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

[Lisa558]

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

I’m not sure it even pays to protect my retirement funds for my old age. Anything I have will be redistributed to people who lived it up instead of saving until we are both made “equal.” I might as well live it up myself before it’s taken from me.

 

[Concerned American]

I’m not sure it even pays to protect my retirement funds for my old age. Anything I have will be redistributed to people who lived it up instead of saving until we are both made “equal.” I might as well live it up myself before it’s taken from me.

Buy physical gold before it goes up any more.

 

[1srelluc]

I’m not sure it even pays to protect my retirement funds for my old age. Anything I have will be redistributed to people who lived it up instead of saving until we are both made “equal.” I might as well live it up myself before it’s taken from me.

It's already being taken from you every time you fill-up or go to the grocery store.

 

[BoostedHayabusa]

If you voted for Biden, you own this one.
No, No, No. Trump didn't do it.

 

[Rust_Cohle]

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.

This is absolutely insane!

 

[Lisa558]

This is absolutely insane!

The answer is simple: if I plan to buy a new home, I’ll just start missing payments on some of my bills, be late on others, and run my credit card balance up to the limit. That way I’ll get a lower credit score and a better rate.

 

[Rust_Cohle]

The answer is simple: if I plan to buy a new home, I’ll just start missing payments on some of my bills, be late on others, and run my credit card balance up to the limit. That way I’ll get a lower credit score and a better rate.

Which sucks cause I've worked really hard to get my 798 score. Never missed a payment on anything and now because I've managed my money the right way I have to pay for jigga shitbag who can't manage his food stamps

 

[Lisa558]

Which sucks cause I've worked really hard to get my 798 score. Never missed a payment on anything and now because I've managed my money the right way I have to pay for jigga shitbag who can't manage his food stamps

I know….it’s sad. But this is the upside-down world of leftists where not only is responsibility not encouraged, it’s actually punished.

 

[johngaltshrugged]

Karl Marx would be proud of this new rule that fits right in with his philosophy of from each according to their abilities, to each according to their needs.
New homeowners will either be winners or losers in this new Biden Admin rule set to take effect on May 1 where those with good credit will pay more monthly to subsidize the extra risks involved by allowing bad credit risks to obtain a mortgage for less money down at a lower rate than they would qualify for otherwise.
Gee, that's a swell idea... except didn't we have a huge recession when the Affordable Housing Act forced lenders to offer crap borrowers 100% financing even though they'd never paid anyone back before?
I seem to remember this distinctly because it happened 15 years ago & almost crashed the world.
Let's not even talk about the fact the housing market has flipped because of the rising interest rates because we all know forcing more costs on the people that can actually afford a house will only make things better in these times of stagflation.

If you wanted to crash our country, what would you do differently than what the diaper dude has done in office?
I'd say this is just another stupid move but it's not once you realize the true agenda here.
Multiple bubbles about to pop & de-dollarization gaining steam- can't have a reset if it ain't broke first.

The Federal Housing Finance Agency, which oversees federally backed home mortgage companies Fannie Mae and Freddie Mac, has long sought to give consumers more affordable housing options. But those who work in the industry believe the new rules will only serve to frustrate and confuse people.

"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," David Stevens, a former commissioner of the Federal Housing Administration during the Obama administration, wrote in a social media post responding to the new rules. "To do this at the onset of the spring market is almost offensive to the market, consumers, and lenders."

The rules come as the housing market has struggled in the wake of multiple interest rate increases by the Federal Reserve.

Under the new rules, consumers with lower credit ratings and less money for a down payment would qualify for better mortgage rates than they otherwise would have.

The rules come as the housing market has struggled in the wake of multiple interest rate increases by the Federal Reserve.

Federal Housing Finance Agency Director Sandra Thompson said the new rules are designed to "increase pricing support for purchase borrowers limited by income or by wealth" and comes with "minimal" fee changes.

Biden rule will redistribute high-risk loan costs to homeowners with good credit

A new federal rule will make borrowing for a home more expensive for those with high credit scores to subsidize loans to higher-risk borrowers.

www.foxnews.com

 

[1srelluc]

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

Yep. The equal outcome crowd is gutting the American middle-class like a fish. I’m not sure it even pays to protect my retirement funds for my old age. Anything I have will be redistributed to people who lived it up instead of saving until we are both made “equal.” I might as well live it up...

www.usmessageboard.com

 

[DBA]

More of the Demafascist war on the working class.

A war against responsible people. They expect the more responsible people, regardless of income, to pay for those that have a lower credit score, who, often times, have been less responsible. Basically we are rewarding those with bad behavior at the expense of those with good behavior. Crazy that you would be better off by missing a couple of credit card payments to lower your credit score.

Democrats have completely lost their minds.

 

[ozro]

You have been subsidizing the banks for years and years.

Not on property, I paid cash for my property. I pay fees to banks on other accounts, but the home I live in now never went through a bank. Banks provide a service, I pay a fee to utilize that service. That my choice and is a good example of free Enterprise.
You probably bounce checks, take out all the loans you can get, and pay the highest interest rates allowed by law along with service fees because you are stupid.
I say it is you and your peers subsidizing banks, and probably loan sharks and drug dealers too.

 

[pknopp]

Not on property, I paid cash for my property. I pay fees to banks on other accounts, but the home I live in now never went through a bank. Banks provide a service, I pay a fee to utilize that service. That my choice and is a good example of free Enterprise.
You probably bounce checks, take out all the loans you can get, and pay the highest interest rates allowed by law along with service fees because you are stupid.
I say it is you and your peers subsidizing banks, and probably loan sharks and drug dealers too.

I retired at 58.

 

[ozro]

I retired at 58.

Closed my practice at 54, I still do reviews for others, so I guess I'm semi-retired. I plan to fully retire at 100.

 

[AquaAthena]

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

In other words: American CITIZENS ONLY! Those homebuyers who were BORN in America. IOWords.....hopefully and preferably mostly white taxpayers.

Killing off capitalism and whites to get the job done is the fastest way to their third-world goals.

 

[struth]

A war against responsible people. They expect the more responsible people, regardless of income, to pay for those that have a lower credit score, who, often times, have been less responsible. Basically we are rewarding those with bad behavior at the expense of those with good behavior. Crazy that you would be better off by missing a couple of credit card payments to lower your credit score.

Democrats have completely lost their minds.

the real goal of deamfssict isnt to lift people out of poverty…it’s not to make the poor, richer, but to make the middle class poorer

 

[AquaAthena]

More of the Demafascist war on the working class.

AND Capitalism! Once the enemy is successful in taking away private property rights, the ownership of your home, we are into full-blown communism, which of course should come as no surprise to most.

 

[Rust_Cohle]

the real goal of deamfssict isnt to lift people out of poverty…it’s not to make the poor, richer, but to make the middle class poorer

If everyone is poor, taking public transport, can't own property, can't heat their communal homes or cook food and their power can be shut off remotely all those things are left for the elite to remind us that they lord over us

This is straight outta the Theory and Practice of Oligarchy Collectivism

 

[Lisa558]

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

In other words: American CITIZENS ONLY! Those homebuyers who were BORN in America. IOWords.....hopefully and preferably mostly white taxpayers.

Killing off capitalism and whites to get the job done the fastest way to their third-world goals.

So if a financially responsible woman in her 60s who has always paid her bills on time (and has a credit score of around 780) wants to downsize into a cute little condo at the beach, her mortgage rate will be HIGHER than an irresponsible person who throws out money on unnecessary stuff (and thus has a credit score of 520), and is always making partial and delayed payments to ConEd?

Asking for a friend.

 

[Rust_Cohle]

So if a financially responsible woman in her 60s who has always paid her bills on time (and has a credit score of around 780) wants to downsize into a cute little condo at the beach, her mortgage rate will be HIGHER than an irresponsible person who throws out money on money on unnecessary stuff (and thus has a credit score of 520), and is always making partial and delayed payments to ConEd?

Asking for a friend.

Yep. And now when I move to Texas in 7 months, already gonna be dealing with interest rates x2 what I pay now, Biden is gonna further add to my monthly mortgage payments all because I've done the right things in life