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Real Estate: Under Biden Administration
Rule Set to Take Effect Today, It Pays
to Not Pay

Original Article

Posted By: mc squared, 5/1/2023 10:41:56 AM

A Biden administration rule is set to take effect that will force good-credit home buyers to pay more for their mortgages to subsidize loans to higher-risk borrowers. Experts believe that borrowers with a credit score of about 680 would pay around $40 more per month on a $400,000 mortgage under rules from the Federal Housing Finance Agency that go into effect May 1, costs that will help subsidize people with lower credit ratings also looking for a mortgage, according to a Washington Times report Tuesday. “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


(Fox via Space Coast Daily)
We're already paying for some students' loans, now we have to pay for their mortgages.

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Reply 1 - Posted by: seamusm 5/1/2023 10:47:15 AM (No. 1460342)
This can't be legal - though I'd be hopelessly naive if I really believed this still couldn't happen.
25 people like this.

Reply 2 - Posted by: DougTN 5/1/2023 10:48:45 AM (No. 1460343)
The Democrat Party: punishing the productive and rewarding the unproductive since FDR.
30 people like this.

Reply 3 - Posted by: 3XALADY 5/1/2023 10:50:41 AM (No. 1460344)
Is there a smidgen of our life that this doddering, slobbering old perverted fool hasn't touched or tried to with his merry band of perverts.
27 people like this.

Reply 4 - Posted by: Krause 5/1/2023 10:52:06 AM (No. 1460346)
Even if climate issues, wealth disparities, and quality of life situations could be solved, the democrats are not the ones to do it. All they really do is eff things up, consistently.
14 people like this.

Reply 5 - Posted by: NorthernDog 5/1/2023 10:52:28 AM (No. 1460348)
$40/month is just pocket change for the Big Guy. For everyone else it's nearly $500/year - every year. And with Crazy Joe's higher interest rates you're paying a couple hundred more/month too. Doncha lover Democrat rulers?
18 people like this.

Reply 6 - Posted by: wilarrbie 5/1/2023 10:53:32 AM (No. 1460350)
This affects so many of us, why do we not have any representation of our needs? We are a representative society- where are OUR rights?
24 people like this.

Reply 7 - Posted by: WesternTradition 5/1/2023 10:54:50 AM (No. 1460351)
21 people like this.

Reply 8 - Posted by: Buzzman 5/1/2023 11:00:20 AM (No. 1460356)
Stupid me. I thought having a high credit rating was a good thing. Turns out you get punished for it.
27 people like this.

Reply 9 - Posted by: zephyrgirl 5/1/2023 11:03:02 AM (No. 1460358)
The only solution is to pay cash when buying a house, or if you have to have a mortgage, pay it off as quickly as you can.
15 people like this.

Reply 10 - Posted by: snowoutlaw 5/1/2023 11:03:07 AM (No. 1460359)
By subsidizing those that are more likely to default there will be more defaults, 2008 all over again. Of course that is the real plan.
15 people like this.

Reply 11 - Posted by: Starboard_side 5/1/2023 11:07:32 AM (No. 1460361)
The article isn't clear, is this only for new mortgages, or are they somehow going to be extending this to any mortgage who's borrower has 680 credit score or higher? And, the new fee won't be tax deductible, even if only for new borrowers, I presume. They really need to get the SALT increased to at least 25-30K instead of the current $10K cap. Would help far more middle to upper-middle income families.
2 people like this.

Reply 12 - Posted by: downnout 5/1/2023 11:27:56 AM (No. 1460375)
Please. Explain to me why my life of responsibility should subsidize those who lived irresponsibly. Damn Joe Biden.
25 people like this.

Reply 13 - Posted by: mifla 5/1/2023 11:43:37 AM (No. 1460388)
Sure, hand out mortgages to those who cannot afford them. What could possible go wrong. Liberals are either stupid or corrupt. I suspect the latter.
12 people like this.

Reply 14 - Posted by: Phantomll 5/1/2023 12:40:57 PM (No. 1460437)
"From each according to his ability, to each according to his needs." Sound familiar? Our country is being destroyed from within. FJB!
11 people like this.

Reply 15 - Posted by: volksford 5/1/2023 12:44:20 PM (No. 1460441)
This is a damn tax on a segment of our society .
8 people like this.

Reply 16 - Posted by: EmilioCavaradosi 5/1/2023 12:49:21 PM (No. 1460443)
"Credit scores" were introduced as the result of an "operations research" (OR) study. As a professional "OR scientist" (since1952), I read the original study in one of our technical journals. They were a good idea and quickly adopted by lenders. This move undermines the entire basis for that study. An answer might be for lenders to revert to their previous "seat of the pants" criteria for making loans. (Perhaps they might find a way to "sneak a peek" at the credit score, without formally incorporating it into their lending policy in any way that would be actionable by the feds!)
3 people like this.

Reply 17 - Posted by: hershey 5/1/2023 1:21:07 PM (No. 1460466)
Of course...just another step toward communism...
5 people like this.

Reply 18 - Posted by: curious1 5/1/2023 2:55:58 PM (No. 1460525)
Don't forget folks, Brandon the drooling, doddering fool hasn't the brainpower to think this up. It's the commies controlling him; such as his immediate staff and who they are controlled by, and, of course, Bayrak and his commie clown posse in DC.
2 people like this.

Reply 19 - Posted by: DougTN 5/2/2023 8:51:20 AM (No. 1460994)
George Wallace smiles… how long before the whole separate but equal thing comes back? Not exactly progress.
0 people like this.

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