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

[martybegan]

One thing I will say about this. I is bullshit that people with bad credit have to pay more. The people with the least money have to pay more? Just doesn’t seem fair. Everyone should pay the same.

Evidently you don't understand or refuse to acknowledge the concept of risk.

 

[martybegan]

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.

Responsible people with good credit getting discounts isn't broken.

Making them pay for people with worse credit would be broken.

 

[martybegan]

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?

I liked my plan, I couldn't keep my plan.

 

[Harpy Eagle]

I liked my plan, I couldn't keep my plan.

I liked my plan and I kept it.

 

[LAUGHatLEFTISTS]

What is happening with this country? Work hard, save up money, pay your bills, and you are in essence penalized and paying for the lesser qualified homebuyer. Redistribution of wealth.

From the Yahoo article:
"For example, a person with a 620 FICO score and a down payment of 5% gets a one and three-quarter fee discount on a 30-year mortgage. But a person with a FICO score of 740 or above, with 15%-20% down, will see an increase of 75% in fees from the current levels.
And this applies to people of all income levels."

“They’re redistributing the wealth if you will amongst the many to try and even the playing field for all the borrowers,” Brown said.

Buyers with good credit will soon start paying higher mortgage rates

Impending changes to federal rules on mortgage fees will mean high credit scores no longer make for better mortgage rates.

www.yahoo.com

"They just made it just a tad bit worse": What new rules on mortgage rates mean for those with high credit scores

In its announcement earlier this year, the Federal Housing Finance Agency said the changes are designed to level the playing field and empower buyers from marginalized communities to compete in the hot market.

www.cbsnews.com

'It's going to hit the consumer hard': Those with higher credit scores may pay higher mortgage fees

Beginning May 1, some people with higher credit scores may actually end up paying a higher fee.

www.cbsnews.com

What is happening to this country is 60 years of the upside down world of runaway leftism.

 

[martybegan]

I liked my plan and I kept it.

Well he promised it to all of us, and he fucking lied.

 

[LAUGHatLEFTISTS]

Punishing responsible people for doing he right thing is never a good idea.

Leftism is never a good idea.

 

[Lisa558]

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.

And what about us on the other side of the timeline? I‘m retired, worked 40 years and with an excellent credit score, and considering downsizing from my townhouse into a beachfront condo in a few years. Should my mortgage rate, should I decide to finance, be higher than deadbeats who can’t pay their bills on time?

 

[Lisa558]

I liked my plan, I couldn't keep my plan.

Same here. And my premiums doubled for worse coverage. In fact, my Obamacare plan was so bad that I discovered I was better off not going through my insurance and just paying cash for medical services.

It was all a big scam. Overcharge some people in order to subsidize others. Exactly what’s happening again with the mortgage transfer.

 

[Harpy Eagle]

And what about us on the other side of the timeline? I‘m retired, worked 40 years and with an excellent credit score, and considering downsizing from my townhouse into a beachfront condo in a few years. Should my mortgage rate, should I decide to finance, be higher than deadbeats who can’t pay their bills on time?

Your mortgage rate will not be higher. I am against this fee, but it is still not big enough that you will pay more than someone with a bad credit score.

It does not help the discussion to misrepresent what is happening

 

[Hellokitty]

Let me explain what democrats are doing. Income inequality has grown way too much in the last few decades. The rich keep getting richer. The gap keeps getting bigger.

This is just one of many things democrats can do to shrink the gap between rich and us.

How does simply having a high credit score make one rich? My husband and I always stressed to our kids not to get into debt, their young adults now and both are strategic in establishing a high credit score. Neither of them are rich but they understand the need to be responsible with money.

 

[Ralph Norton]

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

You really don't have a clue do you? Banks DO NOT WANT foreclosed homes for numerous reasons.
Please Google if interested.

 

[Hellokitty]

Not always true. If you don’t take out loans or use credit cards then you have no credit. I pay for everything with my credit card and pay it off every month. So I make 3% and 8mprove my credit score.

A person who pays cash for everything, poor people, don’t have good credit scores even though they have no debt

We do the same. My bank gives credit score rating updates that let you know where your score is and why it's gone down or up. I usually ignore them but when we were buying a 2nd house I decided to read a few. One of the things listed as lowering our credit score was high credit card charges, despite the fact we always pay them off each month. It's not uncommon for my husband to have a $10,000 credit card bill in a given month for car stuff, but it's always paid off at the end of the month.

 

[martybegan]

We do the same. My bank gives credit score rating updates that let you know where your score is and why it's gone down or up. I usually ignore them but when we were buying a 2nd house I decided to read a few. One of the things listed as lowering our credit score was high credit card charges, despite the fact we always pay them off each month. It's not uncommon for my husband to have a $10,000 credit card bill in a given month for car stuff, but it's always paid off at the end of the month.

Got a free Credit Karma account for doing my taxes through TurboTax, and found out my credit is as 820. Pay off my car loan on time, and use my credit card for things like trips and dinners only, and pay off every month, or close to every month.

Long time away from my 30's where I kept a balance like an idiot.

 

[LAUGHatLEFTISTS]

Last time was a bipartisan quid pro quo.

I'll also note.

President Calls for Expanding Opportunities to Home Ownership




It's sad how many are either ignorant of the facts or simply wishes to spin them.

Here’s the first of the leftist spin concerning the housing bubble.

 

[Rust_Cohle]

Punishing poor people for being poor doesn’t seem right either.

Its not a punishment for being poor its because those with bad credit don't make payments on time. If you can't make payments don't borrow money

 

[pknopp]

Here’s the first of the leftist spin concerning the housing bubble.

Oddly you can't actually address what I posted.

Banks wanted less regulations. Politicians wanted expanded housing. They both got what they wanted in a quid pro quo and it turned out really poorly.

 

[LibertyKid]

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

Yes they do, they lost the potential money made over the terms of the loan.

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.

They already do this.

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.

yes they do, when people default on their loans. That's why they charge more for those that are higher risk.

 

[LibertyKid]

And what about us on the other side of the timeline? I‘m retired, worked 40 years and with an excellent credit score, and considering downsizing from my townhouse into a beachfront condo in a few years. Should my mortgage rate, should I decide to finance, be higher than deadbeats who can’t pay their bills on time?

As I understand, this is impacting loans backed by Freddie and Fanny, gov't backed loans. So FHA (First time home buyer), USDA Rural Development, VA, etc.,
A traditional loan won't be affected.

 

[Couchpotato]

One thing I will say about this. I is bullshit that people with bad credit have to pay more. The people with the least money have to pay more? Just doesn’t seem fair. Everyone should pay the same.

You're a bigger risk. If you're wondering why people with bad credit have to pay more you dont understand lending.