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re: Fannie Mae and Freddie Mac to adopt more "INCLUSIVE" and "EQUITABLE" credit scores
Posted on 12/6/25 at 8:06 am to Cuz413
Posted on 12/6/25 at 8:06 am to Cuz413
quote:
Isn't this nearly the exact scenario that caused the housing and market crash of 2008?
This appears to be from 2022 and it's not really the same
It's just using different ways to create the credit score. The most common example I see is that they take rental payment history into account now, so that people who rent aren't disadvantaged in scores compared to those with a mortgage, which makes sense. If the point is to show the reliability of the potential lender, the underlying behavior is similar.
There are some other changes like how medical debt is treated, which has positives and negatives.
It seems that it doesn't penalize people for paying down/off their credit cards, which is good for most of us on this board.
0
Posted on 12/6/25 at 8:11 am to jbgleason
quote:
out of the blue it dropped to 650. Pulled my report and a company where I had been an executive years prior folded and defaulted on a credit card.
This is exactly what happened…Sure, Jan.
Posted on 12/6/25 at 8:17 am to tiggerthetooth
The new(est} head cheese for the FHFA is Bill Pulte who was barely a junior at Northwestern University when all the 2008 crap came tumbling down and still in high school when it started.
I'm not denying he's an intelligent man but I would hope someone that had actually experienced that clusterfvck would now be in charge of those agencies.
When it comes to government, it seems history older than a decade is often ignored.
I'm not denying he's an intelligent man but I would hope someone that had actually experienced that clusterfvck would now be in charge of those agencies.
When it comes to government, it seems history older than a decade is often ignored.
Posted on 12/6/25 at 8:19 am to F1y0n7h3W4LL
Are you also claiming this will lead to another 2008?
Cause if you are you sound as dumb as everyone else saying it
Cause if you are you sound as dumb as everyone else saying it
Posted on 12/6/25 at 8:33 am to SDVTiger
quote:
Are you also claiming this will lead to another 2008?
Cause if you are you sound as dumb as everyone else saying it
I'm just saying "hide and watch." History has been known to repeat itself. I've been around the barn a few times and not all dark spots are cow manure but most of them are and once you step in one, now you have experienced history.
Posted on 12/6/25 at 8:52 am to Penrod
quote:
I’m surprised if the Trump Administration is letting this happen.
You know how much money his banking and wall street daddies are gonna make off the fricking bundled CDO's?
Posted on 12/6/25 at 8:55 am to tiggerthetooth
This is basically one of the reasons the 2008 crash happened.
Posted on 12/6/25 at 10:31 am to stout
quote:
The credit score mafia of Equifax, TransUnion, and Experian needs to be looked into anyway.
We found out that Transunion sold our info to loan agencies over the summer when we were looking into consolidating some debt. We’ve been getting harassed several times a day every day since early summer.
There HAS to be something legally wrong with the organization responsible for our credit score selling out info.
Posted on 12/6/25 at 10:34 am to tiggerthetooth
I've seen this movie - literally
Posted on 12/6/25 at 10:49 am to SallysHuman
quote:
This actually isn't that bad, having googled it... headline in unnecessarily dramatic.
The problem isn’t including them, It’s that what will most likely happen is they’ll waterfall to include that once they fail the normal check. It’s just a way to write more trash loans and try to get people to qualify. Home improvement lending has been doing this for years and the portfolios perform exactly like you would expect when you’re bending over backwards to try and qualify a sub 650.
This post was edited on 12/6/25 at 10:54 am
Posted on 12/6/25 at 10:53 am to funnystuff
quote:
Clickbait headline.
They’re going to start incorporating things like utility payment reliability into the mortgage evaluation process. It allows them to reach people who might have never opened up a formal line of credit, but who still reliably pay their debts. The purpose isn’t inclusivity or equitability, the purpose is money.
Appreciate the cliff's notes version. I loathe clickbait headlines.
I'm all for rewarding people for doing the right thing and penalizing people that are shite bags. This isn't a bad thing.
Posted on 12/6/25 at 11:01 am to billjamin
quote:
It’s that what will most likely happen is they’ll waterfall to include that once they fail the normal check.
Wouldn’t paying rent and utilities timely and an adequate income be a better basis for mortgage lending than how many credit accounts a person has open?
Interesting case that happened in my family recently… my daughter and son in law applied for a mortgage- she ended up having a much higher credit score than he did… he has a well paying career, she works part time and raises babies. They are the same age.
The difference? We added her to our capital one when she was 16 or 17 and had her take out a small loan on a new car that we could have bought outright, but knowing it would build her credit and to teach her financial literacy we had her finance about half of it for a 3yr loan.
Her husband, on the other hand, has bought two vehicles outright for cash- but that doesn’t “help his credit”.
His parents raised him Dave Ramsey style… we raised her with an eye for future credit score needs.
It’s interesting how that stuff works and people can easily be penalized for actually being financially responsible and debt adverse.
Posted on 12/6/25 at 11:08 am to SallysHuman
quote:
Wouldn’t paying rent and utilities timely and an adequate income be a better basis for mortgage lending than how many credit accounts a person has open?
You would think so but there’s a lot of inconsistency in reporting from those and that’s why it’s not universally accepted. I’ve never seen a portfolio include those that didn’t have higher default rates.
The origination bros scream for those, the underwriters fight it. It’s just a way to originate more.
ETA. Also these get hammered on the ABS market because Kroll and other ratings agencies don’t play that game and ignore all the TEC, etc.
This post was edited on 12/6/25 at 11:12 am
Posted on 12/6/25 at 11:09 am to Cuz413
Yes, yes it is. Sub prime mortgages!
What the Obama administration did to patch that was atrocious, I had the pleasure of working with a “call center” that handled that out of high school. Not the kinds of individuals you want having and handling your personal information.
What the Obama administration did to patch that was atrocious, I had the pleasure of working with a “call center” that handled that out of high school. Not the kinds of individuals you want having and handling your personal information.
Posted on 12/6/25 at 11:11 am to tiggerthetooth
Haven’t learned, have they?
Posted on 12/6/25 at 11:13 am to pankReb
They sold your debt, not your credit score. Pay your fricking bills and they won’t sell it off in the hopes of getting Pennie’s on the dollar.
No wonder you guys couldn’t keep kiffen
No wonder you guys couldn’t keep kiffen
Posted on 12/6/25 at 11:21 am to tiggerthetooth
If you’re never late making payments on your EBT card account then you should be rewarded.
Posted on 12/6/25 at 11:22 am to SpeedyNacho
quote:
Yes, yes it is. Sub prime mortgages!
How would this lead to "sub prime" mortgages
quote:
What the Obama administration did to patch that was atrocious
What did they do to patch it that was atrocious?
Posted on 12/6/25 at 11:25 am to SpeedyNacho
quote:
They sold your debt, not your credit score. Pay your fricking bills and they won’t sell it off in the hopes of getting Pennie’s on the dollar. No wonder you guys couldn’t keep kiffen
I would point out your complete, outright stupidity but the fact you still can’t even spell his last name correctly speaks enough to everyone.
Posted on 12/6/25 at 11:32 am to pankReb
quote:
There HAS to be something legally wrong with the organization responsible for our credit score selling out info.
Trigger leads. They make a killing especially if you have good credit you will get crushed by lenders
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