Posted on 05/01/2023 9:34:22 AM PDT by SeekAndFind
To each according to their needs.
Atlas’ back has developed a serious itch and twitch
The left is finally beginning to openly attack their base. Sadly, their base is so woke, they’ll take it without push back.
Dubya would approve.
That fool sponsored a bill that handed out free downpayments to the same Oppressed Victims.
hopefully those biden voters who are in the market for home mortgages will like it (financially) from behind, good and hard
Open Class warfare
So I put down 4%.
Get the loan.
Make an early payment of 16% (I was ready to put 20% down).
Would this work?
Oh, yeah. I'm reminded of Eugene Lawson, the "Banker With A Heart", who ruined his depositors but people who "needed" money got the priority and hey, he felt good about himself. Object and you're a heartless bigot.
If they implement this communist BS we must all refuse to borrow a dime. I am pretty sure most of us geezers here are set, and out of the mortgage market. I would be tempted to apply and go through the process only to refuse the loan when it was determined this policy was in place.
You work hard, sacrifice, save, spend responsibly, pay your bills on time - only to pay extra to those who don’t.
Credit unions that don’t do government-backed mortgages will get all the good borrowers.
I was just thinking the same thing. As long as there is no prepayment penalty it would work fine.
This is what was done back in 2005 and 2006 which led to the biggest blow off ever in terms of the housing market and took us down the road of the worst financial recession in a generation.
Basically what you have going on is larger down payments and credit scores to redistribute risky mortgages so those people with a strong and good credit score actually pay the bill for the mortgages that are much riskier for those people who don’t have that kind of credit score.
Meanwhile, Republicans on Capitol Hill and in State Capitols across the country are working to reverse the rule. But, but, but, they still have the Democrat controlled Senate and Joe Biden’s veto pen to contend with.... Elections have consequences.
Do you have the mortgage approved and are already paying off the loan? if so, you should not be affected. I think NEW MORTGAGE APPLICANTS will be affected the most.... unless Congress does something.
Plus a lot of credit unions still do the servicing of the loan. Many may not even sell the loan to Fannie or Freddie.
That is why almost all my mortgages were with local credit unions.
FYI, my last mortgage was with DCU. The credit union for employees of Digital Equipment Corporation. The main frame maker is long gone, but their credit union is still going strong.
My first mortgage in 1990 was with Saint Mary’s Bank. The first credit union in the country. It serviced all the French mill workers that lived on the west side of Manchester, NH. Their motto is: La Casa du Popular (The House of the People). Originally is was St Marie’s Bank. Named after the church right next door.
RE: You work hard, sacrifice, save, spend responsibly, pay your bills on time - only to pay extra to those who don’t.
That’s socialism for you. People elected Joe Biden thinking that he would be more moderate and isn’t Bernie Sanders ( who believes that there should be NO BILLIONARIES in America ).
They didn’t relealize that they elected a puppet whose strings are being pulled by folks who actually AGREE with Bernie Sander’s policies.
And the extermination of America’s middle class.
Average credit score 20-39 is 660-672 according to this:
REALLY GLAD I OWN MY PROPERTY-—FREE & CLEAR
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.