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

[AriesTH]

https://www.washingtontimes.com/news...omebuyers-sub/

I'm sure it's some kind of clickbait title because there's no way that actually makes sense? lmao

From the first few paragraphs of the article:

"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.

The fee changes will go into effect May 1 as part of the Federal Housing Finance Agency’s push for affordable housing, and they will affect mortgages originating at private banks across the country. The federally backed home mortgage companies Fannie Mae and Freddie Mac will enact the loan-level price adjustments, or LLPAs.

Mortgage industry specialists say homebuyers with credit scores of 680 or higher will pay, for example, about $40 per month more on a home loan of $400,000. Homebuyers who make down payments of 15% to 20% will get socked with the largest fees."

discuss

[Getter_done]

Location: Vancouver, B.C, Canada

[kcadrenalin]

It's like we learned nothing from the last sub-prime lending fiasco.

[Postmort3m]

Just when you think clown world has peaked, another car pulls up and 20 big-shoed, red-nosed f*ckers jump out

[leafs43]

Probably in line with the "whitey can pay extra" logic coming out of the left wing these days

[Babayagawick85]

Just when you think clown world has peaked, another car pulls up and 20 big-shoed, red-nosed f*ckers jump out

Lold

Seriously starting to think this is intentional

[hendrixfreak70]

The new fees will apply only to Americans buying houses or refinancing after May 1.

Glad they clarified that. I would legit sell my house before I pay the government any more "fees." Also, just LOL at liberals.

[AriesTH]

Location: Vancouver, B.C, Canada

lol'd

I mean, BC news regularly tells us about how residents should be careful about bears going into their back yard to open their garbage cans, or has segments for cooking new recipes

Can you blame me for wanting to pay attention to more "news worth" news?

[kcadrenalin]

Work extra jobs
Save
Sacrifice
Make fiscally wise decisions
Basically do everything right

Ok, I think I have everything lined up to buy a house and get a good interest rate.

Government: Sorry pal, we are going to have to penalize you to help lazy people get themselves a house. They deserve it.

[sgregor249]

I'm guessing this only effects FHA loans and not conventional too. The article doesn't say.

[Godfrd824]

Just pass the costs onto your tenants.

[AriesTH]

I'm guessing this only effects FHA loans and not conventional too. The article doesn't say.

I'm not American so don't really know the details - aren't FHA loans essentially where you only put down 5%? The article did say somewhere in it something about penalizing people who put down 10, 15, or 20%.

[N0stradamus]

This is already happening in California. I have a high credit score and high salary, therefore I have to pay more for health insurance to subsidize the cost of migrants and Pooky & RayRay in the hood.


Southern California Edison and SoCal Gas are also proposing rate hikes for high-income households to subsidize Blacks and Latinos.


This sh/t is ridiculous....

[frankdtank20]

I know California recently introduced a program where they'll pay up to 20% of a house's value. When you sell the house, they get their percentage of the value of the house. The state and multiple cities are facing such huge financial problems in the near future that they're now going into trying to make a profit off real estate investing. Of course the state is not going to be paying any of the property taxes on the properties they're investing in.

[Vhagar]

Just when you think clown world has peaked, another car pulls up and 20 big-shoed, red-nosed f*ckers jump out

Fuking Ded

[WoofieNugget]

That can't be reality, although the sad thing is nowadays it wouldn't surprise me.

[GaryRidgway]

Location: Vancouver, B.C, Canada

[AriesTH]

i didnt vote for him i swear lol

@woofie: I'm sure it will happen up here in Canada before too long

[Tradercel]

Wait... so people with good credit will be paying MORE in interest than ****-tier credit people? Can't be right. Makes 0 sense.

Are they seriously making good credit people pay for the mistakes of poor credit people?

Here's a simple answer... how about the people with **** credit don't get to buy a house, or the bank gives THEM higher interest rates for being ****heads.

I thought this is what interest rate hikes were for? Are they now saying that poor people with crap credit can't handle interest rate hikes and now we need to start helping the banks pay for delinquencies/defaults?

[BigGuyTruth]

It seems like there is less and less incentive to working hard and being successful.

[Scarrdbutsmartr]

Living through this administration is wild.

This is what happens when you pack your administration with diversity and potentially not qualified candidate.

Im almost here:

[OliverHeldens]

It's like we learned nothing from the last sub-prime lending fiasco.

Lol, this is bull****. But you are clueless about this stuff.

[EliteBrah]

Biden will win reelection
if you do the math, its nearly impossible for democrats to win a national election without the black vote

58% of white people voted for Trump in 2020 vs 42% for biden. despite that massive 16% disparity Trump still lost the election

why?

because 87% of black people voted for biden. Biden will continue to buy black votes to win re-election. They need this vote in the mid to high 80s to win. if for example only 75-80% of blacks vote for dems, the republicans win the election + house + senate

Policies like these.. low credit score low downpayment homebuyers.. targeted squarely at the black community

[Jms89]

hope to god this communist and his sloot are not re-elected.

[gmenfan40]

So they're incentivizing to have sh!tty credit and blow off bills? I'll stop paying my bills tomorrow. (Ded fkn Srs)

[Babayagawick85]

It seems like there is less and less incentive to working hard and being successful.

The death of the west


This is intentional dead srs

[RollTideBrah]

fuk jews for bringing blacks over to work on their plantations

[Babayagawick85]

fuk jews for bringing blacks over to work on their plantations

Lol wtf

[RollTideBrah]

Lol wtf

stay prepared stay alert and NEVER RELAX around jews and blax

[Titansfan08]

Well considering Biden's voters are poor leeches they will eat this chit up