“A new Biden administration mortgage rule set to take place on May 1 will force loan applicants with good credit to pay higher fees and subsidize applicants with poor credit in the name of "equitable" access to home ownership.”
Doesn’t this presume they might actually care?They just don't freaking learn. High risk borrowers are high risk for a reason, idiots!
Seems like they're setting up the next housing crash just like 2008. Loaning money to people that have no chance of paying it back.Doesn’t this presume they might actually care?
“A new Biden administration mortgage rule set to take place on May 1 will force loan applicants with good credit to pay higher fees and subsidize applicants with poor credit in the name of "equitable" access to home ownership.”
What?Remember the days of the conventional bank loan?
My oldest just got one. Worked out wonderfully for her.Remember the days of the conventional bank loan?
It has been awhile, but my understanding is a conventional bank loan was pre-credit score. Based off the debt/income ratio, how long one was employed, other factors the creditor thought was important, etc. Having a loan today is on a fast track to Jimmy Carter/Paul Volcker era.What?
Yes, I heard this in financial pages. It is the point system for any federally backed mortgages. They changed the name but it is what used to be called PMI fees, that you actually pay extra percentage on the mortgage for insurance based on your own risk category, based on your performance. They are having low risk customers who deserve lower rates subsidize the high risk so they can get homes they cannot earn legitimately.Anybody looked at a source document or is the media believable today? Gov't doesn't set fees or rates except for gov't product loans like VA or FHA loans. Are they perhaps referring to the FHA loan fee reduction that affects pretty much every first time home buyer on a house less than something like $700k?