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re: Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages
Posted on 4/19/23 at 10:44 pm to painman1
Posted on 4/19/23 at 10:44 pm to painman1
You don’t have to redraw district lines when you can flood conservative enclaves with democrat voters through policy. They are looking to take over at the local level nationwide.
1
Posted on 4/19/23 at 10:45 pm to thelawnwranglers
quote:
Hell replace credit score with social score like the chins
Don't worry, that's coming... but I'm scared shitless to see what criteria are considered in a social score as determined by our government. Guarantee my posting on here will be a ding against.
Posted on 4/19/23 at 10:48 pm to Deactived
I saw a great point posted on the Twitter. The likes of Blackrock are pushing this bullshite. The subsidized folks with shitty credit will use the assistance to buy homes that they can't afford, subsidized by the ever-shrinking responsible producer class. They default, and Blackrock etc buy up the properties in auction. They turn the properties into rentals for the shitty credit type folks (section 8) that can't afford the homes.
The whole thing is a disgusting mix of communism (taxing the responsible producers) and fascism (the government and Blackrock types being intertwined).
The whole thing is a disgusting mix of communism (taxing the responsible producers) and fascism (the government and Blackrock types being intertwined).
Posted on 4/19/23 at 10:54 pm to painman1
Man I thought I’d see the silver lining after reading it but this is just punishing those with good credit scores for no good reason. What a dogshit policy put forward by dogshit people.
Posted on 4/19/23 at 10:54 pm to slackster
There is no context needed. This is theft plain and simple.
Posted on 4/19/23 at 11:02 pm to THRILLHO
JFC they are so stupid. Not only will they hurt good borrowers they will help the big banks. The big banks who don’t have to sell the mortgage debt will create special programs that keep things the same for “preferred” buyers. Help the big banks and bums, hurt the responsible borrower and small banks.
Posted on 4/19/23 at 11:06 pm to Jyrdis
quote:
There is no context needed. This is theft plain and simple.
The matrix has been fubar since it’s inception. If you had a credit score of 685, you’d get a better rate borrowing 95% LTV than borrowing 80% LTV, and it’s been that way for almost a decade.
Posted on 4/19/23 at 11:21 pm to slackster
quote:
The matrix has been fubar since it’s inception. If you had a credit score of 685, you’d get a better rate borrowing 95% LTV than borrowing 80% LTV, and it’s been that way for almost a decade.
I bought a house slightly over a year ago, with a credit score in the 780 range. I put 20% down, but my interest rate would have been lower if I had made a smaller down payment. The lower rate would have probably exceeded the PMI. But it was a bizarre range to get the lower interest rate (something like 15-16%, any lower or higher would have increased the interest rate).
It was probably a bad decision, but I still put down the full 20%. I could have taken the money saved with the lower down payment, put it into a basic bitch savings account/bonds, and been OK. But I didn't feel comfortable with the monthly payment by putting down less than 20%, so I did. So it goes...
Posted on 4/19/23 at 11:22 pm to slackster
it's wrong either way, but is this even going to have a significant impact on getting the poors a mortgage
feels like it's going to hurt the vast majority and help very very few
feels like it's going to hurt the vast majority and help very very few
Posted on 4/19/23 at 11:24 pm to BPTiger
quote:
JFC they are so stupid. Not only will they hurt good borrowers they will help the big banks. The big banks who don’t have to sell the mortgage debt will create special programs that keep things the same for “preferred” buyers. Help the big banks and bums, hurt the responsible borrower and small banks.
It will have plenty of unintended consequences on the periphery. As interest rates stabilize, “middle class” home sellers are likely the most impacted. People buy homes based on monthly payments and not purchase price, so the higher borrowing costs will be eaten by the seller. Lower end homes get more expensive, because there is a DTI component that kicks in 8/1/23 that will keep people from being able to afford too much more house.
About 1/8th of the credit scores in the US fall in that 620-679 score range that’s most helped by this change. 65% or so of credit scores will likely pay more, and the rest don’t have high enough scores to qualify for conforming loans.
Posted on 4/19/23 at 11:28 pm to slackster
quote:
About 1/8th of the credit scores in the US fall in that 620-679 score range that’s most helped by this change.
quote:well that pretty much answers my question lol. what a clown show
65% or so of credit scores will likely pay more,
Posted on 4/19/23 at 11:29 pm to GreatLakesTiger24
quote:
it's wrong either way, but is this even going to have a significant impact on getting the poors a mortgage feels like it's going to hurt the vast majority and help very very few
I tend to believe these things are mostly a zero sum game.
Rates go marginally higher for the upper 2/3rds, so home prices there will have to compensate (hence why every realtor association is against this change). Rates get better for the lower scores/class, demand goes up, and “starter” homes go up in value and eliminate the savings.
Posted on 4/20/23 at 4:25 am to biglego
quote:This is why I went trans race like 3 years ago.
”Why was this done? The answer is simple, it was to try to narrow the gap in access to credit especially for minority home buyers who often have lower down payments and lower credit scores,”
Posted on 4/20/23 at 4:29 am to slackster
quote:
It’s a bad policy, but there needs to be some context in this thread too.
It is a poorly written article, for sure.
Posted on 4/20/23 at 5:09 am to THRILLHO
quote:
The likes of Blackrock are pushing this bullshite. The subsidized folks with shitty credit will use the assistance to buy homes that they can't afford, subsidized by the ever-shrinking responsible producer class. They default, and Blackrock etc buy up the properties in auction. They turn the properties into rentals for the shitty credit type folks (section 8) that can't afford the homes.
The whole thing is a disgusting mix of communism (taxing the responsible producers) and fascism (the government and Blackrock types being intertwined).
Ding ding ding. More corporatism.
Posted on 4/20/23 at 5:18 am to Corinthians420
My FICO is 800 plus. So borrow my maximum load up on debt. File bankruptcy and throw a big arse party. Why keep an excellent credit score if it hurts you? All people with good credit scores should do this Just a thought.
This post was edited on 4/20/23 at 5:20 am
Posted on 4/20/23 at 5:27 am to painman1
quote:
Why keep an excellent credit score if it hurts you? All people with good credit scores should do this Just a thought.
Because we still get a better rate? I mean sure you can do all that if u want ur rate to be worse.
Posted on 4/20/23 at 5:31 am to Corinthians420
quote:
Because we still get a better rate? I mean sure you can do all that if u want ur rate to be worse.
Yeah my attempt to clear up the article is being downvoted to oblivion. The headline is accurate, but in absolute terms you’re still better off with good credit. The better your credit, the lower your rate.
Posted on 4/20/23 at 5:31 am to biglego
quote:
Are you having fun yet, white liberals? Is your white guilt being satisfied?
Board Dimshits:
Posted on 4/20/23 at 5:34 am to painman1
Robbing from and hurting taxpayers and homebuyers. Welcome to the democratic party.
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