Posted on 04/19/2023 2:17:45 PM PDT by CFW
A new federal Biden rule will force homebuyers with good credit scores to pay higher mortgage rates and fees so they can subsidize people with riskier credit ratings who want to buy a home.
It’s wealth redistribution and will be a disaster since risky homebuyers usually default. The feds will also temporarily ignore lenders’ debt-to-income ratio. It determines if homebuyers can afford to pay their mortgages each month.
The fees are allegedly minimal for now, but you know how that goes.
The fee changes will go into effect May 1 as part of the Federal Housing Finance Agency’s push for affordable housing for risky buyers.
(Excerpt) Read more at independentsentinel.com ...
Bernie Sanders’ Socialism/Communism in full view. Make the good pay for the bad.
Bernie Sanders’ Socialism/Communism in full view. Make the good pay for the bad.
Another day. A few more losses to the leftists.
Yup. Just give everyone in the classroom an “A” and be done with it. Great message, Old Blow, everybody that plays by the rules gets screwed. I look forward to pi$$ing on his grave.
Un-freaking-real.
This can’t be legal.
Why not eliminate credit scores from lending criteria altogether and just equalize all rates & fees for every borrower?
Wait a sec....that would make those with bad credit actually pay for it, at least to some degree. So, no, that wouldn’t work. Probably racist or homophobic or something [I like “othering” because its so meaningless that it can be used in any situation]. Better to just subsidize being a bad borrower.
I have and am living a solution for this.
A chicken in every pot.
The buydem new dilemma
SOMEONE needs to CHALLENGE THIS-—
“The feds will also temporarily ignore lenders’ debt-to-income ratio. It determines if homebuyers can afford to pay their mortgages each month”
It’s like 2008 never happened. Democrats are ready to destroy
the financial real estate markets and banks again in their eternal pandering to their identity group constituencies while demonizing and penalizing the responsible amongst us
You would think. I assume there will be lawsuits to stop this regulation.
People work hard to maintain their credit rating in order to reduce the costs of a mortgage. To penalize them for doing so in order to reward the slaggards that do not worry about paying their debts on time is just another way the government is punishing the responsible and law-abiding.
Whew! That was close! My credit rating just went down. Here’s the rationale: “You have paid off everything and you only owe for credit cards, which you keep paid off monthly. Your score went down because you don’t have enough DIFFERENT KINDS of loans out there.”
OK, says I; but if that is a good reason to lower my credit score, I must be in a different universe than the one I grew up in. :)
People are not born with bad credit. Get over it, libs.
It’s almost as if the executive branch was being extorted by the nation’s enemies.
Equity. This is socialism. This is what they call equity.
“Whew! That was close! My credit rating just went down. Here’s the rationale: “You have paid off everything and you only owe for credit cards, which you keep paid off monthly. Your score went down because you don’t have enough DIFFERENT KINDS of loans out there.””
+++++
Isn’t it crazy how that works? “Hey, you don’t owe much money, you have a decent income, and you have money in savings. That means you are a credit-risk!”
In what world does that make sense?
I pay higher price for car insurance because of illegals!!
“A chicken in every pot.”
Got a 10lb bag of chicken leg quarters his evening in WM for $4.27! Have never seen it that low. They were $9.86 a year ago before they disappeared.
I use it with 6lb of rice to make dog food.
Just saying.
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