Posted on 04/19/2023 2:24:19 PM PDT by grundle
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.
Lenders and real estate agents say the changes will frustrate homebuyers with high credit scores and homeowners seeking to refinance because the rule punishes them for their relatively strong financial positions.
“The changes do not make sense. Penalizing borrowers with larger down payments and credit scores will not go over well,” Ian Wright, a senior loan officer at Bay Equity Home Loans in the San Francisco Bay Area, told The Washington Times in an email message.
(Excerpt) Read more at washingtontimes.com ...
“The changes do not make sense.”
Yep, makes perfect sense if you’re a Marxist.
Except it doesn't if it's called a riot. Same as the assholes stealing catalytic converters. Your insurance will cover it. Yeah, after the deductible and then there is the inevitable rate hike.
How on earth can this asshole Xiden merely decree this? This like anything else in DC, should be ignored.
Good for him.
I’m keeping my powder dry.
And that brought us to the "Great Recession".
Get ready for Round Two.
“Affordable housing” requirements like that are all the rage with Leftist city councils and county commissions. They should be fought tooth and nail.
Sorry Joey....I’m locked in at 2.6% !
I don’t know how you fight them. They are like contract law. The city/county says, if you want to build here then X number of units can’t be more than Y dollars. You either accept or not. They have full control over what gets built. How do you fight that?
Get new coucilmen and get rid of that nonsense. The idea they can overcome the market with that stuff is absurd.
From each, according to their ability, to each, according to their need.
“Get new coucilmen and get rid of that nonsense. “
The local politicians are from a limited number of families who have been running the government at all levels for several generations. I suspect that’s more or less the case everywhere. My uncle was involved in a similar arrangement in a small Ohio town. He’d meet for lunch with the entire power circle once a week and that was where all the real business was discussed and decided. The public meetings were like Kabuki theater. Included was the sheriff, the judges, etc. The same is true in my county. Even if you managed to get in some new blood, probably they’d discover drugs in his car or something. Even if it was ridiculous, by the time he got cleared he’d have spent his fortune.
The elect new people idea sounds good. But it isn’t practical. And, once someone got elected there’s no way of knowing if they can change anything. For example, suppose the school funding from the state or the feds depends on meeting their other agenda items? You’d defund the schools just so evil developers can raise the price of homes that nobody who is currently voting needs to buy?
Wtf?
bttt
“ When was the last time liberals did anything positive for responsible people?‘
Responsible people are not the constituents of the Democrat Party or of the permanent U.S. government. Both of those entities get their power and wealth from serving the corrupt and the criminal classes. Responsible people are just predictable suckers to people like Joe Biden.
If it wasn’t for the fact that we know these people are evil, one could accuse them of being ignorant of history. Does anyone remember what happened just a few years ago when the government propped up the subprime mortgage business and insisted banks loan to risky borrowers?
On the face of it, it seems our country is being run by 25 year-olds freshly graduated from Stanford University. But the fact is that these decisions are being made by people who know what they are doing. They are deliberately working to destroy our nation’s economy.
Absolutely criminal.
“The city/county says, if you want to build here then X number of units can’t be more than Y dollars. You either accept or not. They have full control over what gets built. How do you fight that?”
You don’t build in that city/county.
“How the hell can Biden, the pResident, do that? He’s not king, this isn’t a monarchy.“
You are mistaken, my friend. Notice how we never hear ANY Republican politician speak out against this, much less - actually DO something against it.
We DO have a ‘monarchy’ of sorts.. our politicians, ALL of our politicians see themselves as our betters and therefore, fit to RULE over us.
We no longer have representation as intended…
This will fuel another sub prime mortgage balloon. Once the recession hits, pop goes the balloon as mortgage defaults sky rocket. Time to short the mortgage market.
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