The war on those with good credit

[Dashinka 24,480]

Seems pretty obvious and brings to mind what Obama told us about Old Corrupt Joe.

 

Biden's mortgage redistribution plan sparks ominous warning as experts note similarities to prior crisis

 

https://www.foxbusiness.com/politics/bidens-mortgage-redistribution-plan-sparks-ominous-warning-as-experts-note-similarities-to-prior-crisis

[YecaCruz 379]

I'm just glad I'm locked in at 2.75 when they dropped the interest rates like gravity drops the ice-cream from my cone on a hot day.

I used to work as a mortgage loan processor for 2.5 years- now I'm a business service associate. I guess I understand the "why" behind this as far as giving people with lower credit a better chance to buy a house; however, I also echo what most of these other comments say, that it can't possibly end well long-term. There was always the whole idea of "risk" that the borrower had to overcome; how's that going to work when their credit score indicates otherwise. I am glad I'm not an underwriter!

I just asked the mortgage officer here at the bank about it and he stated that it's not as bad as people are making it out to be as far as the difference in cost; a person with a higher score potentially pays 10k more over the life of the loan. They don't have to put more money down or anything like that - which is what he said. 

That, boys n girls, is why I always pay more than the monthly payment; I don't need to drag a debt with me for 30 stinkin' years if I can help it! 

 

Edited May 3, 2023 by YecaCruz