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re: The war on those with good credit
Posted on 4/18/23 at 4:13 pm to bird35
Posted on 4/18/23 at 4:13 pm to bird35
quote:
Those bastards hate the middle class who try to do everything right.
I wouldn't say it's the middle class. Throw away income for a minute and think of the 1800s when people where judged by class, money, race, who were your parents. A sort of caste system.
Then around 1900 we see the change to individualism and meritocracy. You can move up based on your actual abilities no matter your money, parents, race, etc.
Now, the left has reverted back to a new 1800s caste system. You are special if you are a certain race, gender, poor, etc.
Virtue points scored by your birth are more important than your achievements in life.
This post was edited on 4/18/23 at 4:14 pm
0
Posted on 4/18/23 at 4:13 pm to JohnnyKilroy
quote:
Gonna have to explain this one lmao. I have an existing mortgage with a defined principal and interest payment. How does the bank propose to “charge me more” leading to a higher monthly payment?
i believe they are talking about those with adjustable mortgages
if you have a fixed mortgage, unless you restructure it, nothing should change for you, but if you buy new mortgage you will get screwed
Posted on 4/18/23 at 4:15 pm to Auburn1968
quote:
Where did you read that they intend to change existing mortgages in that report? I wouldn't put it past the slime-balls, but that's not what the report said.
quote:
So people holding lower-cost mortgages because they have a good credit rating will be charged more, leading to their monthly mortgage payments going up
Posted on 4/18/23 at 4:16 pm to bird35
quote:
420 Credit Score would have paid 8.5% last month.
Who writes a mortgage for someone with a 420 credit score? Enron Home Finance?
Posted on 4/18/23 at 4:16 pm to keakar
quote:
i believe they are talking about those with adjustable mortgages
What makes you believe that? The article makes zero distinction. Simply said that holders of low cost loans will now have to pay for bad credit borrowers.
Posted on 4/18/23 at 4:20 pm to Auburn1968
From each according to his ability to each according to his need
Posted on 4/18/23 at 4:21 pm to keakar
quote:
i believe they are talking about those with adjustable mortgages
Well they should say that with clarity, as adjustable rate make up about 11-12% of the mortgages out there in the USA.
America is home of the 30 year fixed, so any reasonable person of average intelligence would be free to assume fixed.
The OPs premise and quoted passage is a 100% lie, based off current practiced norms in this country.
It is completely cool to complain about Biden and his dumbass policies, just do not be a dumbass about it.
Posted on 4/18/23 at 4:24 pm to scurvydawg
quote:
Refinanced Dec 2020 @ 1.75%. With today's interest rates, it's almost free money.
It was just insanity back then....glad I took advantage of it as well but let's go back to before that.
At 797 I got 3.75% in 2016....today with 830 I'd be paying damn near double the interest if I wanted to buy a new house.
Posted on 4/18/23 at 4:26 pm to Auburn1968
we already did this type of crap and it got us the 2008 housing collapse
Posted on 4/18/23 at 4:27 pm to Auburn1968
The goal is to make buying a home very very hard.
You will live in the pod, you will eat the bugs.
You will live in the pod, you will eat the bugs.
Posted on 4/18/23 at 4:32 pm to Night Vision
quote:
Seems like we've seen this movie before.
This is the idiocy of the left. Doing the same things over and over and expecting different results. I have truly grown to hate fricking liberals including family members.
Posted on 4/18/23 at 4:35 pm to JohnnyKilroy
quote:
What makes you believe that?
because your mortgage is a loan agreement with established fees and rates. they cannot just decide to rewrite your mortgage agreement without your consent.
they can however do things that effect variable or adjustable-rate mortgage by changing the things used to adjust what you pay because agreeing to adjustable mortgage says the rates can be changed.
the wording is important because there may be things in HUD or FHA government backed mortgages that allow them changing rates.
for the average person who didnt get government loan, nothing should change for them if its a fixed rate mortgage
This post was edited on 4/18/23 at 4:37 pm
Posted on 4/18/23 at 4:53 pm to tiggerthetooth
quote:
The goal is to make buying a home very very hard.
If the part of this is true about helping lower income folks with bad credit, how is the goal as you see it to make it harder to buy a home?
Posted on 4/18/23 at 4:58 pm to bird35
quote:
who try to do everything right.
This is whats so infuriating! I work my arse off. Have held the same job for 18 years. My wife has done the same. We have great credit, live well within our means but yet are attacked constantly by the fed because they want to provide for those that havent been responsible.
Posted on 4/18/23 at 5:06 pm to stout
quote:
Not true. It's great for my business.
What do you do?
Posted on 4/18/23 at 5:06 pm to bird35
quote:
860 Credit Score
impressive.
Posted on 4/18/23 at 5:07 pm to keakar
quote:
for the average person who didnt get government loan, nothing should change for them if its a fixed rate mortgage
How many excellent credit score borrowers are getting these?
Posted on 4/18/23 at 5:09 pm to TDsngumbo
Who do you hang with?
Never met a single person with bad credit. Well congrats I guess. But you have never worked the rent to own business or delivered pizza lol
Never met a single person with bad credit. Well congrats I guess. But you have never worked the rent to own business or delivered pizza lol
Posted on 4/18/23 at 5:16 pm to TDsngumbo
quote:
What do you do?
Manage (repair, maintain, evictions, etc) foreclosures for banks
Posted on 4/18/23 at 5:16 pm to bird35
quote:
Those bastards hate the middle class who try to do everything right.
Yeah bc they can’t threaten to remove their treat if they don’t do a trick on command
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