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re: The war on those with good credit
Posted on 4/19/23 at 7:01 am to Green Chili Tiger
Posted on 4/19/23 at 7:01 am to Green Chili Tiger
The only way your mortgage payment can go up on a fixed rate mortgage is if the taxes and insurance change. The PMI is a fixed number as well.
0
Posted on 4/19/23 at 7:01 am to Auburn1968
what we need to do is combine these risky mortgages with less risky mortgages and create a derivative we can sell to banks and investors.
Posted on 4/19/23 at 7:21 am to Auburn1968
The federal reserve making up rates is a bigger scam than the IRS.
Then they make up a credit score.
Then they make up a credit score.
Posted on 4/19/23 at 7:39 am to Auburn1968
So be good with credit get punished, and abuse credit get rewarded. I’m sure that will help the economy!
Posted on 4/19/23 at 7:48 am to Auburn1968
While I disagree with increasing the rates on those with good credit, getting more people into owned homes and out of rentals should be the takeaway from this. Rent prices are ridiculously high compared to mortgages. For the amount most pay on rent you could pay a mortgage plus all the utilities, and still have money left over. Their targets aren't the crackheads living in shitty government housing paying $250 a month.
Posted on 4/19/23 at 8:22 am to Auburn1968
For anyone that hasn't seen it, watch "The Big Short". Does a pretty good job of summarizing the whole 2008 crisis. There's one scene where a couple loan officers are bragging about writing anyone with a pulse: "NINJA" loans: No Income No Job Applicants. It's scary how close we were to 1929 again, and these morons want to repeat the whole thing.
Posted on 4/19/23 at 10:29 am to theCrusher
quote:
what we need to do is combine these risky mortgages with less risky mortgages and create a derivative we can sell to banks and investors.
Posted on 4/19/23 at 12:30 pm to tgerb8
quote:
860 Credit Score
Silly me, I was under the impression the highest rating was 850...
OP Typo?
Posted on 4/19/23 at 12:33 pm to Auburn1968
frick them, my forever place has been paid off for 15 years.
Posted on 4/19/23 at 12:36 pm to iBack8569
Many of those paying rent don't want a mortgage, for the most part they like living in the inner city close to public transportation, a world of various entertainment within walking or public transportation distance, close to government offices, business, shopping, and jobs, etc.
Posted on 4/19/23 at 12:40 pm to Tchefuncte Tiger
O'BUNGhole is probably running the Bidet (??) in secure from the background, with nothing to lose, no skin in the game.... 
Posted on 4/19/23 at 1:22 pm to theCrusher
quote:
what we need to do is combine these risky mortgages with less risky mortgages and create a derivative we can sell to banks and investors.
The Crisis of Credit - Youtube
Posted on 4/19/23 at 1:24 pm to Auburn1968
quote:It feels like we tried this once before.
Fannie Mae and Freddie Mac will offer discounted mortgage rates to prospective home buyers with “riskier credit backgrounds” (meaning people with poor credit ratings) to enable them to qualify for a mortgage.
Posted on 4/19/23 at 3:29 pm to catholictigerfan
Liberals don't give a schiff about economy, or the responsible middle class...just the irresponsible, untrustworthy, unreliable low class that continues to swill their left-wing bleeding-heart bullschiff and vote for them even though the libs do nothing to help them except give lip service just to get the votes and then forget about them till the next election, and the no class never learn. Can we say 'educationally and employment challenged'?
Posted on 4/19/23 at 3:41 pm to Auburn1968
there is so much speculation and bad information in that article i dont now where to begin. 17yrs as a mortgage loan officer and this is not how fannie and freddie work.
Posted on 4/19/23 at 3:45 pm to iBack8569
quote:
getting more people into owned homes and out of rentals should be the takeaway from this. Rent prices are ridiculously high compared to mortgages.
they don't want people putting down roots and being invested. they want them chasing the next "hot" city for a transient job at a big corp.
Posted on 4/19/23 at 3:49 pm to TDsngumbo
Here comes that housing crash everyone has been waiting for.
This is the truth here. If you have an existing fixed rate loan, nothing will change, save for things that go in escrow accounts. Could they add a tax? That's always a possibility, but I seriously doubt that would ever happen.
quote:
The only way your mortgage payment can go up on a fixed rate mortgage is if the taxes and insurance change. The PMI is a fixed number as well
This is the truth here. If you have an existing fixed rate loan, nothing will change, save for things that go in escrow accounts. Could they add a tax? That's always a possibility, but I seriously doubt that would ever happen.
This post was edited on 4/19/23 at 4:01 pm
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