And what do we call this??? Homebuyers with good credit scores will soon encounter a costly surprise: a new federal rule forcing them to pay higher mortgage rates and fees to subsidize...

nwtk2007 Loc: Texas

Homebuyers with good credit scores will soon encounter a costly surprise: a new federal rule forcing them to pay higher mortgage rates and fees to subsidize people with riskier credit ratings who are also in the market to buy houses.

The fee changes will go into effect May 1 as part of the Federal Housing Finance Agency’s push for affordable housing, and they will affect mortgages originating at private banks across the country. The federally backed home mortgage companies Fannie Mae and Freddie Mac will enact the loan-level price adjustments, or LLPAs.

Mortgage industry specialists say homebuyers with credit scores of 680 or higher will pay, for example, about $40 per month more on a home loan of $400,000. Homebuyers who make down payments of 15% to 20% will get socked with the largest fees.

I call this BS!

pegw

I call this bring some sanity to the market. Remember 2008, when banks were giving mortgages to anyone with a pulse? It took years for Americans to recover.

Milosia2 Loc: Cleveland Ohio

nwtk2007 wrote:

Homebuyers with good credit scores will soon encou... (show quote)

It’s all part of their plan .
Making renters out of everyone ( except the morbidly wealthy) .
Think about it.
The wealth being created for the peasants in real estate will no longer be generating wealth for the peasants , but wealth for the morbidly rich. When you rent , you pay .
You gain zero equity.
If they can make living here too expensive to own anything , rents will be the norm.
And will be gaining wealth , again , at your expense.
They’re called republicans.

Milosia2 Loc: Cleveland Ohio

pegw wrote:

I call this bring some sanity to the market. Remember 2008, when banks were giving mortgages to anyone with a pulse? It took years for Americans to recover.

Steve Mnuchin made a pile of money on the massive amount of predicted foreclosures.
Munchkin has recovered quite nicely .

microphor Loc: Home is TN

nwtk2007 wrote:

Homebuyers with good credit scores will soon encou... (show quote)

I don't know, might as well burn it to the ground. By the time I pay off peoples student loan debt, r********ns "only for black people" and now subsidize someone's bad credit, what's left for me and mine! We are going to run out of people to pay the debts. I see people retiring earlier, paying off their houses and getting out from under IRS/Bidens Gov. That's my goal. Have less, keep more and maybe the elite will subsidize me.

microphor Loc: Home is TN

Milosia2 wrote:

It’s all part of their plan .
Making renters out of everyone ( except the morbidly wealthy) .
Think about it.
The wealth being created for the peasants in real estate will no longer be generating wealth for the peasants , but wealth for the morbidly rich. When you rent , you pay .
You gain zero equity.
If they can make living here too expensive to own anything , rents will be the norm.
And will be gaining wealth , again , at your expense.
They’re called republicans.

ahahahahahaha, ahahahahhahaha, ahahahahahha Starting to feel sorry for your s*#&@$y"lack of knowledge"!!!!

ACP45 Loc: Rhode Island

nwtk2007 wrote:

Homebuyers with good credit scores will soon encou... (show quote)

It's called poor fiscal and social policy. Instead of rewarding those with the best credit scores (sane monetary policy), you penalize them at the expense of those who are less frugal, budget poorly, and pay their bills slower than their more prudent counterparts. But this is typical of the dingbat progressive mindset, evidenced by a couple of responses to your post.

JFlorio Loc: Seminole Florida

nwtk2007 wrote:

Homebuyers with good credit scores will soon encou... (show quote)

I was just going to comment on this. How i***tic is the Biden administration? I guess when you're a demented old fool remembering the 2008 housing crash is beyond the i***t and his administration. Nothing like progressive's to reward negative behavior. Anyone and I mean anyone that believes this is a good idea is an absolute economic i***t. It's just another v**e buying scheme.

JFlorio Loc: Seminole Florida

pegw wrote:

I call this bring some sanity to the market. Remember 2008, when banks were giving mortgages to anyone with a pulse? It took years for Americans to recover.

I generally do not respond to you because conversing with someone of your limited thinking sk**ls is a waste of time. How can setting up mortgage default be sane? I can not understand how one person can be as ignorant as you on every subject. You must be a twin.

microphor Loc: Home is TN

ACP45 wrote:

It's called poor fiscal and social policy. Instead of rewarding those with the best credit scores (sane monetary policy), you penalize them at the expense of those who are less frugal, budget poorly, and pay their bills slower than their more prudent counterparts. But this is typical of the dingbat progressive mindset, evidenced by a couple of responses to your post.

Yelp!!!!

microphor Loc: Home is TN

JFlorio wrote:

I was just going to comment on this. How i***tic is the Biden administration? I guess when you're a demented old fool remembering the 2008 housing crash is beyond the i***t and his administration. Nothing like progressive's to reward negative behavior. Anyone and I mean anyone that believes this is a good idea is an absolute economic i***t. It's just another v**e buying scheme.

YELP!!!

microphor Loc: Home is TN

JFlorio wrote:

I generally do not respond to you because conversing with someone of your limited thinking sk**ls is a waste of time. How can setting up mortgage default be sane? I can not understand how one person can be as ignorant as you on every subject. You must be a twin.

Yelp!!

nwtk2007 Loc: Texas

microphor wrote:

I don't know, might as well burn it to the ground. By the time I pay off peoples student loan debt, r********ns "only for black people" and now subsidize someone's bad credit, what's left for me and mine! We are going to run out of people to pay the debts. I see people retiring earlier, paying off their houses and getting out from under IRS/Bidens Gov. That's my goal. Have less, keep more and maybe the elite will subsidize me.

Yep, and it's l*****t crap, too!

nwtk2007 Loc: Texas

Milosia2 wrote:

It’s all part of their plan .
Making renters out of everyone ( except the morbidly wealthy) .
Think about it.
The wealth being created for the peasants in real estate will no longer be generating wealth for the peasants , but wealth for the morbidly rich. When you rent , you pay .
You gain zero equity.
If they can make living here too expensive to own anything , rents will be the norm.
And will be gaining wealth , again , at your expense.
They’re called republicans.

They're called democrat socialists, dude. This ain't no GOP policy.

nwtk2007 Loc: Texas

ACP45 wrote:

It's called poor fiscal and social policy. Instead of rewarding those with the best credit scores (sane monetary policy), you penalize them at the expense of those who are less frugal, budget poorly, and pay their bills slower than their more prudent counterparts. But this is typical of the dingbat progressive mindset, evidenced by a couple of responses to your post.

You've got that right. One even blaming Republicans. Pure stupidity.