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

[Foxfyre]

Artificially low interest rates because of actions of the Fed we are paying for now.

Are you now saying you support Fed intervention into the markets?



Inevitable. Rates had to rise. They should have years ago. Do you not understand this?

I knew interest rates couldn't stay as low as they were forever but they should have inched up year by year as they have been lowered. We have had an ENORMOUS increase under Biden that has exacerbated inflation, increased defaults and bankruptcies, and slowed the real estate market. And now he's double downing on that by punishing the responsible, encouraging the irresponsible, and setting us up for another major housing crash.

Only a full blown clueless 'woke' person with no understanding of basic economics could approve of that.

 

[Ivan88]

Seller financed deals are not affected by this mortgage tax.
And because bank financed lending thus reduces the market for houses, the guy selling his house has an extra incentive to do a seller financed mortgage, aka carrying the paper himself. Once the deal is set, the seller might even be able to sell the mortgage for cash.

Anther way is a "rent to own" deal, or even a real estate trade deal.

 

[Ray From Cleveland]

What, in two years? The US is a judicial oddity.....Two years from anything being resolved.

The dems know it's shady as hell but they don't care....Sorta like the whole college loan payoff hoax. They knew it could not be done by EO but they don't care as the ends justified the means.

I'm no lawyer but it sounds to me like a violation of Equal Protection Under the Law. The government can't make people pay more than others for the exact same thing based on their race or income level.

 

[LibertyKid]

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

 

[pknopp]

It's not breaking news as it's been covered 4-5 times already.

 

[Blues Man]

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

 

[sealybobo]

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

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.

 

[sealybobo]

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

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

 

[1srelluc]

It's not breaking news as it's been covered 4-5 times already.

LOL....At least, I was the first one that posted of about a week or so ago.....Even then I did not put it in "breaking".

 

[1srelluc]

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

You should donate a mortgage Mr. Concerned.

 

[Blues Man]

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

The "poor" were not being punished by higher mortgage fees. The fees were the same for everyone.

And if your credit score sucks it's not because you are "poor" it's because you didn't pay your bills on time.

 

[sealybobo]

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

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.

 

[sealybobo]

You should donate a mortgage Mr. Concerned.

It’s going to cost you $10 more a month. You’ll be alright

 

[Blues Man]

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.

Why do you think a good credit score equals being rich?

I had a great credit score by my late 20's because I didn't over extend my credit and I paid my bills on time

 

[sealybobo]

The "poor" were not being punished by higher mortgage fees. The fees were the same for everyone.

And if your credit score sucks it's not because you are "poor" it's because you didn't pay your bills on time.

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

 

[pknopp]

It’s going to cost you $10 more a month. You’ll be alright

I don't know what it would cost on average. Now again, as I said in earlier threads I do NOT support the government interfering because they have screwed things up so badly in the past but let's say it costs a homeowner even $240 a year. The value of their home will fall far more than that when the market shrinks because others can't afford to get into a home.

Now that should simply just be the way it is but IMO most complaining would be happy with the little extra a year when faced with the alternative of falling home prices.

 

[sealybobo]

Why do you think a good credit score equals being rich?

I had a great credit score by my late 20's because I didn't over extend my credit and I paid my bills on time

Because typically people with money have good credit scores.

This credit score shit is bullshit. Everyone should pay the same.

 

[Blues Man]

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

So what? Everyone knows this.

It is not difficult to build a great credit score.

I helped a young guy I know increase his credit score from 500 to 700 in less than 2 years with nothing but a $500 secured credit card and some strict budgeting.

 

[Harpy Eagle]

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

I am very glad I will not be getting a new mortgage any time soon

 

[Blues Man]

Because typically people with money have good credit scores.

This credit score shit is bullshit. Everyone should pay the same.

Bull. I had a great credit score before I was out of my 20's