equality you bastards.

[GregV814]

Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages

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.

www.washingtontimes.com

 

[Clem72]

It's literally reverse PMI. It's actually the down payment not the credit score that makes the biggest impact to payment in this new system, so a lower loan to value means you pay more. With PMI if you have a high L2V you pay to insure your risk. With this program if you have a low L2V you pay to insure someone else's risk.

 

[glhs837]

Federal Housing Finance Agency Director Sandra Thompson, a Biden appointee, said the fee changes will “increase pricing support for purchase borrowers limited by income or by wealth.” The agency calls the overall fee changes “minimal” and said the moves will ensure market stability.

I note a lack of details in exactly what they are going to do with this money?

 

[rio]

Well if I'm going to be punished for paying my bills and having good credit, why should I bother to pay my bills?

 

[Monello]

Redistribution using smoke & mirrors.

 

[WingsOfGold]

Equity = NOBODY can buy a house.

 

[Monello]

Once people with better credit scores have to subsidize less than good credit score buyers, how long do you think it will be before they go after the cash in people's 401K accounts? Many people have benefits that include an employer match 401K. But the lower paid hourly workers don't get this nice perk. And it creates a wedge between the classes of workers, yada, yada, yada.

Instead of encouraging the have nots to aspire to a job with better bennies, just take it away from the productive workers so things will appear equal.

 

[herb749]

We already pay a part of auto insurance for uninsured or underinsured drivers.

 

[Sneakers]

how long do you think it will be before they go after the cash in people's 401K accounts?

I've already suggested getting a new mattress for myself.

 

[Kyle]

I've already suggested getting a new mattress for myself.

I thought about doing that years ago, but my Ex used to smoke in bed.

 

[glhs837]

Redistribution using smoke & mirrors.

I mean they are not even bothering with either anymore. We are taking your money to give to people who dont have it.

 

[OccamsRazor]

Another thread here....

https://forums.somd.com/threads/may-1st-better-credit-pay-more.394105/

 

[Merlin99]

It's kind of like Barney Frank came out of retirement and started making suggestions.

 

[WingsOfGold]

Next will be a 10% surcharge for cash buyers.