Liberal Forum

     A Biden administration rule is set to take effect that will force good-credit home buyers to pay more for their mortgages to subsidize loans to higher-risk borrowers.

     Experts believe that borrowers with a credit score of about 680 would pay around $40 more per month on a $400,000 mortgage under rules from the Federal Housing Finance Agency that go into effect May 1, costs that will help subsidize people with lower credit ratings also looking for a mortgage, according to a Washington Times report Tuesday.

    "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, told the Times. "It overcomplicates things for consumers during a process that can already feel overwhelming with the amount of paperwork, jargon, etc. Confusing the borrower is never a good thing."

https://news.yahoo.com/biden-rule-redistribute-high-risk-211102885.html?guccounter=1&guce_referrer=aHR0cHM6Ly9kdWNrZHVja2dvLmNvbS8&guce_referrer_sig=AQAAAK-ZZp-bLS9BxXO6xH8o7TUfvRB5BFZJz_K3yrOjtXHJC4OvQv3DOZWfXqynyrRAR2WvQnuEPw--Kuq6AEgwcRmxmz_3oUneJ6y4HrHnv5Zi3rhs00DqMZ61ggrxxc8GcyOn-4As2slew59tifoheuddxaAJNPCJftzrHzEA_5ID

WTF is wrong with these commie bastards? GOOD GRIEF!!!
 

ROG62 » 25 Apr 2023, 5:00 pm » wrote: ↑

25 Apr 2023, 5:00 pm

     A Biden administration rule is set to take effect that will force good-credit home buyers to pay more for their mortgages to subsidize loans to higher-risk borrowers.

     Experts believe that borrowers with a credit score of about 680 would pay around $40 more per month on a $400,000 mortgage under rules from the Federal Housing Finance Agency that go into effect May 1, costs that will help subsidize people with lower credit ratings also looking for a mortgage, according to a Washington Times report Tuesday.

    "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, told the Times. "It overcomplicates things for consumers during a process that can already feel overwhelming with the amount of paperwork, jargon, etc. Confusing the borrower is never a good thing."

https://news.yahoo.com/biden-rule-redistribute-high-risk-211102885.html?guccounter=1&guce_referrer=aHR0cHM6Ly9kdWNrZHVja2dvLmNvbS8&guce_referrer_sig=AQAAAK-ZZp-bLS9BxXO6xH8o7TUfvRB5BFZJz_K3yrOjtXHJC4OvQv3DOZWfXqynyrRAR2WvQnuEPw--Kuq6AEgwcRmxmz_3oUneJ6y4HrHnv5Zi3rhs00DqMZ61ggrxxc8GcyOn-4As2slew59tifoheuddxaAJNPCJftzrHzEA_5ID

WTF is wrong with these commie bastards? GOOD GRIEF!!!

That SOB will attempt to buy votes anywhere.....from bailing out union pension funds to forgiving student loans and now this naked display of ignorance. 
 

RebelGator » 25 Apr 2023, 5:37 pm » wrote: ↑

25 Apr 2023, 5:37 pm

That SOB will attempt to buy votes anywhere.....from bailing out union pension funds to forgiving student loans and now this naked display of ignorance.

 

The ultimate plan just like 2008. These folks will default on the loans.
Banks will repossess them.

Wash, rinse and repeat. Its called neo-liberalist economics.
WASH DC does this all over the world.

THE BIDEN CRIME ORGANIZATION IS NOW WORKING ON ELIMINATING MORTGAGE INTEREST TAX DEDUCTIONS. A PART OF THE MANIFESTO TO MAKE IT DIFFICULT TO BE A HOMEOWNER. 

WHILE THIS IS TAKING PLACE, BIDEN CRIME INC. IS PUSHING OBAMAS EXECUTIVE ORDER NAMED "AFFIRMATIVELY FURTHERING FAIR HOUSING" WHICH WITHHOLDS FEDERAL FUNDS FROM SUBURBAN TOWNS UNLESS THEY AGREE TO THE CONSTRUCTION OF MASSIVE HIGH-RISE LOW-INCOME APARTMENTS PLACED WITHIN SUBURBAN AREAS. 
 

Sumela » 25 Apr 2023, 6:32 pm » wrote: ↑

25 Apr 2023, 6:32 pm

The ultimate plan just like 2008. These folks will default on the loans.
Banks will repossess them.

Wash, rinse and repeat. Its called neo-liberalist economics.
WASH DC does this all over the world.

I figure it's a good deal for joe's banking cronies....create a slush fund from responsible loanees to cover their losses for the bad loans they write....feckless....
 

ROG62 » 25 Apr 2023, 5:00 pm » wrote: ↑

25 Apr 2023, 5:00 pm

     A Biden administration rule is set to take effect that will force good-credit home buyers to pay more for their mortgages to subsidize loans to higher-risk borrowers.

     Experts believe that borrowers with a credit score of about 680 would pay around $40 more per month on a $400,000 mortgage under rules from the Federal Housing Finance Agency that go into effect May 1, costs that will help subsidize people with lower credit ratings also looking for a mortgage, according to a Washington Times report Tuesday.

    "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, told the Times. "It overcomplicates things for consumers during a process that can already feel overwhelming with the amount of paperwork, jargon, etc. Confusing the borrower is never a good thing."

https://news.yahoo.com/biden-rule-redistribute-high-risk-211102885.html?guccounter=1&guce_referrer=aHR0cHM6Ly9kdWNrZHVja2dvLmNvbS8&guce_referrer_sig=AQAAAK-ZZp-bLS9BxXO6xH8o7TUfvRB5BFZJz_K3yrOjtXHJC4OvQv3DOZWfXqynyrRAR2WvQnuEPw--Kuq6AEgwcRmxmz_3oUneJ6y4HrHnv5Zi3rhs00DqMZ61ggrxxc8GcyOn-4As2slew59tifoheuddxaAJNPCJftzrHzEA_5ID

WTF is wrong with these commie bastards? GOOD GRIEF!!!

I read about this.  The unreported upside of this is that it will hopefully help kill the FHA loan program.  Most loans made today are Conventional loans, not FHA.  FHA is for people who can't scrape up enough cash to even pay a reasonable down payment on a house.  So, FHA borrowers have very little "skin in the game" and they would be the first to walk away from a loan when property values drop drastically, or they become unemployed.

Requiring responsible people to make up the difference will drive them away from FHA loans and to Conventional loans.  This is actually a good thing.  Gets more people off the government lending program.  Whenever a government program wants to make adjustments to make that program less viable and less palatable to "takers", I'm all for it.  Sounds odd coming from me.  Sounds like I am supporting welfare lending.  But, the truth is I don't.  Far from it, in fact.
 
 

Poor people suck ****.
 

ROG62 » 26 Apr 2023, 6:12 am » wrote: ↑

26 Apr 2023, 6:12 am

I figure it's a good deal for joe's banking cronies....create a slush fund from responsible loanees to cover their losses for the bad loans they write....feckless....

WASH DC/The West does it all over the world.  Neoliberalism.  They use the IMF of course.  
Name country X that has resources, but it is very poor, deep in debt.
Then pops up the IMF....we will loan loan you billions!!  We love you!
5 yrs later...""Oh you cant pay us back?""....ok, we will take your....copper, iron ore, titanium...AND put you into austerity  
 

Skans » 26 Apr 2023, 8:08 am » wrote: ↑

26 Apr 2023, 8:08 am

I read about this.  The unreported upside of this is that it will hopefully help kill the FHA loan program.  Most loans made today are Conventional loans, not FHA.  FHA is for people who can't scrape up enough cash to even pay a reasonable down payment on a house.  So, FHA borrowers have very little "skin in the game" and they would be the first to walk away from a loan when property values drop drastically, or they become unemployed.

Requiring responsible people to make up the difference will drive them away from FHA loans and to Conventional loans.  This is actually a good thing.  Gets more people off the government lending program.  Whenever a government program wants to make adjustments to make that program less viable and less palatable to "takers", I'm all for it.  Sounds odd coming from me.  Sounds like I am supporting welfare lending.  But, the truth is I don't.  Far from it, in fact.

We used FHA on our two homes...no choice...struggling young family with 2 small children, it was the only way...my mother was gracious enough to loan me the down payment for our first home as it was C4D with a 3 yr balloon...we did what we had to do...
 

ROG62 » 26 Apr 2023, 9:49 am » wrote: ↑

26 Apr 2023, 9:49 am

We used FHA on our two homes...no choice...struggling young family with 2 small children, it was the only way...my mother was gracious enough to loan me the down payment for our first home as it was C4D with a 3 yr balloon...we did what we had to do...

I don't know what a "C4D" is.  But, I am not aware of any FHA loans which have 3-year balloons; or any balloons for that matter.
 

Sumela » 25 Apr 2023, 6:32 pm » wrote: ↑

25 Apr 2023, 6:32 pm

The ultimate plan just like 2008. These folks will default on the loans.
Banks will repossess them.

Wash, rinse and repeat. Its called neo-liberalist economics.
WASH DC does this all over the world.

the government will/did protect the banks, and will force those people out of their homes

Obama did that to something like 5 million or so

Sumela » 25 Apr 2023, 6:32 pm » wrote: ↑

25 Apr 2023, 6:32 pm

The ultimate plan just like 2008. These folks will default on the loans.
Banks will repossess them.

Wash, rinse and repeat. Its called neo-liberalist economics.
WASH DC does this all over the world.

Wall Street Crooks really cleaned up on the repos back then!
Especially Steve Mnuchin, Trumps fave crook!
The mortgage biz collapsed in 2007, so I turned to doing Loan Modifications, then they **** that up too. I loved being a Loan Officer, and helped folks out, but hard times hit afterwards.
Now, big money Chinese and WS crooks are snapping up homes on the cheap, and ordinary folks are shut out! It is DISGRACEFULL!
 

nuckinfutz » 26 Apr 2023, 1:12 pm » wrote: ↑

26 Apr 2023, 1:12 pm

Wall Street Crooks really cleaned up on the repos back then!
Especially Steve Mnuchin, Trumps fave crook!
The mortgage biz collapsed in 2007, so I turned to doing Loan Modifications, then they **** that up too. I loved being a Loan Officer, and helped folks out, but hard times hit afterwards.
Now, big money Chinese and WS crooks are snapping up homes on the cheap, and ordinary folks are shut out! It is DISGRACEFULL!

Thank God for the BIILIONS that *** NEOCON FILTH BAMMY gave to banks        

Mrkelly » 26 Apr 2023, 1:02 pm » wrote: ↑

26 Apr 2023, 1:02 pm

the government will/did protect the banks, and will force those people out of their homes

Obama did that to something like 5 million or so

As you know Im sure - its called NEOLIBERAL ECONOMICS.

WASH DC/THE WEST does it all over the world.  The West is run by vampires.
 

Sumela » 26 Apr 2023, 1:18 pm » wrote: ↑

26 Apr 2023, 1:18 pm

Thank God for the BIILIONS that *** NEOCON FILTH BAMMY gave to banks      

Maobama had nothing to do with the actual collapse, Crimeariver!
That was Ben Bernake's baby!      
 

Bankers wrote it........Biden implements it.

Yup, sounds like WASH DC

What Bankers do to .........Old *** Biden....

Skans » 26 Apr 2023, 10:28 am » wrote: ↑

26 Apr 2023, 10:28 am

I don't know what a "C4D" is.  But, I am not aware of any FHA loans which have 3-year balloons; or any balloons for that matter.

Contract for Deed...

seller set terms, IE interest rate, payment amount and length of contract...basically the seller is the bank...

ROG62 » 26 Apr 2023, 2:00 pm » wrote: ↑

26 Apr 2023, 2:00 pm

Contract for Deed...

seller set terms, IE interest rate, payment amount and length of contract...basically the seller is the bank...

Well, that's fine, I know what that is, but you can't be talking about an FHA loan?