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1
Posted on 4/18/23 at 5:26 pm to Auburn1968
I thought Carter and Obama were terrible, but they're amateurs compared to this moron.
Posted on 4/18/23 at 5:36 pm to keakar
quote:
they cannot just decide to rewrite your mortgage agreement without your consent.
No, but they can collect a government mandated "equity fee" equal to 2% APR of your existing loan.
Posted on 4/18/23 at 5:42 pm to Tchefuncte Tiger
quote:
I thought Carter and Obama were terrible, but they're amateurs compared to this moron.
I really wish people would understand that they aren't screwing up middle class America by accident. We look at them and see moronic policies. They look at themselves and see that they're accomplishing all of their goals. The democrats aren't stupid. They know exactly what they're doing.
Every economic policy that comes out of this administration is designed to take money from likely Republican voters and redistribute it to likely Democrat voters.
Posted on 4/18/23 at 5:47 pm to bird35
quote:
Those bastards hate the middle class who try to do everything right.
They are trying to destroy this country. People think I exaggerate. It is NOT an exaggeration. They want YOU dead. They want America weak.
To anyone naive enough to think I am wrong. Then explain how a grownup with all the information and advisors he can handle at his finger tips, actually votes for something like this?
Posted on 4/18/23 at 5:48 pm to Tantal
quote:
No, but they can collect a government mandated "equity fee" equal to 2% APR of your existing loan.
Lmao
Posted on 4/18/23 at 5:50 pm to Porpus
quote:
Who writes a mortgage for someone with a 420 credit score? Enron Home Finance?
Fannie Mae from 2000 to 2008 with the help of dems.
Posted on 4/18/23 at 6:05 pm to Auburn1968
Wow that sounds like a great idea….. Oh wait
Posted on 4/18/23 at 6:22 pm to Tantal
quote:
No, but they can collect a government mandated "equity fee" equal to 2% APR of your existing loan
No that is not true.
25+ years in Mortgage Business
This is about loan level pricing adjustments on NEW Loans.
Currently LLPA is tier structured every 20pts from 620 to 740
A 640-659 credit score has a 2.5point fee added to the base pricing while a 740 has 0pt LLPA
So 740 at 6% has 0pts the 640 is charged 2.5pts.
They are adding 2 new tiers 740-759 & 760-779 ..
Increasing LLPA for higher scores and lowering them for lower score tiers.
The 640 will now only have a 0.875pt LLPA fee and 740 has 0.5pt LLPA
This for new conventional Agency loans only.
The changes have been pushed back to later in the summer.
Posted on 4/18/23 at 6:27 pm to bird35
The world hates the middle class.....
Can't control them, destroy them! That is really the long term strategy worldwide.
Can't control them, destroy them! That is really the long term strategy worldwide.
Posted on 4/18/23 at 6:39 pm to Auburn1968
quote:
will offer discounted mortgage rates to prospective home buyers with “riskier credit backgrounds” (meaning people with poor credit ratings) to enable them to qualify for a mortgage.
Ah yes...the Bill Clinton method of economic destruction.
Posted on 4/18/23 at 7:15 pm to spacewrangler
quote:
No that is not true.
I was being facetious; however, I don't see anything preventing them from doing what I stated. The Supreme Court ruled years ago that if the government defines it as a "tax", then it's good to go. So, they can call it an "equity tax" and they could use the proceeds to reimburse banks for their losses on defaults.
Posted on 4/18/23 at 7:24 pm to dakarx
quote:underwater auto loans will beat them to the punch
Distressed properties will be flooding the market in short order.
Posted on 4/18/23 at 7:44 pm to UncleFestersLegs
quote:
underwater auto loans will beat them to the punch
Hope so. I'd like to get a King Ranch F-250 with truck nuts on the cheap.
Posted on 4/18/23 at 8:16 pm to spacewrangler
quote:
No that is not true.
25+ years in Mortgage Business
24 yr MLO here and was hoping someone else would beat me to it so I did not have to explain it.
Posted on 4/18/23 at 8:16 pm to stout
Nice.
Posted on 4/18/23 at 8:42 pm to UncleFestersLegs
quote:
underwater auto loans will beat them to the punch
When can we plan on this happening?
Posted on 4/19/23 at 6:51 am to notiger1997
Soon I hope. Wife wants a new car. My dad bought a new truck at the height of the 2008 crash and ten years later it was still worth the same as he paid originally
Posted on 4/19/23 at 6:56 am to bird35
quote:
860 Credit Score
I thought 850 was the max.
Posted on 4/19/23 at 6:56 am to Auburn1968
2006 called and wants its unqualified stated income borrowers back.
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