Here They Come Again,This Time Mortgages…

[drillsgt]

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

Yes, people have been warning about this for awhile, real homebuyers are now typically being outbid by investment companies and turning a lot of nice houses in neighborhoods into rentals, I saw it happen quite often in the old Greenfield neighborhood.

 

[nra4ever]

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

We are closer than you think

 

[Ingomike]

We are closer than you think

From the article…

“Sinema, it’s important to note, was present at the 2022 Bilderberg meeting and at the 2023 World Economic Forum meeting at Davos. She’s quickly becoming one of the darlings of the global technocracy movement, said Patrick Wood, editor in chief of Technocracy.news and a resident of Arizona.”

“She is emerging as one of the most dangerous women in America,” Wood told me.

 

[oze]

680 is considered a "good" credit score????

 

[Ingomike]

680 is considered a "good" credit score????

“The best-known range of FICO scores is 300 to 850. Anything above 670 is generally considered to be good. FICO also offers industry-specific FICO scores, such as for credit cards or auto loans, which can range from 250 to 900.4 There are many FICO versions; FICO 10 is the newest.5 Mortgage lenders tend to use older FICO score versions.”

 

[rhamersley]

This administration are nothing but a bunch of IDIOTS

I disagree…they know EXACTLY what they’re doing.

 

[Pepi]

I disagree…they know EXACTLY what they’re doing.

Yeah ... I stand corrected

 

[Lpherr]

680 is considered a "good" credit score????

 

[oze]

View attachment 270957

I guess "good" is relative. During my pursuit of those last few points to get to 850, this is what I've always kept in mind. A "good" score may qualify you for most loans at a higher interest rate.

 

[Lpherr]

I guess "good" is relative. During my pursuit of those last few points to get to 850, this is what I've always kept in mind. A "good" score may qualify you for most loans at a higher interest rate.
View attachment 270958

I've never been concerned over a few points. Having a diverse credit history and on time payments (not within the grace period), but on time, is just as important to a lender.
The only thing I haven't paid off early, is our mortgage, and it will be paid off soon, at about 5 years early.
All CC's are paid off monthly. And several of those are zero percent.

 

[foszoe]

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?

Was just trying to find out...

 

[foszoe]

If it's tied to PMI, then don't get a loan with PMI. I would think most people with high credit scores don't pay PMI to begin with.

 

[BigRed]

"From each according to his ability, to each according to his needs"
-karl marx and some piece of **** called obiden

 

[Ingomike]

Was just trying to find out...

It seems elusive to find this other than media reports that all go back to the article by the Washington Times…

 

[Ingomike]

I guess "good" is relative. During my pursuit of those last few points to get to 850, this is what I've always kept in mind. A "good" score may qualify you for most loans at a higher interest rate.
View attachment 270958

I don’t believe this matches what I have typically seen. Seems odd average and above is 170 point spread while below average to bad is just 100 points spread…

 

[Cameramonkey]

If it's tied to PMI, then don't get a loan with PMI. I would think most people with high credit scores don't pay PMI to begin with.

PMI is based on loan to value ratio. Generally speaking if you dont put down at least 20%, you are forced to pay PMI. (roughly)

I paid it for years until property values skyrocketed. So we refinanced, reduced our APR slightly, and saved $40/month by eliminating PMI because LTV requirement was met.

 

[dudley0]

The banks are supposed to do the PMI adjustment automatically but rarely do. If you just go off the original loan figures you should still get it to bump off after a certain time frame. No need to refinance or anything.

Then again, they are in it to make more money...

 

[Cameramonkey]

The banks are supposed to do the PMI adjustment automatically but rarely do. If you just go off the original loan figures you should still get it to bump off after a certain time frame. No need to refinance or anything.

Then again, they are in it to make more money...

If you were talking to me, we also shaved about 1% off our current mortgage at the time. So it was worth it to refi.

 

[I Invented the Internet]

The first housing crisis sure was fun huh? It must've been, since guvmint clearly wants another one.

 

[phylodog]

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.

You bet they are. What’s another few trillion in bailouts for a banking industry which is too big to fail while also dropping the bottom out of the housing market so Blakcrock can buy up another hundred billion in inventory at a discount.

Surely no one believes the democrats want anything which would actually be fair and/or beneficial for the country.