Reply to How the US is subsidizing high-risk homebuyers

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[quote=Anonymous][quote=jsteele]I just read through the article to which the original poster linked and I believe the change is being mischaracterized. I can understand why some people would be upset, but I think this is being spun more negatively than is necessary. Under current rules, those with high credit scores and large down payments pay significantly lower rates than those with lower credit scores and smaller down payments. That, of course, is reasonable. Under the new rules, the same will be true. The difference is that the difference between the rates will be decreased. Those with high credit scores will get a slightly higher rate than what was previously available and those with lower credit scores will get a slightly lower rate than previously. But, those with high credit scores and large down payments still get significant cost savings compared to those in the opposite situation.

I have no idea what a "fair" interest rate. Maybe the old rates were fair or maybe they were biased toward the wealthy. Maybe the opposite is true. As I said, I don't know. But, I suspect most others don't know either. But, the bottom line is that nobody is being punished for having a high credit score. They are still getting a significant advantage.
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Where is the cost savings?[/quote]

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