Notice how the rich always get a discount because they can buy in bulk? Their business processing fees are much lower than for a small business. Hence their beautiful credit rating.
The little guy pays full price, pays penalties because they were short on $$.. Couldn't make payment on time... Lucky if they have any credit rating.
So basically what biden is doing is taking away 1% of the perks the rich dudes got in the past which helped them get the great credit ratings.
The little guy gets 1.7% to help get better in life.
PS:because of biden, I'm sure my credit rating went way way down. So in a way, I'm welcoming this.
This only applies to "conforming loans" of no more than $726K (up to $1.1M in very high cost areas). In other words, middle class homes. The rich don't need these loans, if they need a mortgage at all. This rule is aimed squarely at the middle class.
To add to the above, a 740 FICO credit score (where you incur this penalty) isn’t high, and certainly no indication you are “rich”. 742 is the average FICO score for people 58-76. Mine is 820 and I am certainly not rich.
You have no backbone. You support theft from the responsible to subsidize the irresponsible. Go find a leftist forum where your vile lack of morals are welcome. Spppptttt!
How on earth did "people with good credit scores" get translated in your head into "the rich"???