The war on those with good credit

[TBoneTX 45,259]

Wow.  Comments?

The war on those with good credit

 

Starting on May 1st, Fannie Mae and Freddie Mac will offer discounted mortgage rates to prospective home buyers with "riskier credit backgrounds" (meaning people with poor credit ratings) to enable them to qualify for a mortgage.  But that will generate more losses in the system and that money will have to be made up somehow.  So [...]

 

https://hotair.com/jazz-shaw/2023/04/17/the-war-on-those-with-good-credit-n544318

[TedsGirl 193]

31 minutes ago, TBoneTX said:

Wow.  Comments?

Destroying the nation comes to mind. They really don’t want people to move to other States anymore with this plan, they want people to move OUT of the country instead. Where do you go? When we look back at how much of a thriving nation Venezuela was before the Marxist ideology took grip, this is the same path this nation is on. I believe this will not end well. 

This was key from the article:

So if you’re thinking of buying your first home, maybe you should start skipping some of your credit card payments or other obligations. If nothing else, you might get a cheaper mortgage.

 

Reminds me a bit of the college loans. Everyone else who paid back their loans get punished yet those who cannot afford theirs get a “loan forgiveness debt”. Utter rubbish! Foolishness and makes a mockery of those who truly desire to want to better themselves in higher education. Will you really want to take out a mortgage now knowing that 2 doors down the people in that house have poor credit and your payments will be raised due to their lack of payments?

 

[Neonred 3,562]

Seems I have seen this play out before, like about fifteen years ago or so.  

 

Wasn't pretty.

[TBoneTX 45,259]

3 minutes ago, Neonred said:

I have seen this play out before, like about fifteen years ago

Those who fail to learn from history...

[Dashinka 24,480]

From those according to their ability....

 

Wow, they are not even hiding it anymore.

[TedsGirl 193]

17 minutes ago, Dashinka said:

Wow, they are not even hiding it anymore.

Nope. Full out open destruction of America!

[Nature Boy 2.0 8,370]

2 hours ago, TBoneTX said:

Wow.  Comments?

Isn't that how the 2008 mess started? 

[Dashinka 24,480]

9 minutes ago, Nature Boy 2.0 said:

Isn't that how the 2008 mess started? 

Go woke, go broke.

 

Let's Go Brandon!

[Dashinka 24,480]

Only a little more than a week from going forward.  I guess rule making doesn’t include public scrutiny first.  What was that thing Obama told us about Old Corrupt Joe?

 

Real estate expert shreds Biden rule punishing homebuyers with good credit: 'It's madness'

 

The changes, which will begin in May, have many experts worried about the impacts both on buyers and the economy. 
 

Real estate expert and Madison Ventures+ managing director Mitch Roschelle unpacked the "madness" on "Varney & Co." on Thursday. 

 

"It's bizarro world," he said. "That fee that's charged, PMI, which is personal mortgage insurance, that fee that FHA [Federal Housing Administration] charges is intended to punish those with lower credit scores and riskier loans to basically level the playing field from a risk perspective. Well, what are we doing? We're doing the opposite."

 

https://www.foxbusiness.com/real-estate/real-estate-expert-shreds-biden-rule-punishing-homebuyers-good-credit-madness#

[TBoneTX 45,259]

12 hours ago, Dashinka said:

rule making doesn’t include public scrutiny first

It still might, in a mechanical, ignorable way.

[Nature Boy 2.0 8,370]

On 4/21/2023 at 10:59 AM, Dashinka said:

Only a little more than a week from going forward.  I guess rule making doesn’t include public scrutiny first.  What was that thing Obama told us about Old Corrupt Joe?

 

Real estate expert shreds Biden rule punishing homebuyers with good credit: 'It's madness'

 

The changes, which will begin in May, have many experts worried about the impacts both on buyers and the economy. 
 

Real estate expert and Madison Ventures+ managing director Mitch Roschelle unpacked the "madness" on "Varney & Co." on Thursday. 

 

"It's bizarro world," he said. "That fee that's charged, PMI, which is personal mortgage insurance, that fee that FHA [Federal Housing Administration] charges is intended to punish those with lower credit scores and riskier loans to basically level the playing field from a risk perspective. Well, what are we doing? We're doing the opposite."

 

https://www.foxbusiness.com/real-estate/real-estate-expert-shreds-biden-rule-punishing-homebuyers-good-credit-madness#

As someone that works with credit profiles on a daily basis I can assure you, that in most cases credit score is a good indication of ones trustworthiness to pay on a loan applied for. 

[TBoneTX 45,259]

23 minutes ago, Nature Boy 2.0 said:

As someone that works with credit profiles on a daily basis I can assure you, that in most cases credit score is a good indication of ones trustworthiness to pay on a loan applied for. 

We have to give you credit for this observation, si man.

[Dashinka 24,480]

13 hours ago, Nature Boy 2.0 said:

As someone that works with credit profiles on a daily basis I can assure you, that in most cases credit score is a good indication of ones trustworthiness to pay on a loan applied for. 

Apparently the Feds also think this is a good indication of people willing to pay more so that others can fail.

[Crazy Cat 41,812]

Rewarding those with the worst history of repaying loans.....What could go wrong?   These idiots in the government must go!!!

[Dashinka 24,480]

5 minutes ago, Crazy Cat said:

Rewarding those with the worst history of repaying loans.....What could go wrong?   These idiots in the government must go!!!

Not to worry, the banks partaking in this racket are too big to fail.