Things that made you Facepalm today (Political Version)

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04-20-2023, 11:17 AM
Methais

Quote:

Originally Posted by Shaps

https://www.yahoo.com/news/biden-rul...211102885.html

"Biden rule will redistribute high-risk loan costs to homeowners with good credit"

"A Biden administration rule is set to take effect that will force good credit home buyers to pay more for their mortgage to subsidize loans to higher-risk borrowers."

"Federal Housing Finance Agency Director Sandra Thompson said the new rules are designed to "increase pricing support for purchase borrowers limited by income or by wealth" and comes with "minimal" fee changes."

It's just a "minimal" fee on your rates... you can afford it. No big deal.

Bit, by bit, socialism creeping in....

You will now pay higher rates, for being responsible with your finances. You now get to pay more, so others may pay less.

Seran reading this from his cardboard box:

https://media.tenor.com/P5_hF2KzfqEAAAAC/uhhuh-clap.gif

EDIT: God dammit, I was only joking but I should have known better.

Seran you fucking pinecone.
04-20-2023, 12:18 PM
Parkbandit

Quote:

Originally Posted by Suppa Hobbit Mage

Take from the responsible and give to the incredibly irresponsible to subsidize the largest purchase a person makes in their lifetime... yeah this will go really well when the irresponsible default on their loans and the industry needs another bailout from the responsible.

This country has got to vote out the socialist and communists if we are going to survive.

The problem is.. people like Seran benefit from the socialists and communists and believe everyone could just stay home like them and pursue their dreams.

They will only be voted in more and more until the country is destroyed... and thus everyone will be equally miserable and that is how socialism/communism works!
04-20-2023, 12:21 PM
Parkbandit

Quote:

Originally Posted by Seran

And again you didn't bother looking at the source material, rather looked at the lies being peddled by a Conservative panic outlet.

Below is the actual loan level price adjustment matrix that breaks down rates as of May 1st by credit score and loan to value ratio. Notice how consistently the rates increase as the credit score decreases and how the lower the down payment the higher the rates? There is no surcharge there. But you couldn't be bothered to look at the source material as always, you panicked and started frothing like a good Conservative sheep.

Loan-Level Price Adjustment Matrix - Fannie Mae https://singlefamily.fanniemae.com/media/9391/display

Let's play a quick game that is simple enough, even you could answer it.

I purchase a home and use a regular bank to fund my mortgage.

My credit score is 750.

Here's the question: Will I be paying more or less with this new rule going into effect on May 1st? Should I close on April 30th to save money?
04-20-2023, 12:34 PM
Seran

Quote:

Originally Posted by Parkbandit

Let's play a quick game that is simple enough, even you could answer it.

I purchase a home and use a regular bank to fund my mortgage.

My credit score is 750.

Here's the question: Will I be paying more or less with this new rule going into effect on May 1st? Should I close on April 30th to save money?

If you choose a different lender than one affiliated with Fannie Mae then that is your choice, that's not relevant to the article falsely alleging that Fannie Mae is adding surcharges to borrowers using it's services with higher credits scores. Fannie Mae's own disclosed rates show the article as false.
04-20-2023, 12:49 PM
Parkbandit

Quote:

Originally Posted by Seran

If you choose a different lender than one affiliated with Fannie Mae then that is your choice, that's not relevant to the article falsely alleging that Fannie Mae is adding surcharges to borrowers using it's services with higher credits scores. Fannie Mae's own disclosed rates show the article as false.

82% of loans last year were conventional loans. Let's talk about them.
04-20-2023, 12:51 PM
Parkbandit

Why doesn't everyone save money and just get their mortgage through Fannie Mae then.. starting May 1st?
04-20-2023, 01:23 PM
Seran

Quote:

Originally Posted by Parkbandit

82% of loans last year were conventional loans. Let's talk about them.

Feel free to talk about anything you want, but the rest of us are discussing the misleading and incorrect information Shaps was hyperventilating about. If you find something relevant on the Fannie Mae rate list I posted or the program details, feel free to reach out.
04-20-2023, 07:11 PM
Shaps

Quote:

Originally Posted by Seran

And again you didn't bother looking at the source material, rather looked at the lies being peddled by a Conservative panic outlet.

Below is the actual loan level price adjustment matrix that breaks down rates as of May 1st by credit score and loan to value ratio. Notice how consistently the rates increase as the credit score decreases and how the lower the down payment the higher the rates? There is no surcharge there. But you couldn't be bothered to look at the source material as always, you panicked and started frothing like a good Conservative sheep.

Loan-Level Price Adjustment Matrix - Fannie Mae https://singlefamily.fanniemae.com/media/9391/display

You know... I'm really not sure if you just are this dumb, or... no... you are...

Pre May 2023 Example: 660 – 679 0.000% 1.000% 2.250% 2.750% 2.750% 2.250% 2.250% 2.250% 2.250%
Post May 2023 Example: 660 – 679 0.000% 0.000% 0.750% 1.375% 1.875% 2.125% 1.750% 1.625% 1.250%

Pre May 2023 Example: 720 – 739 0.000% 0.250% 0.500% 0.750% 0.500% 0.500% 0.500% 1.000% 1.000%
Post May 2023 Example: 720 – 739 0.000% 0.000% 0.250% 0.750% 1.250% 1.250% 1.000% 0.875% 0.750%

Now I know math is hard for you... but maybe you can figure out what's occurring since I'm helping you along.

If you need the "official letter" from the source - https://singlefamily.fanniemae.com/media/33241/display

Be sure to click on the 2 links in it... one is pre-May 1, and one is post May 1. This hits the middle class - those that put a down payment of 20-40% on their home the most.

You forgot to do your actual homework dumbass... and that's why shit like this can happen slowly but surely...
04-20-2023, 07:19 PM
Shaps

Here's the bottom line of those charts:

Pre - ≥ 740 0.000% 0.250% 0.250% 0.500% 0.250% 0.250% 0.250% 0.750% 0.750%
Post - 740 – 759 0.000% 0.000% 0.125% 0.375% 0.875% 1.000% 0.750% 0.625% 0.500%

Pre - < 6201 0.500% 1.500% 3.000% 3.000% 3.250% 3.250% 3.250% 3.750% 3.750%
Post - ≤ 6391 0.000% 0.125% 1.500% 2.125% 2.750% 2.875% 2.625% 2.250% 1.750%

See it yet?
04-20-2023, 07:32 PM
Parkbandit

Quote:

Originally Posted by Shaps

You know... I'm really not sure if you just are this dumb, or... no... you are...

https://thumbs.gfycat.com/MilkyWater...restricted.gif

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