Be aware. Adjusted mortages might be changing soon as we switch interest rate standards.

[Resnic]

Now this isn't me saying it's a guantee change in rates. But with the switch from libor to sofr on the banking end there might be a possibility interest rates locked in my citizens for say student loans or mortgages might also be reset so to speak, and by reset I mean changed to a more current higher interest rate. But it looks like it might really effect people with a adjustable mortages.

This is primarily on the back end between banking systems but I also wouldn't put it past them to bleed it over onto everyday people as well as a chance to get more money from people. Like my mortgage is locked in at 2.8% since I bought my home back when trump was still president. Now it's double that. If banks do a reset on adjustable rates when they change how interest is calculated then they might call for a reset on rates from locked in older rates as that would give them millions, possibly billions more.

LIBOR to SOFR Transition: What You Need to Know

Businesses should pay close attention to the shift from LIBOR to SOFR and how the transition may impact their organization.

www.jpmorgan.com

LIBOR to SOFR Transition

Get key details on the move away from the benchmark rate LIBOR. Understand why the industry is set to transition to SOFR & what it means for your business.

www.capitalone.com

So there is a possibility mortgages will be effected but I'm still learning more as I recently just started digging into it. But I don't have much time as the switch happens on the 30th.

LIBOR Is Being Phased Out. How Will My Mortgage Be Affected?

Learn about the transition away from the LIBOR index, how to determine whether your ARM is affected, and what actions you can take.

myhome.freddiemac.com

 

[Harry Dresden]

it says fixed rates wont be affected....

 

[Resnic]

it says fixed rates wont be affected....

And I said it isn't guaranteed that they will. I said it's possible as I wouldn't put it past banks. It's just something to be aware it's happening as the vast majority of people don't even know what libor or sofor is.

 

[Harry Dresden]

And I said it isn't guaranteed that they will. I said it's possible as I wouldn't put it past banks. It's just something to be aware it's happening as the vast majority of people don't even know what libor or sofor is.

if they tried on the fixed rates.....i can see a nice class action suite on that....

 

[Resnic]

if they tried on the fixed rates.....i can see a nice class action suite on that....

After re reading what I wrote I changed the headline to say adjustable and added to the main body. Didn't realize I was making it sound like all fixed rates would change. I was saying I wouldn't put it past them to try and change fixed ones also. But adjustable ones are definitely in danger.

 

[Rambunctious]

The powers who control us will never stop their pursuit for more of our money...

 

[Votto]

if they tried on the fixed rates.....i can see a nice class action suite on that....

In case you had not realized yet, Left wing government and their woke corporate goons can do as they please as you have no power.

Enjoy.

A little fascism never hurt anyone, right?

 

[Rambunctious]

Banks donate big bucks to politicians... and so the politicians do their dirty work and say how high when their donors say jump...
If we don't change this system and move to public financing of all elections where donations are not allowed and so influence from donors will stop cold we will lose America forever....

 

[Catsnmeters]

The powers who control us will never stop their pursuit for more of our money...

Capitalism in action.

 

[Harry Dresden]

In case you had not realized yet, Left wing government and their woke corporate goons can do as they please as you have no power.

Enjoy.

A little fascism never hurt anyone, right?

they can try.....

 

[Rambunctious]

Capitalism in action.

We haven't had "capitalism" in this country for a very long time....
We have a country run by super rich globalist minded elites who desire to keep the people down....

 

[Votto]

they can try.....

Try?

They do it every day.

And as they print more and more money, do you hear them laughing as the money you do have is worth less and less every day?

 

[Harry Dresden]

Try?

They do it every day.

And as they print more and more money, do you hear them laughing as the money you do have is worth less and less every day?

im talking about taking away a fixed mortgage rate....

 

[Catsnmeters]

We haven't had "capitalism" in this country for a very long time....
We have a country run by super rich globalist minded elites who desire to keep the people down....

Certainly was don't have 100 percent unfettered capitalism. Never have.

Who is one of these super rich globalists?

 

[Rambunctious]

Certainly was don't have 100 percent unfettered capitalism. Never have.

Who is one of these super rich globalists?

 

[Rambunctious]

 

[Catsnmeters]

None of those people are keeping me down.

How are they keeping you down?

 

[Rambunctious]

None of those people are keeping me down.

How are they keeping you down?

They are keeping the entire nation down... you are like the frog in the pot on the stove..... how was it possible for you to believe that Making America Great is a bad thing?.... I will never understand how that was turned into a negative....

 

[iku]

I don't feel sorry for any one that has an ARM.

 

[Catsnmeters]

They are keeping the entire nation down... you are like the frog in the pot on the stove..... how was it possible for you to believe that Making America Great is a bad thing?.... I will never understand how that was turned into a negative....

I understand your point of view.

How are they keeping the nation down but not me?