Hike in payments for good-credit homebuyers to subsidize high-risk mortgages

[Anonymous]

Redistribution of wealth, plain and simple. But then, it's what every single person on this board (bar the few republican voters) voted for, enjoy it. You worked hard to do this to us.

[Anonymous]

Anonymous wrote:

Anonymous wrote:https://www.washingtontimes.com/news/2023/apr/18/joe-biden-hike-payments-good-credit-homebuyers-sub/

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.

The new fees will apply only to Americans buying houses or refinancing after May 1.

Is this true?

If it is, democrats would never win another election.

If $40/month means you don’t win another election, do I have some stories to tell you about federal budgeting.

[Anonymous]

Anonymous wrote:Redistribution of wealth, plain and simple. But then, it's what every single person on this board (bar the few republican voters) voted for, enjoy it. You worked hard to do this to us.

Thanks. Happy to be of service.

[Anonymous]

Anonymous wrote:Redistribution of wealth, plain and simple. But then, it's what every single person on this board (bar the few republican voters) voted for, enjoy it. You worked hard to do this to us.

Meh, until the GOP changes its stance on sensible gun legislation and abortion, they will not have my vote. This doesn't change it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Redistribution of wealth, plain and simple. But then, it's what every single person on this board (bar the few republican voters) voted for, enjoy it. You worked hard to do this to us.

Meh, until the GOP changes its stance on sensible gun legislation and abortion, they will not have my vote. This doesn't change it.

Meh? How old are you? I truly don't care about your voting issues, you voted for this as did most on this board, it is just the beginning of redistribution. I will happily laugh when you lose your home and other possessions for such careless handling of this countries finances.

[Anonymous]

Anonymous wrote:Putting people in houses they cannot afford is generally a bad idea. People who have bad credit typically have bad credit for a reason and should pay the entire premium reprinting their risk profile to the lender.

This is going to make the housing shortages just that much worse. This is a horrible idea on so many levels. And yes-responding to another poster, this seems like socialism to me 100%.

[Anonymous]

Anonymous wrote:I’m laughing at the Lending Tree ad at the bottom of this thread.

It's true. Please stop lying.

[Anonymous]

Anonymous wrote:

Anonymous wrote:https://www.washingtontimes.com/news/2023/apr/18/joe-biden-hike-payments-good-credit-homebuyers-sub/

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.

The new fees will apply only to Americans buying houses or refinancing after May 1.

Is this true?

Hope it’s not true.

It's totally true.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Redistribution of wealth, plain and simple. But then, it's what every single person on this board (bar the few republican voters) voted for, enjoy it. You worked hard to do this to us.

Meh, until the GOP changes its stance on sensible gun legislation and abortion, they will not have my vote. This doesn't change it.

Meh? How old are you? I truly don't care about your voting issues, you voted for this as did most on this board, it is just the beginning of redistribution. I will happily laugh when you lose your home and other possessions for such careless handling of this countries finances.

My voting issues aren't your voting issues. I don't buy the hysteria.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Putting people in houses they cannot afford is generally a bad idea. People who have bad credit typically have bad credit for a reason and should pay the entire premium reprinting their risk profile to the lender.

This is going to make the housing shortages just that much worse. This is a horrible idea on so many levels. And yes-responding to another poster, this seems like socialism to me 100%.

You know what’s socialism? The government being in the mortgage business at all. Feel free to pay market rates for a nonconforming if you don’t like the terms of the government subsidy.

[Anonymous]

This is one of the most boneheaded decisions I’ve seen from this inept administration and I VOTED FOR THEM. Shame on me, I suppose. This pisses me off.

[Anonymous]

It's worse than socialism! Socialism has to do with everyone in the same boat. That we have credit scores and have people who do right by their debt or not makes this new proclamation the most idiotic idea ever! There's zero good this does except reward the Dems who want people who are idiots voting for them I suppose. State of our country is in such a mess given our debt ceiling crisis and this stupidity.

[Anonymous]

Anonymous wrote:It's worse than socialism! Socialism has to do with everyone in the same boat. That we have credit scores and have people who do right by their debt or not makes this new proclamation the most idiotic idea ever! There's zero good this does except reward the Dems who want people who are idiots voting for them I suppose. State of our country is in such a mess given our debt ceiling crisis and this stupidity.

It’s not “worse than socialism” - it is socialism. “To each according to his need, from each according to his ability.” Socialism isn’t just putting you in the same boat - it’s making sure you disembark at the same port.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Putting people in houses they cannot afford is generally a bad idea. People who have bad credit typically have bad credit for a reason and should pay the entire premium reprinting their risk profile to the lender.

This is going to make the housing shortages just that much worse. This is a horrible idea on so many levels. And yes-responding to another poster, this seems like socialism to me 100%.

Yes, we all remember that the main tenet of socialism is "charge the rich slightly higher fees than they used to pay, while slightly lowering the fees on the poor but still charging them higher fees than we charge the rich, for government-backed mortgages."

[Anonymous]

Anonymous wrote:https://www.washingtontimes.com/news/2023/apr/18/joe-biden-hike-payments-good-credit-homebuyers-sub/

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.

The new fees will apply only to Americans buying houses or refinancing after May 1.

Is this true?

Of course it is true, it is begins on May 1st. Thank you president!