Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages

[NavigatorII]

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.The fee changes will go into effect May 1 as part of the Federal Housing Finance Agency’s push for affordable housing, and they will affect mortgages originating at private banks across the country. The federally backed home mortgage companies Fannie Mae and Freddie Mac will enact the loan-level price adjustments, or LLPAs.

Mortgage industry specialists say homebuyers with credit scores of 680 or higher will pay, for example, about $40 per month more on a home loan of $400,000. Homebuyers who make down payments of 15% to 20% will get socked with the largest fees.

Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages

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.

www.washingtontimes.com

We are living in a movie, a BAD one.

 

[Capt Ron 1]

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.The fee changes will go into effect May 1 as part of the Federal Housing Finance Agency’s push for affordable housing, and they will affect mortgages originating at private banks across the country. The federally backed home mortgage companies Fannie Mae and Freddie Mac will enact the loan-level price adjustments, or LLPAs.

Mortgage industry specialists say homebuyers with credit scores of 680 or higher will pay, for example, about $40 per month more on a home loan of $400,000. Homebuyers who make down payments of 15% to 20% will get socked with the largest fees.

Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages

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.

www.washingtontimes.com

We are living in a movie, a BAD one.

I would think this has to be passed in to law?

 

[NavigatorII]

I would think this has to be passed in to law?

I have no idea. It's set to start May 1st.

 

[nail1988]

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.The fee changes will go into effect May 1 as part of the Federal Housing Finance Agency’s push for affordable housing, and they will affect mortgages originating at private banks across the country. The federally backed home mortgage companies Fannie Mae and Freddie Mac will enact the loan-level price adjustments, or LLPAs.

Mortgage industry specialists say homebuyers with credit scores of 680 or higher will pay, for example, about $40 per month more on a home loan of $400,000. Homebuyers who make down payments of 15% to 20% will get socked with the largest fees.

Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages

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.

www.washingtontimes.com

We are living in a movie, a BAD one.

its just like slick Willie did with no income verification loans in the 90’s causing the 2008 crash

 

[Gator Fever]

Crazy stuff

 

[NavigatorII]

Crazy stuff

Insanity. Punishing responsible people to subsidize the irresponsible.

 

[greyghost14]

Classic redistribution, now I’m all for “affordable housing” but let’s start at the most obvious place …… lower the freaking prices.

Not much really angers me (check that, quite a bit of crap angers me), but this is one of them. Let’s screw the people that have worked hard at establishing good to great credit by making them pay more money because of it.

I’ll stop now because I really don’t like myself when I go off the deep end.

 

[kygator1969]

I'm going to start a company that helps people lower their credit scores.

 

[GhostOfMatchesMalone]

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.The fee changes will go into effect May 1 as part of the Federal Housing Finance Agency’s push for affordable housing, and they will affect mortgages originating at private banks across the country. The federally backed home mortgage companies Fannie Mae and Freddie Mac will enact the loan-level price adjustments, or LLPAs.

Mortgage industry specialists say homebuyers with credit scores of 680 or higher will pay, for example, about $40 per month more on a home loan of $400,000. Homebuyers who make down payments of 15% to 20% will get socked with the largest fees.

Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages

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.

www.washingtontimes.com

We are living in a movie, a BAD one.

So @NavigatorII helping bail out @BSC911 and @Mdfgator?

 

[Orangeclad]

There is no better example than this of how this country is on a suicide mission. Merit and success are punished and villified. Do what used to be the right thing and now it's punished. Be an achiever in school and have AP classes taken away. Work as hard as you can as a biological female to excel in swimming or volleyball or a variety of sports and now have that taken away by boys. Example after example of where this country has flipped completely upside down.

As China continues to effort a course of world domination, they have to be laughing at the way this country is being governed. What do you think China would have done with a U.S. spy balloon meandering over China?

 

[greyghost14]

There is no better example than this of how this country is on a suicide mission. Merit and success are punished and villified. Do what used to be the right thing and now it's punished. Be an achiever in school and have AP classes taken away. Work as hard as you can as a biological female to excel in swimming or volleyball or a variety of sports and now have that taken away by boys. Example after example of where this country has flipped completely upside down.

As China continues to effort a course of world domination, they have to be laughing at the way this country is being governed. What do you think China would have done with a U.S. spy balloon meandering over China?

I don’t think China is laughing at the way our country is being governed, I think they are encouraging it.

 

[BCSpell]

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.The fee changes will go into effect May 1 as part of the Federal Housing Finance Agency’s push for affordable housing, and they will affect mortgages originating at private banks across the country. The federally backed home mortgage companies Fannie Mae and Freddie Mac will enact the loan-level price adjustments, or LLPAs.

Mortgage industry specialists say homebuyers with credit scores of 680 or higher will pay, for example, about $40 per month more on a home loan of $400,000. Homebuyers who make down payments of 15% to 20% will get socked with the largest fees.

Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages

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.

www.washingtontimes.com

We are living in a movie, a BAD one.

SO, now Biden and the DIMS are telling me its beter to have bad credit when trying to buy a house?????

It's actually just another corporate bail out for the banks, but instead of using Tax $, which Congress would need to pass, he is allowing banks to socket to high credit lower risk borrowers.

 

[RayGravesGhost]

What a stream of dumb crap from people who don't know anything about the change.

 

[NavigatorII]

SO, now Biden and the DIMS are telling me its beter to have bad credit when trying to buy a house?????

It's actually just another corporate bail out for the banks, but instead of using Tax $, which Congress would need to pass, he is allowing banks to socket to high credit lower risk borrowers.

It's Bill Clinton Part Deau. It's roots are what gave birth to the 2007 banking depression.

 

[NavigatorII]

I'm going to start a company that helps people lower their credit scores.

Damn it!!! Funniest post of the week! 😂😂😂

 

[BamaFan1137]

I'm going to start a company that helps people lower their credit scores.

That's freaking genius. 🤣

 

[NorthJerseyGator]

I'm going to start a company that helps people lower their credit scores.

You can kick back with a Bud(check that, a Schlitz) in your comfy recliner watching football and old school TNT "movies for guys who like movies" marathons while taking client calls who are asking about purchasing useless shit and your response to every one of them will be:

 

[blubo]

 

[Capt Ron 1]

There is no better example than this of how this country is on a suicide mission. Merit and success are punished and villified. Do what used to be the right thing and now it's punished. Be an achiever in school and have AP classes taken away. Work as hard as you can as a biological female to excel in swimming or volleyball or a variety of sports and now have that taken away by boys. Example after example of where this country has flipped completely upside down.

As China continues to effort a course of world domination, they have to be laughing at the way this country is being governed. What do you think China would have done with a U.S. spy balloon meandering over China?

This is how democrats get elected...their supporters are low IQ, Low income, hand out gubment freebie professionals.

 

[BillytheC]

fortunately I own my house free and clear- my credit score is almost at the top number- if I had a mortgage I would be paying a 1% penalty on my mortgage- this is a RULE brandon started which means it is not a passed law and will sunset at some point - it is a race card play totally

Biden raises costs for homebuyers with good credit to help risky borrowers

The administration's new rule will reduce mortgage fees for riskier borrowers but will be subsidized by borrowers with higher credit scores.

www.newsweek.com

 

[BillytheC]

Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages

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.

www.washingtontimes.com

biden is factually the dumbest sumbitch to be the President in my life time

 

[Dr. Nole]

Just another log on the fire thats burning down our country.

sad how many times I have thought “we’ll, I’m 60 yrs old so hopefully I die before I really have to see the results of all this madness”

 

[Capt Ron 1]

Just another log on the fire thats burning down our country.

sad how many times I have thought “we’ll, I’m 60 yrs old so hopefully I die before I really have to see the results of all this madness”

Dude...I think of this often. I never had kids. I am in the Auto business, and this EV BS is unbelievable to me. I will be done in 5-6 years...so I will miss the EV BS for the most part. But NO ONE is talking about who will pay the 18.4% federal gas tax when EV's are entering the market. The money has to come from somewhere! My guess is...the communists will attach it to EVERYONE's home power bill...which is so unfair. But that is how socialists/communists govern.

 

[nail1988]

What a stream of dumb crap from people who don't know anything about the change.

please elaborate? I will hang up and listen 👂

 

[NorthJerseyGator]

Just another log on the fire thats burning down our country.

sad how many times I have thought “we’ll, I’m 60 yrs old so hopefully I die before I really have to see the results of all this madness”

I dislike when older people talk like this....as if they don't give a shite about their kids, grandkids and so on. I'm middle aged and have lived a rough life growing up poor. I don't want my descendants lives to be harder than mine was.

 

[jsfgators]

What a stream of dumb crap from people who don't know anything about the change.

You got a defense for this?

 

[jsfgators]

Dude...I think of this often. I never had kids. I am in the Auto business, and this EV BS is unbelievable to me. I will be done in 5-6 years...so I will miss the EV BS for the most part. But NO ONE is talking about who will pay the 18.4% federal gas tax when EV's are entering the market. The money has to come from somewhere! My guess is...the communists will attach it to EVERYONE's home power bill...which is so unfair. But that is how socialists/communists govern.

I work in a control room for an electric utility company. Another thing no one explains is that the conductor ( power lines ) are only rated to carry a certain amount amperage before it melts ( literally ). As it stands today, many utilities have trouble in areas rerouting power because the facilities are already burdened under existing load. What happens when eveyone starts plugging their car in. The nations electic grid is NO WHERE NEAR capable of doing what they project with the EVs by 2030 or whatever the date is. It will melt the syste down

 

[nail1988]

please elaborate? I will hang up and listen 👂

@RayGravesGhost

 

[BamaFan1137]

@RayGravesGhost

View embedded media

I promise you that Ray is ecstatic over this crap.

 

[Mdfgator]

Peanuts. Anyone ever heard of progressive taxes? LOL


#sheeple

 

[BamaFan1137]

Peanuts. Anyone ever heard of progressive taxes? LOL


#sheeple

No reference of "just the tip" from Brandon?

I felt sure...given your love of the tip and all.

 

[Mdfgator]

No reference of "just the tip" from Brandon?

I felt sure...given your love of the tip and all.

It’s not just he tip the tax code has been the great equalizer for as long as it’s been around. Some presidents do it better, Reagan Clinton some do it worse, you don’t want me naming names…

 

[BamaFan1137]

It’s not just he tip the tax code has been the great equalizer for as long as it’s been around. Some presidents do it better, Reagan Clinton some do it worse, you don’t want me naming names…

Ahh...it's different. I read you. I figured it was.

#sheep

 

[RayGravesGhost]

You got a defense for this?

A "defense"? I wouldn't call it a defense.
I would say its a better explanation than what appears in the newspapers

The LLPA matrix is adjusted as a standard matter of mortgage business
The fee takes into a account a lot of variables but is primarily driven by LTV & DTI

The LLPA matrix hasn't been adjusted in 15 years
The adjustements will most affect borrowers with high LTVs, high balance loans & Cash Out refinancers

(Cash out refinance stimulates inflation)

Across the universe of affected loans (Fannie & Freddie) we're talking 3 or 4 basis points
As MDF said..."peanuts"

That's for access to the federal guarantee, increased opportunty for first time buyers, better functioning markets and some increased capital for the GSEs...

Here's a good analysis from Experian

https://www.experian.com/blogs/insights/2023/04/impact-of-changes-to-llpa-grids/



Here's an explanation of why its not ANYTHING like NINJA loans or any of the other blabber people on this thread are posting


https://www.msn.com/en-us/money/rea...he-cost-of-those-with-good-credit/ar-AA19VQSK

The two firms are bound by their charters to help improve access to affordable mortgage loans. They do this in part by using the “cross-subsidization” model, in which some borrowers are charged slightly more for loans while others are charged less.

Overall, lower-credit buyers will still pay more in LLPA fees than high-credit buyers – but the latest changes will close the gap.

The official said the LLPA changes will result in an average price hike of just three to four basis points, or 0.03% to 0.04%, across the spectrum of mortgage recipients – the equivalent of a few dollars per month.

The agency asserts the LLPA changes will help maintain financial health at Fannie and Freddie — a key element of its responsibility as conservator.

“These changes to upfront fees will strengthen the safety and soundness of the Enterprises by enhancing their ability to improve their capital position over time,” FHFA Director Sandra Thompson said in a statement earlier this year.

 

[Mdfgator]

Ahh...it's different. I read you. I figured it was.

#sheep

You are still wondering in the dark

Just the tip is a tricky one that’s for sure

#sheep

 

[GhostOfMatchesMalone]

Notice that the posters who can no longer afford Gold Membership think this is a great idea.

 

[Orangeclad]

Damn it!!! Funniest post of the week! 😂😂😂

Maybe Biden thinks h

Dude...I think of this often. I never had kids. I am in the Auto business, and this EV BS is unbelievable to me. I will be done in 5-6 years...so I will miss the EV BS for the most part. But NO ONE is talking about who will pay the 18.4% federal gas tax when EV's are entering the market. The money has to come from somewhere! My guess is...the communists will attach it to EVERYONE's home power bill...which is so unfair. But that is how socialists/communists govern.

California is already planning on charging for electrcity based on income. Is food in the grocery stores next.

 

[NavigatorII]

I'm going to start a company that helps people lower their credit scores.

KyGator Consulting, how may I help you?
Client: should I get those new pump up Nikes and a set of spinning rims?
KyGator: Absolutely.........stumbles into kitchen and cracks his 5th beer before noon.

😂

 

[NavigatorII]

Maybe Biden thinks h

California is already planning on charging for electrcity based on income. Is food in the grocery stores next.

What they are going to start doing is putting a factory installed gps in all of the new cars, tampering same penalties or worse for messing with odometer.........and charge you taxes per mile traveled. This isn't a new concept either.

 

[Capt Ron 1]

I dislike when older people talk like this....as if they don't give a shite about their kids, grandkids and so on. I'm middle aged and have lived a rough life growing up poor. I don't want my descendants lives to be harder than mine was.

I think we are beat down a bit. We see the FBI getting involved in politics..on one side, democrat breaking laws everywhere, election stolen, EV's boondoggle etc...and almost want to give up. But I can promise we never will give up on our Country. In fact, at 61 years old...if I need to fight one day...I am more than ready.