Another Half Ass Backward Biden Rule. Can You Spell Socialism?

1. 86

   Sharlee01posted 17 months ago

   Hopefully, you have a low credit score... I don't and I don't want to subsidize anyone with a low one! 
   
   
   Biden rule will redistribute high-risk loan costs to homeowners with good credit
   Interest rates for mortgages have roughly doubled over the past year
   
   A Biden administration rule is set to take effect that will force good-credit home buyers to pay more for their mortgages to subsidize loans to higher-risk borrowers.
   
   Experts believe that borrowers with a credit score of about 680 would pay around $40 more per month on a $400,000 mortgage under rules from the Federal Housing Finance Agency that go into effect May 1, costs that will help subsidize people with lower credit ratings also looking for a mortgage, according to a Washington Times report Tuesday.
   
   "The changes do not make sense. Penalizing borrowers with larger down payments and credit scores will not go over well," Ian Wright, a senior loan officer at Bay Equity Home Loans, told the Times. "It overcomplicates things for consumers during a process that can already feel overwhelming with the amount of paperwork, jargon, etc. Confusing the borrower is never a good thing."
   
   The Federal Housing Finance Agency, which oversees federally backed home mortgage companies Fannie Mae and Freddie Mac, has long sought to give consumers more affordable housing options. But those who work in the industry believe the new rules will only serve to frustrate and confuse people.
   
   "This confusing approach won’t work and more importantly couldn’t come at a worse time for an industry struggling to get back on its feet after these past 12 months," David Stevens, a former commissioner of the Federal Housing Administration during the Obama Administration, wrote in a social media post responding to the new rules. "To do this at the onset of the spring market is almost offensive to the market, consumers, and lenders."
   
   The rules come as the housing market has struggled in the wake of multiple interest rate increases by the Federal Reserve.
   
   Under the new rules, consumers with lower credit ratings and less money for a down payment would qualify for better mortgage rates than they otherwise would have.
   
   Federal Housing Finance Agency Director Sandra Thompson said the new rules are designed to "increase pricing support for purchase borrowers limited by income or by wealth" and comes with "minimal" fee changes.
   
   While Stevens agreed there was a gap in opportunity for low-income — especially minority — borrowers to qualify for affordable homes, he argued that attempting to manipulate prices was not the solution.
   
   "Why was this done? The answer is simple, it was to try to narrow the gap in access to credit, especially for minority home buyers who often have lower down payments and lower credit scores," Stevens said.
   
   "The gap in homeownership opportunity is real. America is facing a severe shortage of affordable homes for sales combined with excessive demand causing an imbalance. But convoluting pricing and credit is not the way to solve this problem."
   https://www.foxnews.com/us/biden-rule-r … ood-credit
   
   In my view, this president is pushing a socialist manifesto. He is clearly trying to demolish the Constitution, and for reasons unknown reason, our Congress has not seen it fit to impeach him.  He is ripping America apart right before our eyes, and it would seem many just don't care.
   
   Do you care? No really, or are you willing to brush this latest all kinds of crazy under the carpet?
   
   This Biden rule will redistribute high-risk loan costs to homeowners with good credit
   Interest rates for mortgages have roughly doubled over the past year --- is clearly saying right is wrong, and wrong is right. It makes absolutely no sense, and is punitive to Americans that have tried to build a good credit score by paying their debts, and rewarding those that have not!  Not to mention this is clearly a socialist ideology.
   
   Can't wait for you to share your thoughts.
   
   Other sources
   See how this could effect you -   https://pyramidcreditrepair.com/mortgag … den-rules/
   https://www.washingtontimes.com/news/20 … uyers-sub/
   https://ustoday.news/the-biden-rule-wil … t-ratings/

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   1. 71

      Ken Burgessposted 17 months agoin reply to this

      This is how you destroy an economy and free society, so that you can incorporate state sponsored digital currency and digital wallets.
      
      Then you can control how much money each person has, when they can have access to it and for what, and if anyone steps out of line, then they freeze or seize those assets.
      
      It is all according to plan, unless you take the time to read the UN Agenda 2030, the Global Compact on Migration, and learn about SDG, CBDC and other related matters of a National or International nature you will never understand why these EOs are being enacted or so many strange things are happening in the country.
      
      Biden isn't a prophet... when he said months before the Nord Stream was "sabotaged" that it would be shut down... when he said there would be famine and food shortages... the reason why he blurted those things out is because he is half-senile and can't control himself, he isn't supposed to be blurting those things out... they happen because they are planned and then made to happen, he is aware of those plans, and then babbles uncontrollably about them at times.
      
      https://media.un.org/en/asset/k1c/k1coccr1ip

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      1. 83

         gmwilliamsposted 17 months agoin reply to this

         Ken, thank you.  It is analogous to giving everyone P, not distinguishing between the excellent & good students & the merely mediocre ones.  This country is going straight to hell.

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   2. 83

      gmwilliamsposted 17 months agoin reply to this

      Democrats, with very few exceptions, are in the process of destroying America since the 1960s.   I have a rule-those who refuse to help themselves-well let them starve & perish.  There are winners who work hard & there are losers.   I refuse to subsidize anyone- those who can't, just  do without.   What we need in this country are law and order, Old Testament politicians-  those who work, thrive & those who refuse to work-die off.

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      1. 86

         Sharlee01posted 17 months agoin reply to this

         I agree, I see this as once again a way of trying to make the people that have worked to be in the upper-income pay for those that don't thrive. This administration hopes to make the rich pay one way or the other.
         
         This kind of rule will only serve to give loans to people that can't afford them, and many lose them. It will be 2007 -- 2008 all over again.

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2. 96

   wildernessposted 17 months ago

   Anyone remember the housing crash of a couple of decades ago, when Congress decided people that cannot afford a home should get one anyway?  Remember the recession that it caused?
   
   Is there something wrong, mentally, with people that think it will go differently this time around, as the same thing is tried again?  The liberal mind at work is a fascinating thing to watch.

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   1. 86

      Sharlee01posted 17 months agoin reply to this

      Well said. As I put it this administration, and those that are making the decisions are pure socialists, and making all attempts to tear down the Constitution.  I will admit I think they are doing a good job of controlling minds. Many are very willing to follow the concept all that was right is now wrong, right is wrong, and wrong is right... It's a  phenomenon. I have never witnessed this before.
      
      I also see very intelligent individuals are willing to just ignore all that is going on, and be satisfied with -- let the chips fall where they might.
      
      But this latest is so crazy, not sure how such a blatantly crazy rule could not glean attention.
      
      Thank you for commenting... I sort of think you will be the only one that will.  Ignoring is just so much easier.

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      1. 83

         gmwilliamsposted 17 months agoin reply to this

         I remember reading a book by Dr. Hawkins who stated that the VERY WORST thing to do for a poor person is to give him/her handouts.  Handouts & making things easy result in poor people losing all type of incentives to help themselves.  For example, my extended maternal family.  This family have lived off other relatives for THREE generations. 
         
         My maternal grandmother had a CHOICE to attend college or get married.  She got married & had ten children that she couldn't afford.  My maternal aunt supported the family.   That made the family lazy & not industrious.  This family never did anything for themselves but looked towards other relatives to carry them.  Out of 10 children, only three became successful & the other 7 expected the other 3 to carry them.  Now, the third generation of this family are looking for other relatives to support them.   One of my cousins stated that she will do this.  I, for one, refuse to support able-bodied adults.   My rule-by the sweat of one's brown, one shall live or if one refuses to work, oh well.....

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         1. 81

            Kathryn L Hillposted 17 months agoin reply to this

            Handouts only enforce what got them there in the first place.

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            1. 83

               gmwilliamsposted 17 months agoin reply to this

               Agreed.  Tough love should be practiced.

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   2. 71

      Ken Burgessposted 17 months agoin reply to this

      It will work exactly as intended, they want the collapse to happen, the economy (Banking) to fail, for people to be begging government for a solution.
      
      Then they can incorporate CBDC.  Then your freedoms are removed in one easy move.  Step out of line and every 'dollar' you have disappears.
      
      I predicted all this years ago:
      
      China's Social Credit will Shape the Future
      https://hubpages.com/politics/How-China … our-future
      
      In other articles and threads, I predicted the war with Russia and why.  These things do not just happen, they are planned.  Some of these things, like Agenda 2030 and the Compact on Migration are made public for anyone to read.
      
      We have an open border because the Global Compact on Migration says we will have an open border.  Not because Biden is an idiot, but because he is part of the establishment pushing the Agenda 2030 goals.

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   3. 83

      gmwilliamsposted 17 months agoin reply to this

      Yep.  My rule is if you can't afford something, well tough-do without.  What is wrong with doing without?   Everyone can't have everything.  If you can't, tough it out.  Long time ago, poor people realize that their lives were tough.  They didn't whine but toughed it out.  Their children saw this & vowed to work themselves out of poverty.   Oh no, now poor people have an entitlement mentality-they want the middle class lifestyle on someone else's dime.

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   4. 82

      GA Andersonposted 17 months agoin reply to this

      The 2008(?) housing crisis was also the first thought that popped up for me.
      
      GA

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      1. 86

         Sharlee01posted 17 months agoin reply to this

         Me too!

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3. 81

   Kathryn L Hillposted 17 months ago

   ".... force F O R C E  good-credit home buyers to pay more MORE for their mortgages to subsidize SUBSIDZE loans to higher-risk borrowers.
   
   Experts believe that borrowers with a credit score of about 680 would pay around $40 more per month on a $400,000 mortgage under rules RULES from the Federal Housing Finance Agency that go into effect May 1, costs  COSTS that will help subsidize people with lower LOWER credit ratings also looking for a mortgage, according to a Washington Times report Tuesday."
   
   SUBSIDIZE
   
   verb: subsidize; 3rd person present: subsidizes; past tense: subsidized; past participle: subsidized; gerund or present participle: subsidizing; verb: subsidise; 3rd person present: subsidises; past tense: subsidised; past participle: subsidised; gerund or present participle: subsidising
   support (an organization or activity) financially.
   "it was beyond the power of a state to subsidize a business"
   Similar:
   give money to
   pay a subsidy to
   give a grant to
   contribute to
   make a contribution to
   invest in
   sponsor
   fund
   finance
   provide finance/capital for
   capitalize
   underwrite
   back
   support
   give support to
   keep
   help
   aid
   assist
   shore up
   prop up
   buttress
   pick up the tab for
   foot the bill for
   shell out for
   fork out for
   cough up for
   chip in for
   bankroll
   pony up for
   pay part of the cost of producing (something) to reduce prices for the buyer.
   "the government subsidizes basic goods including sugar, petroleum, and wheat"

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4. 81

   Kathryn L Hillposted 17 months ago

   When the rights of a non-typical tramples the rights of a typical, something is WRONG!

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5. 81

   Kathryn L Hillposted 17 months ago

   something wrong with being typical?
   something wrong with reaping what you sow?
   something wrong with karma and cause and effect?
   something wrong with REALITY?
   
   
   

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6. 81

   Kathryn L Hillposted 17 months ago

   "President" cough cough BIDEN is simply un-American, (if this is all true, which is hard to believe that it is.)
   
   "... borrowers with a credit score of about 680 would pay around $40 more per month on a $400,000 mortgage under rules from the Federal Housing Finance Agency that go into effect May 1, costs that will help subsidize people with lower credit ratings also looking for a mortgage, according to a Washington Times report Tuesday."
   
   .... where is equality under the law? It is not constitutional.
   It is trampling the rights of the hard worker.
   
   
   AND who asked us?
   
   NO ONE
   
   AND what IS this agency: Federal Housing Finance Agency?
   
   
   
   Thank you for this freedom of speech.

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7. 81

   Kathryn L Hillposted 17 months ago

   "​FHFA AT-A-GLANCE
   The Federal Housing Finance Agency (FHFA) was established by the Housing and Economic Recovery Act of 2008 (HERA) and is responsible for the effective supervision, regulation, and housing mission oversight of the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal Home Loan Bank System, which includes the 11 Federal Home Loan Banks (FHLBanks) and the Office of Finance (OF).
   
   "The Agency's mission is to ensure that Fannie Mae and Freddie Mac (the Enterprises) and the FHLBanks (together, "the regulated entities") fulfill their mission by operating in a safe and sound manner to serve as a reliable source of liquidity and funding for housing finance and community investment. Since 2008, FHFA has also served as conservator of Fannie Mae and Freddie Mac."
   
   
   Our Mi​ssion    Our Vision    Our Values           
   Ensure the regulated entities fulfill their mission by operating in a safe and sound manner to serve as a reliable source of liquidity and funding for the housing finance market throughout the economic cycle."

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8. 81

   Kathryn L Hillposted 17 months ago

   PS The Federal Government should not be involved at all.
   Financial matters regarding home ownership is a state matter and should be voted on by the citizenry of each state.

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