new mortgage rules may 1st it will boil your blood
- Thread starter powerboatr
- Start date
Area52
Professional
Share the wealth is one of their pillars of Fundamental Change.
The scheming Admin grifters are saying ‘oh, it’s on average only about $40 a month’. I guess they haven’t figured out what happens when some taxpayer goes from a 700 credit score to a 500 because they lost their job or it was eliminated due to outsourcing to foreign workers or some other green new deal industry closure.
Remember this ditty:
“We are five days away from fundamentally transforming the United States of America."
Now it seems every five days they are fundamentally changing America.
This statement proves that the dithering and shuffling potatohead can’t and isn’t doing it all on his own.
“…if I could make an arrangement where I had a stand-in, a front-man or front-woman and they had an ear piece in and I was just in my basement in my sweats looking through the stuff and I could sort of deliver the lines, but somebody else was doing all the talking and ceremony, I'd be fine with that,…”
The scheming Admin grifters are saying ‘oh, it’s on average only about $40 a month’. I guess they haven’t figured out what happens when some taxpayer goes from a 700 credit score to a 500 because they lost their job or it was eliminated due to outsourcing to foreign workers or some other green new deal industry closure.
Remember this ditty:
“We are five days away from fundamentally transforming the United States of America."
Now it seems every five days they are fundamentally changing America.
This statement proves that the dithering and shuffling potatohead can’t and isn’t doing it all on his own.
“…if I could make an arrangement where I had a stand-in, a front-man or front-woman and they had an ear piece in and I was just in my basement in my sweats looking through the stuff and I could sort of deliver the lines, but somebody else was doing all the talking and ceremony, I'd be fine with that,…”
Area52
Professional
That’s how I read it too, but there are many avenues (product options) for banks/lenders that find certain mortgages are better for their business because of the government backed guarantees when dealing with subpar applicant.
Rates are better using FHA and mortgages are commodities that get shuffled around by servicing companies, so there’s money each time mortgages are sold off
Keeping in mind Private banks lenders now have to grant mortgages to all meeting the minimal FHA level guidelines. It used to be before the Community Reinvestment Act (many amendments) that lenders could refuse a mortgage for risky applicants and properties.
Essentially any lender can process through FHA what makes this new Program is these sub-prime loans can be eligible for HELOC’s later on. A mortgagee with poor money management skills and that same low credit score can easily find themselves further in the hole and on another path to further insolvency.
These sort of share-the-wealth schemes always fall back on the taxpaying.
powerboatr
Professional
and just think of this 40 dollars a month sounds small according to THEM
for a 20 year mortgage thats just under an additional 10k dollars of fees just for the 40 dollar fee alone
powerboatr
Professional
this reminds me of the plan bary tried to float back in his term...to BORROW everyones IRA savings and get an I O U from government so he could fund the government.
Area52
Professional
$40 now and probably tied to a cost of living scale and any income bracket increase.
Just like paying for Medicare/Medicaid For All…free for someone that never worked, but the Pt. B costs has 3 different income levels to determine how much you will pay.…and you can’t opt-out.
kenpomaniac1958
Master Class
I just got pre-approved for a VA loan on Tuesday. I'm renting a house right now. I've been out of the Marine Corps since 1979 and this is the first time I'm using my VA home loan benefit. I'm hoping to move into a smaller house(1 or 2 bedrooms) instead of the 3 bedroom I currently live in.
Grayfox
Professional
Y'all have hit upon a really sore subject for me. Thankfully, my home is paid for. But my younger son and his wife went through Hell trying to buy a house.
The real estate market is a mess right now. The problem being that there are huge real estate corporations that are buying up single family dwellings all over the country. Often sight unseen and paying 5-10K over asking prices. They then rent these houses for more than the mortgage would be. With the current housing shortage, many people simply don't have a choice and are forced to pay the extravagant rent.
My son and DIL had excellent credit and a pre-approved loan. Yet every time they found something they liked, they got out bid on it. This went on for over a year.
They finally had to go to a new subdivision being built in a small town 20 miles away and have a house built. Yeah, the mortgage is in their budget, but now they have to pay the extra gas for a 40 mile round trip to work every day.
I know at least one state (Ohio?) passed a law that corporations can no longer buy single family homes. Other states need to follow that example.
The real estate market is a mess right now. The problem being that there are huge real estate corporations that are buying up single family dwellings all over the country. Often sight unseen and paying 5-10K over asking prices. They then rent these houses for more than the mortgage would be. With the current housing shortage, many people simply don't have a choice and are forced to pay the extravagant rent.
My son and DIL had excellent credit and a pre-approved loan. Yet every time they found something they liked, they got out bid on it. This went on for over a year.
They finally had to go to a new subdivision being built in a small town 20 miles away and have a house built. Yeah, the mortgage is in their budget, but now they have to pay the extra gas for a 40 mile round trip to work every day.
I know at least one state (Ohio?) passed a law that corporations can no longer buy single family homes. Other states need to follow that example.
Cedric
Custom
The 2011 movie Margin Call showed the results of this disastrous policy, but despite IMO being a very good movie, it never got around to actually explaining why mortgage based securities lost 25% of their value. The answer is, as you say, was the government mandated sub-prime program which eventually led to a lot of folks defaulting on their loans. I would venture to day that the only thing viewers remembered was the way big securities companies tried to make their way out of this mess and therefore were viewed as the big bad guys rather than the US gov't. being at least partially responsible.
Bassbob
Emissary
True. Those people are ignorant. Willfully or otherwise.
That's the opposite of socialism. This is a Reit, where a few investors own all of the homes. Reits, along wit AirBnB style owners are 100 percent responsible for the housing shortage. THAT is capitalism.
Not sure I see a problem though. Just pay enough down payment to get the rate you want then use the rest to pay down the principal after closing. Your realtor or accountant should be able to figure it out for you.