Posted on 04/19/2023 2:24:19 PM PDT by grundle
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.
Lenders and real estate agents say the changes will frustrate homebuyers with high credit scores and homeowners seeking to refinance because the rule punishes them for their relatively strong financial positions.
“The changes do not make sense. Penalizing borrowers with larger down payments and credit scores will not go over well,” Ian Wright, a senior loan officer at Bay Equity Home Loans in the San Francisco Bay Area, told The Washington Times in an email message.
(Excerpt) Read more at washingtontimes.com ...
ping
Deep State’s premeditated murder of the middle class continues apace.
And not just in the US.
NONE of this is a coinkydink.
More info here:
https://www.mortgagenewsdaily.com/news/01192023-big-llpa-changes
Looks like the fees are calculated as part of the closing cost.
This is just for Freddie Mac and Fannie Mae loans.
The reason for inequality is inequality.
Trying to make Black People equal with laws is injustice to those who are more equal, better
It’s called a democracy when the majority can take from the few.
Shocked!
Notice how Dems time these bombs to explode well after the next election.
“Government is the great fiction, through which everybody endeavors to live at the expense of everybody else.”
― Frederic Bastiat
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