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Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages
Posted on 4/19/23 at 7:39 pm
Posted on 4/19/23 at 7:39 pm
quote:
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.
LINK
31
Posted on 4/19/23 at 7:40 pm to WONTONGO
Clown world
Posted on 4/19/23 at 7:43 pm to WONTONGO
Keep punishing people for doing the right things and working hard
Posted on 4/19/23 at 7:44 pm to WONTONGO
Posted on 4/19/23 at 7:45 pm to WONTONGO
And yet we forgive other loans completely
Posted on 4/19/23 at 7:45 pm to WONTONGO
The executive branch of the federal government is way too frickin big
Posted on 4/19/23 at 7:45 pm to WONTONGO
Seems wildly unconstitutional. Violates liberty and property interests and equal protection - it's quite literally robbing one group for direct transfer to another, and not in a vague way.
Posted on 4/19/23 at 7:45 pm to WONTONGO
This dude needs a seal team raid .
Posted on 4/19/23 at 7:45 pm to WONTONGO
But no more mean tweets.............
Posted on 4/19/23 at 8:42 pm to POTUS2024
quote:
Seems wildly unconstitutional.
I doubt it stands.
Posted on 4/19/23 at 8:44 pm to Penrod
You voted for this Turnip.
Posted on 4/19/23 at 8:44 pm to WONTONGO
Only Congress can may laws affecting the purse.
Posted on 4/19/23 at 8:52 pm to WONTONGO
There’s no way this is legal
Posted on 4/19/23 at 8:53 pm to WONTONGO
quote:
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.
What could possibly go wrong?
Posted on 4/19/23 at 8:57 pm to WONTONGO
This has to be illegal.
Posted on 4/19/23 at 8:58 pm to WONTONGO
quote:
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.
Typical Biden .....we all know who this benefits and why
Posted on 4/19/23 at 9:02 pm to DaBike
It's as if the Fed Gov was run by Chinese spies.
Posted on 4/19/23 at 9:11 pm to WONTONGO
Does this have any effect on conventional mortgages?
Posted on 4/19/23 at 9:12 pm to ninthward
quote:
It's as if the Fed Gov was run by commies.
FIFY
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