were all doing great under Trump until the Chinese released their bio-weapon and the Dems used it to steal an election.

 

[pknopp]

We were all doing great under Trump until the Chinese released their bio-weapon and the Dems used it to steal an election.

If we were doing great we wouldn't have been clamoring for negative interest rates.

In good times, you raise rates.

 

[1srelluc]

Sad to say today was the first I had heard of it.....Was it buried in the Omnibus or some shit?

 

[Fueri]

Look, your house just cost you an additional $480/year to 'subsidize' people that don't, and still won't, pay their bills.

$14,400 over the life of the loan yanked out your pocket for being responsible- and straight down a flaming hole.

 

[Toddsterpatriot]

Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages

Homebuyers with good credit scores will soon encounter a costly surprise: a new federal rule forcing them to pay higher mortgage rates and fees to subsidize people with riskier credit ratings who are also in the market to buy houses.

The fee changes will go into effect May 1 as part of the Federal Housing Finance Agency’s push for affordable housing, and they will affect mortgages originating at private banks across the country. The federally backed home mortgage companies Fannie Mae and Freddie Mac will enact the loan-level price adjustments, or LLPAs.

Mortgage industry specialists say homebuyers with credit scores of 680 or higher will pay, for example, about $40 per month more on a home loan of $400,000. Homebuyers who make down payments of 15% to 20% will get socked with the largest fees.

The new fees will apply only to Americans buying houses or refinancing after May 1.

Lenders and real estate agents say the changes will frustrate homebuyers with high credit scores and homeowners seeking to refinance because the rule punishes them for their relatively strong financial positions.

“The changes do not make sense. Penalizing borrowers with larger down payments and credit scores will not go over well,” Ian Wright, a senior loan officer at Bay Equity Home Loans in the San Francisco Bay Area, told The Washington Times in an email message. “It overcomplicates things for consumers during a process that can already feel overwhelming with the amount of paperwork, jargon, etc. Confusing the borrower is never a good thing.”

He said the rule will “cause customer-service issues for lenders and individual loan officers when a consumer won’t understand why their interest rate and fees suddenly changed.”

“I am all for the first-time buyer having a chance to get into the market, but it’s clear these decisions aren’t being made by folks that understand the entire mortgage process,” Mr. Wright said.

The new fees “will create extreme confusion as we enter the traditional spring home purchase season,” said David Stevens, a former head of the Mortgage Bankers Association who served as commissioner of the Federal Housing Administration during the Obama administration.

“This confusing approach won’t work and more importantly couldn’t come at a worse time for an industry struggling to get back on its feet after these past 12 months,” Mr. Stevens wrote in a recent social media post. “To do this at the onset of the spring market is almost offensive to the market, consumers, and lenders.”
The housing market has been hit hard by a series of Federal Reserve interest rate hikes that have driven mortgage rates above 6%, roughly double the level from early 2022.

Oh look, it starts May 1.....Commie redistribution of wealth day.

Let's see....$40 per month for 30 years = $14,400 over the life of the mortgage.

Never underestimate Joe's ability to fuck things up.

 

[Lisa558]

Look, your house just cost you an additional $480/year to 'subsidize' people that don't, and still won't, pay their bills.

$14,400 over the life of the loan yanked out your pocket for being responsible- and straight down a flaming hole.

The Dems are trying to punish responsibility and reward irresponsibility. Same reason they’re blocking proposals to require welfare recipients to work.

 

[pknopp]

The Dems are trying to punish responsibility and reward irresponsibility.

That's what negative rates would have done also. Hurt those who responsibly save.

 

[Concerned American]

The Dems are trying to punish responsibility and reward irresponsibility.

They can't bring the lowlife parasites up, so the only alternative is to destroy the middle class and make us all low income slaves to the government.

 

[Lisa558]

They can't bring the lowlife parasites up, so the only alternative is to destroy the middle class and make us all low income slaves to the government.

Also the same reason the Libs in Fairfax County VA hid from the high-achieving students that they won Merit Scholarships.

 

[1srelluc]

That's what negative rates would have done also. Hurt those who responsibly save.

Biden's inflation is doing that on it's own.

 

[1srelluc]

Also the same reason the Libs in Fairfax County VA hid from the high-achieving students that they won Merit Scholarships.

Yep. The equal outcome crowd is gutting the American middle-class like a fish.

 

[Lisa558]

Biden's inflation is doing that on it's own.

Just look what his anti-business climate has done to the stock market.