Here They Come Again,This Time Mortgages…

[Ingomike]

“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.”

Here's the Awful Thing Biden Just Did to the Mortgage System

townhall.com

 

[DoggyDaddy]

They just don't freaking learn. High risk borrowers are high risk for a reason, idiots!

 

[Ingomike]

They just don't freaking learn. High risk borrowers are high risk for a reason, idiots!

Doesn’t this presume they might actually care?

 

[DoggyDaddy]

Doesn’t this presume they might actually care?

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.

 

[Mgderf]

What do you expect from someone who thinks the number 8 is a 4- letter word...
"Eight, eigh percent..."

 

[printcraft]

“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.”

Here's the Awful Thing Biden Just Did to the Mortgage System

townhall.com

I wonder how the simp in the bidet scorecard thread would spin this one...

 

[planedriver]

Comrades, comrades, comrades…. Firstly your social credits have been debited for your posts that are clearly not in concert with the chairman’s plan for equality and harmony. Any further innuendos of capitalism will require your attendance to our remedial, re-education camp located in Northern Mongolia.

On a serious note; all of the above is currently occurring in china now.

These United States are perilously close to the same and moving closer everyday. This kind of s**t must be defeated within our constitutional system. The constitution gives us the power. We just need to learn how to use it effectively, peacefully and immediately.

End of rant

 

[Leadeye]

Sounds like it's time to short the housing market again.

 

[dudley0]

I guess when I get ready for my next mortgage or refi I can just apply for ten credit cards to drop my credit score.

Used to be one was proud of a high credit score. It takes effort to get and keep one.

Didn't browse the twitter link but read about this on another site. Seems if you put the 20% down they ding you as well. Wonder if they are giving discounts on PMI?

The only good thing about this is that in a couple years investors will be able to pick up housing for cheap again.

 

[tim87tr]

Dave Ramsey was right about credit scores. IMO the score itself is a way to promote debt, based on how it is calculated. Instant credit and a card for everything got us to this point. Remember the days of the conventional bank loan?

 

[Ingomike]

Remember the days of the conventional bank loan?

What?

 

[dudley0]

Remember the days of the conventional bank loan?

My oldest just got one. Worked out wonderfully for her.

I bought the house as I had some money from a refi. I worked on it for a few months. Sold it to her at cost. I was able to gift her the equity, which I didn't know was a thing.

She drove to closing and walked out with a house, nothing out of pocket. She now has an 80/20 loan with no PMI. Rates are high but a refinance in a couple years is a for sure thing.

 

[Ark]

Guess I should quit paying my credit cards and buy all those Staccatos and NV I've been wanting.

 

[bobzilla]

Shame on us for not having a mortgage, car payments or credit card debt. Boy I feel dumb.

 

[HoughMade]

I'm living in the house I'm going to leave feet first, so I'll just sit on the sidelines and watch this one until it causes another crash.

 

[BehindBlueI's]

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?

 

[tim87tr]

What?

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.

 

[drillsgt]

It looks like its tied to rates/fees within the PMI.

 

[Leo]

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?

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.

See also: Communism

I think there is a bigger plan. These high risk mortgages are destined to fail, leaving the Federal agencies in charge of huge blocks of once privately held real estate. I think the big picture is two fold 1) it gives government agencies a huge slush fund to make money with selected "investors" 2) It allows the government to exercise the "scattered site" public housing program to spread the cost of social services to a wider populace and to buy votes from those who get to live in better areas on welfare and expand anti American causes.

See also: Dearborn Michigan, & Minneapolis, Minnesota

 

[Pepi]

This administration are nothing but a bunch of IDIOTS