Is the Democrats’ law that responsible people must pay more for mortgages the first step in social credit scores?

[Anathema]

Right now FHA/HUD only. But who knows where Biden will take this, given the control of private industry the socialists are pushing for?

That’s good for now, at least. I remember all the boxes that had to be checked for the guy buying my house back in 2021 because he had a DHA loan. Thankfully ours was a conventional loan and a bit less of a hassle.

 

[Lisa558]

I’m still trying to figure out the logic here?

When have Democratic initiatives been logical? They always have everything upside down.

 

[M14 Shooter]

Curried Goats

Why should responsible people have to subsidize irresponsible people? Let the latter improve their credit scores rather than make the better people have to pay more so they can pay less.

From each according to his means, they believe.

 

[Lisa558]

From each according to his means, they believe.

And yet they insist they’re not Marxists.

 

[M14 Shooter]

And yet they insist they’re not Marxists.

And, somehow, some people believe them.

 

[Curried Goats]

From each according to his means, they believe.

Jesus Christ Snowflakes ya got me. You went from a rate of .250% to .375%.

Communism!

 

[Curried Goats]

And, somehow, some people believe them.

Gee, I wonder why it's so easy to convince people that you're a little bitch....

 

[Cellblock2429]

The Democrats have decided that paying bills late, or otherwise do things that have caused a low social credit score, is a behavior that is worthy of a less expensive mortgage. When you engage in financially rewarding (or punishing) people based on behavior, rather than on risk/benefit analysis, isn’t this the first step in paying people to engage in behavior you want (in this case, being financially irresponsible)?

So what is next? Will people who participate in Democrat-supported causes get extra points that will help them with loans? Will people who sign petitions trying to get a specific Democrat kicked out of Congress be punished at the loan office?

Where will the Democrats’ drive to control people end up?

Coming soon: America’s own social credit system

The same issue with government censorship exists with corporate censorship: If there is a line, who draws it?

thehill.com

/----/ FACT: The private sector will always be smarter, faster, and more cunning than career politicians.
My credit score is about 805, I pay my bills on time and do not carry any balances on my two credit cards.
If I wanted to get a mortgage, all I'd have to do is just make the minimum payments on my CCs, open up a few more CCs, then seek a bank loan for a new car without buying one. The dealer would blast my application to a half dozen banks and that would lower my score. Those things will drive my credit score down perhaps enough to get a lower interest payment. Once I get my low-rate mortgage, I'd go back to my old ways, and eventually, my credit score would bounce back.

 

[BluesLegend]

Loser Dems love punishing successful people and taking their money.

 

[Cellblock2429]

If you are not taking out a mortgage then you will not pay higher fees/rates on a mortgage

/---/ Idiot. One can be against a law even though it doesn't affect them personally.

 

[M14 Shooter]

/----/ FACT: The private sector will always be smarter, faster, and more cunning than career politicians.
My credit score is about 805, I pay my bills on time and do not carry any balances on my two credit cards.
If I wanted to get a mortgage, all I'd have to do is just make the minimum payments on my CCs, open up a few more CCs, then seek a bank loan for a new car without buying one. The dealer would blast my application to a half dozen banks and that would lower my score. Those things will drive my credit score down perhaps enough to get a lower interest payment. Once I get my low-rate mortgage, I'd go back to my old ways, and eventually, my credit score would bounce back.

"Wait!! What? No! You can't do that!! That's not what we meant!!!!"
- The mindless liberals supporting this nonsense.

 

[citygator]

Yes they are. They’re paying higher fees than the high risk borrowers, which means they’re paying more for their mortgage. Fees and interest are the two different ways a lender makes money, and both are part of the cost.

No they aren’t. I posted the fee chart. I these are not interest rates. They are fee rates. Show me the fee structure you are talking about. I bet you can’t.

 

[jc456]

From each according to his means, they believe.

that's not what that is, that is us subsidizing their personal life. I want to see that one from the constitution.

 

[citygator]

Which fee rates did you post? The one specifically being discussed in this thread?

Yea. I specifically posted the only loan fees there are. LLPA fees and insurance fees. What are you not understanding?

 

[citygator]

that's not what that is, that is us subsidizing their personal life. I want to see that one from the constitution.

No. You are just winging off one liners without knowledge of what you’re talking about. The fees are higher for high risk loans. Substantially.

 

[citygator]

I’m still trying to figure out the logic here?

That’s because it’s not accurate reporting.

 

[Ralph Norton]

No they aren’t. I posted the fee chart. I these are not interest rates. They are fee rates. Show me the fee structure you are talking about. I bet you can’t.

Are you in this much denial about everything? No "fee structure" to show you because plan hasn't been enacted - yet.
Do you not follow the news at all?
Try this:

Mortgage fees are changing for homebuyers next month. Here's what you should know.

If you plan to buy a house soon, you should be aware of these fee changes that will affect your upfront costs.

www.usatoday.com

 

[M14 Shooter]

Yea. I specifically posted the only loan fees there are. LLPA fees and insurance fees. What are you not understanding?

Argument:
Biden's new rule means higher credit score pay higher fees so lower credit scores can pay lower fees

For example, beginning May 1, a buyer with a good credit score of 750 who puts down 25% on a $400,000 home would now pay 0.375% in fees on a 30-year loan, or $1,125, compared to 0.250%, or $750, under the previous fee rules.
0.375% > 0.250% << Increase

Meanwhile, a buyer with a credit score of 650 putting a 25% down payment on a $400,000 home would now pay 1.5% in fees on a 30-year loan, or $4,500. That compares with 2.75%, or $8,250, under the previous rules.
2.75% < 1.5% << Decrease

What are you not understanding?

 

[OldFlame]

It makes me anti slaver and colonial culture. I'm more than happy to take your country from though and make it my own.

Most people are against slavery and colonialism in the modern era, you're the one trying to compare morals and norms from 250 years ago to morals and norms of today. And in doing so discrediting the men and women that stood up to tyranny and started a movement to end it, people who gave up their wealth, families, and lives.

 

[jc456]

They are fee rates.

there are different rates per risk. And the least risk is charged more. That friend is me paying for another without my approval. That's fked up son.