So higher fees for good credit and additional fees for providing a down payments b/w 15 to 20%. So much for no new "taxes" on the middle class

Brought to you by the same party of "science" who cannot define a woman.

Economics are real and it will dictate human behavior.

People smart enough to have great credit and money to put down are also smart enough to manipulate their credit scores and withhold down payments to take advantage of the conditions put in place by these morons who were elected by even bigger morons.

And in the end, it does nothing to help the people they want to help, but because they are morons they will blame it on "privilege" and the even bigger morons who elect them will believe it.

if their goal is to make it easier for lower income/credit people to get a loan, lowering the fees for those groups on the matrix makes sense. But why also raise the fees for higher credit folks, if not to punish them? Don't tell me it's to balance the books, both parties have been printing money like crazy the last few years.

I am now firmly convinced that this Admin is doing it's best to collapse the economy.

This is a backhand slap at the housing market and first time home buyers. An extra $40/month plus additional fees at closing will push a few more people out of the housing market. The Fed continuing raising rates will push a lot of others out of the market. The Brandon Admin wants the home market to collapse. That will help to pull down the rest of the economy.

Sadly almost half the people in this country fully support this happening because they are on Team Blue and are to stupid to realize that they will be just as screwed as the rest of us will be.

That's fine, I will just use l the equity in my current house plus a little liquid funds to pay cash. **** Biden.

And people wonder why such a stink was raised about the past presidential election. These agencies are running amuck with a Dem in the White House

These loan level price adjustments are already priced into mortgages today as they apply to loans delivered May 1. Those loans are already in process.

Waiting for knee how to enlighten us all on why this is sound policy.

I am also glad that we don't seem to learn from history. Isn't this same bull**** (providing lots of loans to risky loaners) exactly what caused the housing crisis during Bush.

We had Clinton to thank for that one. My guess is that the Dems have planted so much poisonous fruit that they can cede the next 2-3 presidential elections and watch everything go to crap (even more than now) and blame the Republican "in-charge" at the time.

Hagen95 said:

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This makes no sense at all. Who thought this was a good idea?

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Name me one policy that Biden has proposed of put in place that makes any sense.

So if Biden does not get his college loan forgiveness plan, does he intend to do something similar for them.

This is f'ing insane.

Like everything the federal government does, it fails to address the actual problem and instead makes things worse. Reagan was right.

Seriously, how is this in any way legal?

BarnacleBill said:

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Seriously, how is this in any way legal?

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This.

How in the hell can the executive branch make this decision?

The Great Reset. They told us about it a long time ago.

Aren't you a mortgage banker?

How does this make any logical sense at all?

It makes perfect sense if you're a communist pig.

$40/mo for a 30 year note is $14,400.

That is NOT a minimal amount...

Now assume that 40 bucks was saved and invested... it'd be a helluva lot more than that.

The Supreme Court has struck down things that originated from agencies/bureaucrats (and not from the legislative process) many times. Most recently the OSHA vaccine mandate. This amounts to taxation without representation. People need to start the court process to challenge these agency decrees.

I hope this backfires. I hope the democrat home buyers feel horrible for the joke that they voted for.

You reap what you sow

I wish I could be a mortgage lender and explain to some democrats home buyer who has good credit who realizes their mortgage payment will be more

"yes sir your payment will be more because of your decision to vote for Joe Biden cause you just couldn't handle the mean tweets about Rosie O'Donnell and calling African nations crap holes, now don't you wish you hadn't done that so your mortgage payment was reflecting your good credit with a lower payment"?

Ag with kids said:

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$40/mo for a 30 year note is $14,400.

That is NOT a minimal amount...

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Works out nicely to be someone else's 3.5% FHA down payment for a $400,000 loan

Guns need to come out for THIS **** TOO!!

Rockdoc said:

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It's funny how our liberal friends ignore threads like this.

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The country count literally be burning down around them and they would still be saying "Hmm I guess all is well. That Donald Trump sure can fundraise!"

It doesn't.

Direct from The Communist Manifesto

Rockdoc said:

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It's funny how our liberal friendsignore threads like this.

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Friends………they are not

Rustys-Beef-o-Reeno said:

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https://m.washingtontimes.com/news/2023/apr/18/joe-biden-hike-payments-good-credit-homebuyers-sub/

We talked about this bull**** yet

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This policy change is a crystal clear example of socialism at work: taking from one group to give to another based on a capricious and even retributive basis, is sold as "leveling playing fields" aka equity. This is where outcomes are goal-seeked to being as even as possible. And doing so no matter cost of consequence.

The ignorance of how this turns societies into 20th century Communist hellscapes is perhaps one of the biggest failures of all education systems.

"White people have good credit" is a stereotype. This is racial.

Except for first time conservative buyers, we're just getting punched from all angles, and we didn't vote for it!

Wife and I will be lucky to sell our home for what we paid 8 years ago at this point. That's starting to look like a win.

Hagen95 said:

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This makes no sense at all. Who thought this was a good idea?

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It makes complete sense when you realize that all politics is patronage. Punish enemies, reward friends. Simple as.

The left are very very good at it. The erstwhile right should be taking notes.

Quote:

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Under the new mortgage financing rules, homebuyers with riskier credit ratings and lower down payments will qualify for better mortgage rates and discounted fees.

Federal Housing Finance Agency Director Sandra Thompson, a Biden appointee, said the fee changes will "increase pricing support for purchase borrowers limited by income or by wealth." The agency calls the overall fee changes "minimal" and said the moves will ensure market stability.

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It's 2008 all over again.