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

[Lisa558]

This isn't even about that, mortgage fees were uniform because all they reflected was the costs of the bank for underwriting the mortgage. Now the fucking government wants to turn these fees that were the same for everyone into some "social justice" campaign

Next thing you know, they’ll insist on giving every lower-income family with a bad credit score a free house altogether because….EQUITY!

 

[Hang on Sloopy]

GW was a weak President who was just going along with the Democrats in Congress.

In case you haven't figured it out, that's the reason most Republicans view him with disgust.

would give Anything for gore to have won.....911 would still happen and those bastards that caused it exposed

 

[pknopp]

GW was a weak President who was just going along with the Democrats in Congress.

Irrelevant either way. The drive was bipartisan.

In case you haven't figured it out, that's the reason most Republicans view him with disgust.

If he was still president he would be supported in 100% of what he proposed. But the argument really isn't about Bush, he was just an example. The issues that led up to the 2008 crash were very bipartisan.

 

[Lisa558]

it is very breaking and should have 10 threads on it.....people who do the right thing have to pay for the lowest scum in this country..same thing happened in the mortgage crisis in 08 in a slightly different way

The only way the socialists running our government can “Equitize” everyone is by punishing and thus discouraging the more responsible, and excusing the non-responsible. That’s the same reason we see all the soft-on-crime policies.

 

[Hang on Sloopy]

My daughter is 28 and her credit score is pushing 800 or might even be above that now.

She has been fanatical out it since she left home. I remember when she was still in college she called me a in panic as she was 1 day late paying her power bill and she was afraid it would hurt her credit score.

She has one credit card, every time she is eligible for a higher credit limit she applies, her credit limit on her one card is now over 70 grand. She travels a ton for work and puts it all on her own card and then pays it off when she is reimbursed.

i like it....i like stories like that..........she sounds like the type who will have an option to work when she is 50 if she wants...tell her i personally congratulate....she is 1 out of every 100.....70 of them will never have A pot to piss in

 

[Harry Dresden]

Stop saying you don’t want the government interfering. If they didn’t you’d be paying much more. We all would. Government is the referee. They fix what’s broken.

yea and lots of times they "fix" things when they are not broken and make things worse....

 

[Hang on Sloopy]

The only way the socialists running our government can “Equitize” everyone is by punishing and thus discouraging the more responsible, and excusing the non-responsible. That’s the same reason we see all the soft-on-crime policies.

the media is really to blame....they let the scum make the rules

 

[Harpy Eagle]

i like it....i like stories like that..........she sounds like the type who will have an option to work when she is 50 if she wants...tell her i personally congratulate....she is 1 out of every 100.....70 of them will never have A pot to piss in

She is different than most of her same age peers. She lives in LA and has trouble talking with other women her age as most do not even have real jobs. She is already putting away for retirement and at 28 is pushing 200 grand a year.

Could not be more proud of how she has turned out!

 

[Hang on Sloopy]

She is different than most of her same age peers. She lives in LA and has trouble talking with other women her age as most do not even have real jobs. She is already putting away for retirement and at 28 is pushing 200 grand a year.

Could not be more proud of how she has turned out!

 

[Lisa558]

the media is really to blame....they let the scum make the rules

I blame the media for having Biden elected. If they had done their job, Trump would be president today.

 

[sealybobo]

People were all paying the same mortgage fees so now you have the people who are the highest risk of not paying their mortgage getting a break while the people who are less of a risk are having to pay more

If they don't pay and they lose their home the bank doesn't lose.

How about tack on additional fees if they are late on their mortgage payments? Until then, don't charge them more than they charge you.

I say you shouldn't have to pay more and they shouldn't have to pay more than you do. Fuck the bankers. They never lose.

 

[sealybobo]

yea and lots of times they "fix" things when they are not broken and make things worse....

Well, I would say they try to fix things that are broken and sometimes the fix makes things worse.

Healthcare was broken and Obamacare was a good start towards fixing it. Not fixed yet but a little better. Millions more now have healthcare at least. That's something

How about this?

Inflation Reduction Act Tamps Down on Prescription Drug Price Increases Above Inflation​

New Medicare Prescription Drug Inflation Rebate Program protects people with Medicare and taxpayers when drug companies increase prices faster than the rate of inflation

And I'm sure you like this​

Trump approved a voluntary program capping insulin costs at $35 for many seniors and issued an executive order that was never implemented, while Biden signed a law mandating low prices and encouraged pharmaceutical firms to limit costs for all diabetics.​

"President Trump cut insulin to $35. Boy Biden came in and did away with price cut. Now he's reinstating it like he really did something, what a skank," says a Facebook post published March 7, 2023.

Regardless of who gets credit. Do you approve of this government involvement? Did Trump/Biden make things worse by doing this?

 

[sealybobo]

I do agree the credit system is fucked up. The amount of total control over our lives we give these private companies is unlike anything else we allow.

Your credit score affects more than just your ability to get a loan and the rate, but also insurance rates, utility deposits and even getting a job. These private companies know more about us than even the Govt and we just allow it to happen.

This reminds me of how Detroiters who are poor have to pay higher car insurance because of the high crime in Detroit. Doesn't seem fair or right although I understand why the insurance companies would charge them more. If it's more likely your car is going to get stolen, then of course I'm going to charge you more for insurance.

Still sucks for poor people in Detroit.

 

[Dekster]

Don't get a federal backed mortgage then.

 

[sealybobo]

/----/ Seriously? It's called risk. Who would you lend money to, someone with a great track record of paying his or her bills on time, or a dead beat?

I wouldn't give a loan to a dead beat. If a bank gives a loan to a proven dead beat, they're dumb. Or they don't care because they are going to bundle all the "bad" loans and sell them off, which is what caused the housing crash.

So I'm okay with using credit score as a reason to deny someone a loan. But if you are giving me a loan, it's bullshit to charge me more interest or fees because I'm poor and charging the rich less because they have great credit scores.

It just isn't right. Stop defending this scam. How about they don't raise your rates but instead just charge people with lower credit scores the same rates/fees they charge you? Why do you support this sort of class system that isn't fair to poor people and doesn't make sense.

I applaud you and myself for doing what is necessary to get great credit scores but honestly, it's a fucking scam.

 

[LibertyKid]

My daughter is 28 and her credit score is pushing 800 or might even be above that now.

She has been fanatical out it since she left home. I remember when she was still in college she called me a in panic as she was 1 day late paying her power bill and she was afraid it would hurt her credit score.

She has one credit card, every time she is eligible for a higher credit limit she applies, her credit limit on her one card is now over 70 grand. She travels a ton for work and puts it all on her own card and then pays it off when she is reimbursed.

My daughter is close the same. Just out of college about year, making good money, good credit, and thinking of saving up to buy a house. If she were to use an FHA first time homebuyer program, she will pay more at closing than those not in the same position financially. It is absurd.

 

[Harry Dresden]

Well, I would say they try to fix things that are broken and sometimes the fix makes things worse.

Healthcare was broken and Obamacare was a good start towards fixing it. Not fixed yet but a little better. Millions more now have healthcare at least. That's something

How about this?

Inflation Reduction Act Tamps Down on Prescription Drug Price Increases Above Inflation​

New Medicare Prescription Drug Inflation Rebate Program protects people with Medicare and taxpayers when drug companies increase prices faster than the rate of inflation

And I'm sure you like this​

Trump approved a voluntary program capping insulin costs at $35 for many seniors and issued an executive order that was never implemented, while Biden signed a law mandating low prices and encouraged pharmaceutical firms to limit costs for all diabetics.​

"President Trump cut insulin to $35. Boy Biden came in and did away with price cut. Now he's reinstating it like he really did something, what a skank," says a Facebook post published March 7, 2023.

Regardless of who gets credit. Do you approve of this government involvement? Did Trump/Biden make things worse by doing this?

im diabetic bobo and have been paying 25.00 a month for Tresiba,the cadillac of insulin for about 10 years now.....it was supposed to be like 400 a month....my doctor and the ins co. and the maker of the drug got it down to 25 a month........now because of what biden did i will now be paying 35....thanks joe....for me he fixed something that wasnt broken....

 

[Cellblock2429]

I wouldn't give a loan to a dead beat. If a bank gives a loan to a proven dead beat, they're dumb. Or they don't care because they are going to bundle all the "bad" loans and sell them off, which is what caused the housing crash.

So I'm okay with using credit score as a reason to deny someone a loan. But if you are giving me a loan, it's bullshit to charge me more interest or fees because I'm poor and charging the rich less because they have great credit scores.

It just isn't right. Stop defending this scam. How about they don't raise your rates but instead just charge people with lower credit scores the same rates/fees they charge you? Why do you support this sort of class system that isn't fair to poor people and doesn't make sense.

I applaud you and myself for doing what is necessary to get great credit scores but honestly, it's a fucking scam.

/------/ "It's bullshit to charge me more interest or fees because I'm poor and charging the rich less because they have great credit scores."
You're confused. Banks don't charge poor people more, they charge people with bad credit more than those with good to excellent credit. You can be either rich or poor with bad credit. A poor person can live within his or her means and still have good credit.

 

[LibertyKid]

I wouldn't give a loan to a dead beat. If a bank gives a loan to a proven dead beat, they're dumb. Or they don't care because they are going to bundle all the "bad" loans and sell them off, which is what caused the housing crash.

So I'm okay with using credit score as a reason to deny someone a loan. But if you are giving me a loan, it's bullshit to charge me more interest or fees because I'm poor and charging the rich less because they have great credit scores.

You don't understand risk then. The higher interest is because the lower score poses a higher risk.
You also create a line of demarcation. What score then is too low to loan too. That's why usually it's a graduated interest rate. Banks will loan you the money, but if you are a higher risk, they will charge you more in interest to protect their investment.
And here's the kicker. If you get a loan with a higher interest rate cause of poor credit, then pay timely, get a higher score and refinance it to a lower rate.
It's pretty simple system.

 

[Blues Man]

If they don't pay and they lose their home the bank doesn't lose.

How about tack on additional fees if they are late on their mortgage payments? Until then, don't charge them more than they charge you.

I say you shouldn't have to pay more and they shouldn't have to pay more than you do. Fuck the bankers. They never lose.

There already are late fees on mortgages. And once again the mortgage fees are all the same for everyone already. Your closing costs and other fees the bake charges for underwriting do not depend on your credit score.