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Topic: In other news ...

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847badgerfan

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Re: In other news ...
« Reply #22778 on: April 21, 2023, 07:55:46 AM »
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Honestbuckeye

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Re: In other news ...
« Reply #22779 on: April 21, 2023, 08:18:28 AM »
Quote from: 847badgerfan on April 21, 2023, 07:55:46 AM
This is just bad. Asking for 2008 to happen again.

Biden rule will redistribute high-risk loan costs to homeowners with good credit | Fox News
Yes- this is the business I am in- so I saw this coming. It is the opposite of capitalism, free enterprise and meritocracy.  
you should see the details.  You wouldn’t believe it.  
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847badgerfan

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Re: In other news ...
« Reply #22780 on: April 21, 2023, 08:23:12 AM »
Please share if you can.
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Cincydawg

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Re: In other news ...
« Reply #22781 on: April 21, 2023, 08:28:57 AM »
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847badgerfan

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Re: In other news ...
« Reply #22782 on: April 21, 2023, 08:34:31 AM »
One thing I don't quite understand is whether or not this is for new loans only?

The existing ones stand as is?
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Cincydawg

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Re: In other news ...
« Reply #22783 on: April 21, 2023, 08:35:31 AM »
New loans longer than 15 years, and I'd guess refis are included.

I'm surprised this can be done without Congress as it is clearly a tax.
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Cincydawg

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Re: In other news ...
« Reply #22784 on: April 21, 2023, 08:57:16 AM »
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847badgerfan

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Re: In other news ...
« Reply #22785 on: April 21, 2023, 08:59:38 AM »
Quote from: Cincydawg on April 21, 2023, 08:35:31 AM
New loans longer than 15 years, and I'd guess refis are included.

I'm surprised this can be done without Congress as it is clearly a tax.
That was my next post. It's further proof that the swamp is really in charge.
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Cincydawg

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Re: In other news ...
« Reply #22786 on: April 21, 2023, 09:01:21 AM »
Maybe someone will sue, a lot of folks have "standing", and at least delay it.  Imagine some government department started adding fees to the purchase of say milk depending on your income level or credit rating to subsidize poorer people ...

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Honestbuckeye

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Re: In other news ...
« Reply #22787 on: April 21, 2023, 09:06:46 AM »
Correct 
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Honestbuckeye

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Re: In other news ...
« Reply #22788 on: April 21, 2023, 09:09:02 AM »
Quote from: 847badgerfan on April 21, 2023, 08:59:38 AM
That was my next post. It's further proof that the swamp is really in charge.
This was done by the head of FHFA, a Biden appointee, who is very focused on racial issues.

It affects loans that go through Fannie and Freddie but doesn’t affect loans necessarily at a bank holds in its portfolio. However most banks try to match Fannie and Freddie pricing so they can sell the loan later if needed

And yes badger you are correct this does not affect loans that are already written and in existence
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betarhoalphadelta

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Re: In other news ...
« Reply #22789 on: April 21, 2023, 09:22:08 AM »
I don't understand. The table says basically that those with higher credit will pay very low fees, and only those who are higher risk, i.e. less than 20% LTV at credit score >=780 are charged fees at all. As your credit score drops, you actually pay higher fees. 

So I don't understand how this makes high-credit borrowers "subsidize" anything for low-credit borrowers. Can someone explain? 

On top of that, I don't understand why the administration would fight a housing affordability problem by... Raising the cost it takes to buy a home.
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Honestbuckeye

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Re: In other news ...
« Reply #22790 on: April 21, 2023, 09:24:40 AM »
Quote from: betarhoalphadelta on April 21, 2023, 09:22:08 AM
I don't understand. The table says basically that those with higher credit will pay very low fees, and only those who are higher risk, i.e. less than 20% LTV at credit score >=780 are charged fees at all. As your credit score drops, you actually pay higher fees.

So I don't understand how this makes high-credit borrowers "subsidize" anything for low-credit borrowers. Can someone explain?

On top of that, I don't understand why the administration would fight a housing affordability problem by... Raising the cost it takes to buy a home.
When I get back in the office I will share the actual numbers with you. It definitely subsidizes people with worse credit scores and lower down payment by charging more to those with high credit scores and money for down payment.
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Cincydawg

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Re: In other news ...
« Reply #22791 on: April 21, 2023, 09:28:07 AM »
That table may be wrong, I didn't look at it very carefully.
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