Things that made you Facepalm today (Political Version)

[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.

[Gelston]

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.

Wtf, it says anyone over 680 will be penalized. 680 isn’t a very good score. Honestly, I wouldn’t try to get a mortgage with one that low.

[Shaps]

Wtf, it says anyone over 680 will be penalized. 680 isn’t a very good score. Honestly, I wouldn’t try to get a mortgage with one that low.

Well now (assuming you're over 680 with that response) - you are going to help pay for all those under 680.

[drumpel]

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.

What the fuck is wrong that dementia riddled dumb motherfucker?

Oh, wait, I just answered my own question. He's too far gone to understand what is going on by the people behind him pulling the strings....dumb, fucking dementia riddled piece of shit.

[Seran]

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.

How you know the article is bullshit is the lack of reference to the underlying rules the Biden Administration issued that are supposedly targeting people with credit scores higher than 680. It's the Washington Times, a conservative hyperventilation media generator. What's funny is no mention of the fact Biden just decreased FHA mortgage insurance premiums across the board by 0.30%, decreasing costs for those homeowners by $800 per month.

https://www.whitehouse.gov/briefing-...-800-per-year/

But in an effort to track down what Conservatives are trying to get people to start panting about other than Trump stealing their money, FoxNews being caught perjurying itself and general Republican incompetence, I did a bit of digging.

FannieMae and FreddieMac have both announced plans to incentivize lenders to incorporate underwriting standards to include positive rent payment history into their rate determination with the goal of making better rates more obtainable for all. How that translates into targeting people with credit scores over 680 isn't spelled out in the hyperventilation article, or by Shaps who as usual didn't research his own article.

https://www.fanniemae.com/about-us/e...g-finance-plan

The details begin in page 19. These changes only apply to mortgages under a Freddie or Fannie program, but essentially positive credit history and 12 month bank statement analysis to determine actual cash flow is designed to help applicants achieve better rates. No where does it say the rich, or high FICO score individuals will be penalized, but the Hyperventilation Times I'm guessing inferred better rates for those who traditionally had worse rates with cause traditional lenders to increase their rates.

I'd welcome any of you with any intelligence whatsoever to cite anything on the Federal Housing Finance Agency website, HUD, or Whitehouse.gov citing penalizing higher credit scores.

https://www.fhfa.gov/mobile/

[~Rocktar~]

Seran, what happens to you when lending money to higher risk customers without increasing the price of the lending to those higher risk lenders?

[Shaps]

How you know the article is bullshit is the lack of reference to the underlying rules the Biden Administration issued that are supposedly targeting people with credit scores higher than 680. It's the Washington Times, a conservative hyperventilation media generator. What's funny is no mention of the fact Biden just decreased FHA mortgage insurance premiums across the board by 0.30%, decreasing costs for those homeowners by $800 per month.

https://www.whitehouse.gov/briefing-...-800-per-year/

But in an effort to track down what Conservatives are trying to get people to start panting about other than Trump stealing their money, FoxNews being caught perjurying itself and general Republican incompetence, I did a bit of digging.

FannieMae and FreddieMac have both announced plans to incentivize lenders to incorporate underwriting standards to include positive rent payment history into their rate determination with the goal of making better rates more obtainable for all. How that translates into targeting people with credit scores over 680 isn't spelled out in the hyperventilation article, or by Shaps who as usual didn't research his own article.

https://www.fanniemae.com/about-us/e...g-finance-plan

The details begin in page 19. These changes only apply to mortgages under a Freddie or Fannie program, but essentially positive credit history and 12 month bank statement analysis to determine actual cash flow is designed to help applicants achieve better rates. No where does it say the rich, or high FICO score individuals will be penalized, but the Hyperventilation Times I'm guessing inferred better rates for those who traditionally had worse rates with cause traditional lenders to increase their rates.

I'd welcome any of you with any intelligence whatsoever to cite anything on the Federal Housing Finance Agency website, HUD, or Whitehouse.gov citing penalizing higher credit scores.

https://www.fhfa.gov/mobile/

You, a moron, are just wrong...

Here's another for you: https://nypost.com/2023/04/16/how-th...h-good-credit/

"How the US is subsidizing high-risk homebuyers — at the cost of those with good credit"

"Fannie Mae and Freddie Mac will enact changes to fees known as loan-level price adjustments (LLPAs) on May 1 that will affect mortgages originating at private banks nationwide, from Wells Fargo to JPMorgan Chase, effectively tweaking interest rates paid by the vast majority of homebuyers"

"“It’s unprecedented,” added David Stevens, who served as Federal Housing Administration commissioner during the Obama administration. “My email is full from mortgage companies and CEOs [telling] me how unbelievably shocked they are by this move.”

"Under the new rules, high-credit buyers with scores ranging from 680 to above 780 will see a spike in their mortgage costs – with applicants who place 15% to 20% down payment experiencing the biggest increase in fees."

"Under the revised LLPA pricing structure, a home buyer with a 740 FICO credit score and a 15% to 20% down payment will face a 1% surcharge – an increase of 0.750% compared to the old fee of just 0.250%."

"Meanwhile, buyers with credit scores of 679 or lower will have their fees slashed, resulting in more favorable mortgage rates. For example, a buyer with a 620 FICO credit score with a down payment of 5% or less gets a 1.75% fee discount – a decrease from the old fee rate of 3.50% for that bracket."

I could keep posting, but you can read it for yourself.

As said... slowly, through little actions like this... take from those that are financially responsible (reflected by their credit score) and subsidize those that are less responsible...

And what do you think will happen next? I know... but you don't.

[Parkbandit]

How you know the article is bullshit is the lack of reference to the underlying rules the Biden Administration issued that are supposedly targeting people with credit scores higher than 680. It's the Washington Times, a conservative hyperventilation media generator. What's funny is no mention of the fact Biden just decreased FHA mortgage insurance premiums across the board by 0.30%, decreasing costs for those homeowners by $800 per month.

https://www.whitehouse.gov/briefing-...-800-per-year/

But in an effort to track down what Conservatives are trying to get people to start panting about other than Trump stealing their money, FoxNews being caught perjurying itself and general Republican incompetence, I did a bit of digging.

FannieMae and FreddieMac have both announced plans to incentivize lenders to incorporate underwriting standards to include positive rent payment history into their rate determination with the goal of making better rates more obtainable for all. How that translates into targeting people with credit scores over 680 isn't spelled out in the hyperventilation article, or by Shaps who as usual didn't research his own article.

https://www.fanniemae.com/about-us/e...g-finance-plan

The details begin in page 19. These changes only apply to mortgages under a Freddie or Fannie program, but essentially positive credit history and 12 month bank statement analysis to determine actual cash flow is designed to help applicants achieve better rates. No where does it say the rich, or high FICO score individuals will be penalized, but the Hyperventilation Times I'm guessing inferred better rates for those who traditionally had worse rates with cause traditional lenders to increase their rates.

I'd welcome any of you with any intelligence whatsoever to cite anything on the Federal Housing Finance Agency website, HUD, or Whitehouse.gov citing penalizing higher credit scores.

https://www.fhfa.gov/mobile/

Jesus...

Once again, you are way out of your element. Stick to things you know something about.

[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.

[Seran]

You, a moron, are just wrong...

Here's another for you: https://nypost.com/2023/04/16/how-th...h-good-credit/

"How the US is subsidizing high-risk homebuyers — at the cost of those with good credit"

"Fannie Mae and Freddie Mac will enact changes to fees known as loan-level price adjustments (LLPAs) on May 1 that will affect mortgages originating at private banks nationwide, from Wells Fargo to JPMorgan Chase, effectively tweaking interest rates paid by the vast majority of homebuyers"

"“It’s unprecedented,” added David Stevens, who served as Federal Housing Administration commissioner during the Obama administration. “My email is full from mortgage companies and CEOs [telling] me how unbelievably shocked they are by this move.”

"Under the new rules, high-credit buyers with scores ranging from 680 to above 780 will see a spike in their mortgage costs – with applicants who place 15% to 20% down payment experiencing the biggest increase in fees."

"Under the revised LLPA pricing structure, a home buyer with a 740 FICO credit score and a 15% to 20% down payment will face a 1% surcharge – an increase of 0.750% compared to the old fee of just 0.250%."

"Meanwhile, buyers with credit scores of 679 or lower will have their fees slashed, resulting in more favorable mortgage rates. For example, a buyer with a 620 FICO credit score with a down payment of 5% or less gets a 1.75% fee discount – a decrease from the old fee rate of 3.50% for that bracket."

I could keep posting, but you can read it for yourself.

As said... slowly, through little actions like this... take from those that are financially responsible (reflected by their credit score) and subsidize those that are less responsible...

And what do you think will happen next? I know... but you don't.

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