Posted on 05/02/2023 5:29:18 AM PDT by Kaiser8408a
Joe Biden should be nicknamed “The Punisher” for his new woke mortgage idiocy.
Starting yesterday, the Federal Housing Finance Agency’s mortgage pricing adjustments will increase fees for borrowers with high credit scores while reducing costs for those with subpar credit scores. This upside-down policy is blatantly socialism, and one can’t help but wonder if anyone in the Biden administration learned anything from the subprime mortgage meltdown that occurred more than a decade ago.
As part of the Biden administration’s plan to make housing affordable for everyone (we’ve seen this story before), upfront fees for loans backed by Fannie Mae and Freddie Mac will be adjusted based on the borrower’s credit score. Borrowers with high credit scores will pay more in fees, while those with lower credit scores will pay less.
The Wall Street Journal cited data from Evercore ISI that shows borrowers with credit scores between 720-759 who make around 15-20% down payments will see loan-level pricing adjustment (LLPA) costs rise by .750%. Inversely, under the new adjustments, risky borrowers with a credit score below 639 and who put down only 5% of the value of their home will only have to pay 1.750%, compared with 3.750% under old rules. ple names. And get lost leaving the podium.
According to the FHFA, the new adjustments will redistribute funds to reduce the interest rate costs paid by risky borrowers. This sounds like socializing home buying to us.
Joe Biden’s new nickname is “The Punisher.” Not only for this sick and twisted theft from people who work hard and are careful with their credit, but also for his crazy obsession with going green and driving energy prices (and inflation) through the roof.
(Excerpt) Read more at confoundedinterest.net ...
Joe Biden’s new nickname is “The Punisher.” SERIOUSLY???
Joey’s nicknames are “Pants Pooper, Hair Sniffer, Kid Diddler, Pervert, Pedophile, Sexual Deviant, Moron, LIAR, Plagiarist, and Traitor but NO WAY “Punisher”
Rewarding failure and bad behavior. Punishing good. This won’t have the effect they are advertising.
It’s blatantly racist.
Wealthy people can have bad credit scores, as poor people can have good scores. It’s a measure of responsibility for paying debts, Biden is rewarding irresponsibility. It’s worse than some typical tax the rich program. I thought it was something from the Bee when I first read it.
If this is allowed to exist…how much longer before this trickles down to purchases if every day appliances …products and food?
and what’s the penalty for putting down 50% or more?
total bs
healthcare. housing. next up... food price ‘fixes’
welcome to commie-ville
It’s blatantly racist.
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More importantly, it’s illegal because it seizes personal property without due process of law, i.e, Fourth Amendment violation.
It is not about helping. It is about division and agitation.
the US sure could use an old fashioned Soviet style “purge” on some of these people.
the same thing has basically been happening in college financial aid for a while...so why not expand this to the mortgage market? /s
disgusting bit of social engineering that will likely backfire in mortgage defaults and banking problems.
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