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Homebuyers with good credit to pay higher mortgage rates

 
48Panhead
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04/23/2023 10:28 PM
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Homebuyers with good credit to pay higher mortgage rates
Devan Markham

Updated: APR 20, 2023 / 05:05 PM CDT

CHICAGO (NewsNation) — As part of the Federal Housing Finance Agency’s push for affordable housing, homebuyers with good credit will soon have to pay higher mortgage rates and fees to subsidize people with riskier credit ratings, according to a report by The Washington Times.

A new federal rule enforced by the Biden administration will make it so that people looking to buy a home with a credit score of 680 or higher will have to pay about $40 per month more than people with worse credit when taking out a home loan of $400,000, the report said.

The new rule, which goes into effect on May 1, will affect mortgages from private banks across the nation. According to The Washington Times, Fannie Mae and Freddie Mac, federally-backed home mortgage companies, will establish the loan-level price adjustments (LLPAs).

[link to www.newsnationnow.com (secure)]
48Panhead
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04/23/2023 10:37 PM
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Re: Homebuyers with good credit to pay higher mortgage rates
Typical Libtards, punishing the productive and responsible and giving preferential treatment to the irresponsible.

I dont think I have seen even one policy from the Leftists that is not F*cked UP!
48Panhead  (OP)

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04/23/2023 10:38 PM
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Re: Homebuyers with good credit to pay higher mortgage rates
so much for having a good credit score...... clownworld
48Panhead
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04/23/2023 10:39 PM
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Re: Homebuyers with good credit to pay higher mortgage rates
this might be the most insane thing yet
Anonymous Coward
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04/23/2023 10:40 PM
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Re: Homebuyers with good credit to pay higher mortgage rates
bidens america = imprison , financially penalize and villainize the accountable good citizens and reward , glorify and laud criminals and other detriments to society at large.
Anonymous Coward
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04/23/2023 10:40 PM
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Re: Homebuyers with good credit to pay higher mortgage rates
cruise
Anonymous Coward
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04/23/2023 10:41 PM
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Re: Homebuyers with good credit to pay higher mortgage rates
Good. Fuck America. One step closer to collapse.
Anonymous Coward
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04/23/2023 10:42 PM
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Re: Homebuyers with good credit to pay higher mortgage rates
They tried a variation of this before and the whole economic system blew up.
Gargantuan Tarantula

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04/23/2023 10:44 PM

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Re: Homebuyers with good credit to pay higher mortgage rates
That’s insane! Punish people for doing the right thing
47
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04/23/2023 10:48 PM
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Re: Homebuyers with good credit to pay higher mortgage rates
Devan Markham

Updated: APR 20, 2023 / 05:05 PM CDT

CHICAGO (NewsNation) — As part of the Federal Housing Finance Agency’s push for affordable housing, homebuyers with good credit will soon have to pay higher mortgage rates and fees to subsidize people with riskier credit ratings, according to a report by The Washington Times.

A new federal rule enforced by the Biden administration will make it so that people looking to buy a home with a credit score of 680 or higher will have to pay about $40 per month more than people with worse credit when taking out a home loan of $400,000, the report said.

The new rule, which goes into effect on May 1, will affect mortgages from private banks across the nation. According to The Washington Times, Fannie Mae and Freddie Mac, federally-backed home mortgage companies, will establish the loan-level price adjustments (LLPAs).

[link to www.newsnationnow.com (secure)]
 Quoting: 48Panhead


As it should be, The people with lower credit scores pay ridiculous costs associated with interest and other fees. Why should someone with higher score not pay state fees that are higher to balance things out? Its only fair.
48Panhead  (OP)

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04/23/2023 10:52 PM
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Re: Homebuyers with good credit to pay higher mortgage rates
Devan Markham

Updated: APR 20, 2023 / 05:05 PM CDT

CHICAGO (NewsNation) — As part of the Federal Housing Finance Agency’s push for affordable housing, homebuyers with good credit will soon have to pay higher mortgage rates and fees to subsidize people with riskier credit ratings, according to a report by The Washington Times.

A new federal rule enforced by the Biden administration will make it so that people looking to buy a home with a credit score of 680 or higher will have to pay about $40 per month more than people with worse credit when taking out a home loan of $400,000, the report said.

The new rule, which goes into effect on May 1, will affect mortgages from private banks across the nation. According to The Washington Times, Fannie Mae and Freddie Mac, federally-backed home mortgage companies, will establish the loan-level price adjustments (LLPAs).

[link to www.newsnationnow.com (secure)]
 Quoting: 48Panhead


As it should be, The people with lower credit scores pay ridiculous costs associated with interest and other fees. Why should someone with higher score not pay state fees that are higher to balance things out? Its only fair.
 Quoting: 47 84689167


pay your bills and live within your means......simple
48Panhead
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04/23/2023 10:54 PM
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Re: Homebuyers with good credit to pay higher mortgage rates
Devan Markham

Updated: APR 20, 2023 / 05:05 PM CDT

CHICAGO (NewsNation) — As part of the Federal Housing Finance Agency’s push for affordable housing, homebuyers with good credit will soon have to pay higher mortgage rates and fees to subsidize people with riskier credit ratings, according to a report by The Washington Times.

A new federal rule enforced by the Biden administration will make it so that people looking to buy a home with a credit score of 680 or higher will have to pay about $40 per month more than people with worse credit when taking out a home loan of $400,000, the report said.

The new rule, which goes into effect on May 1, will affect mortgages from private banks across the nation. According to The Washington Times, Fannie Mae and Freddie Mac, federally-backed home mortgage companies, will establish the loan-level price adjustments (LLPAs).

[link to www.newsnationnow.com (secure)]
 Quoting: 48Panhead


As it should be, The people with lower credit scores pay ridiculous costs associated with interest and other fees. Why should someone with higher score not pay state fees that are higher to balance things out? Its only fair.
 Quoting: 47 84689167


Because people, like dogs and most living things, increase behavior that is rewarded. So, this will increase late payments, etc.
Maybe before people take out a mortgage now, they will make a late payment or two or max out their credit cards to lower their credit score?
Anonymous Coward
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04/23/2023 10:57 PM
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Re: Homebuyers with good credit to pay higher mortgage rates
They tried a variation of this before and the whole economic system blew up.
 Quoting: Anonymous Coward 57854626


Will probably blow up in the first week they try this.

May could be our month!

hf
Anonymous Coward
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04/23/2023 11:02 PM
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Re: Homebuyers with good credit to pay higher mortgage rates
Devan Markham

Updated: APR 20, 2023 / 05:05 PM CDT

CHICAGO (NewsNation) — As part of the Federal Housing Finance Agency’s push for affordable housing, homebuyers with good credit will soon have to pay higher mortgage rates and fees to subsidize people with riskier credit ratings, according to a report by The Washington Times.

A new federal rule enforced by the Biden administration will make it so that people looking to buy a home with a credit score of 680 or higher will have to pay about $40 per month more than people with worse credit when taking out a home loan of $400,000, the report said.

The new rule, which goes into effect on May 1, will affect mortgages from private banks across the nation. According to The Washington Times, Fannie Mae and Freddie Mac, federally-backed home mortgage companies, will establish the loan-level price adjustments (LLPAs).

[link to www.newsnationnow.com (secure)]
 Quoting: 48Panhead


As it should be, The people with lower credit scores pay ridiculous costs associated with interest and other fees. Why should someone with higher score not pay state fees that are higher to balance things out? Its only fair.
 Quoting: 47 84689167


Because people, like dogs and most living things, increase behavior that is rewarded. So, this will increase late payments, etc.
Maybe before people take out a mortgage now, they will make a late payment or two or max out their credit cards to lower their credit score?
 Quoting: Anonymous Coward 78351243


Which might be the point?

Missed payments = penalty fees, which is very profitable for the credit card companies.

Maxing out credit cards, unless you have the self-control to get an advance and keep the money in the bank and pay it back 100% after you get your mortgage, and that takes a lot of will power, and even then advances have high fees, so most will spend at least some of the money, then they will get stuck in a cycle of not being able to pay off their credit cards 100% each month, which means they'll be paying interest, which is very profitable to credit card companies.

I have thought for a while, it seemed too many middle class folks were able to avoid being wage slaves to the extent most were in the past. I think employers and banks HATE that! Banks make money if you don't declare bankruptcy, but are drowning in debt. And employers make money when you NEED your job and live paycheck to paycheck.
Anonymous Coward
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04/24/2023 01:00 AM
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Re: Homebuyers with good credit to pay higher mortgage rates
bidens america = imprison , financially penalize and villainize the accountable good citizens and reward , glorify and laud criminals and other detriments to society at large.
 Quoting: Anonymous Coward 80804854


this
Anonymous Coward
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04/24/2023 01:04 AM
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Re: Homebuyers with good credit to pay higher mortgage rates
What if you buy with all cash?
Anonymous Coward
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04/24/2023 01:06 AM
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Re: Homebuyers with good credit to pay higher mortgage rates
Devan Markham

Updated: APR 20, 2023 / 05:05 PM CDT

CHICAGO (NewsNation) — As part of the Federal Housing Finance Agency’s push for affordable housing, homebuyers with good credit will soon have to pay higher mortgage rates and fees to subsidize people with riskier credit ratings, according to a report by The Washington Times.

A new federal rule enforced by the Biden administration will make it so that people looking to buy a home with a credit score of 680 or higher will have to pay about $40 per month more than people with worse credit when taking out a home loan of $400,000, the report said.

The new rule, which goes into effect on May 1, will affect mortgages from private banks across the nation. According to The Washington Times, Fannie Mae and Freddie Mac, federally-backed home mortgage companies, will establish the loan-level price adjustments (LLPAs).

[link to www.newsnationnow.com (secure)]
 Quoting: 48Panhead


As it should be, The people with lower credit scores pay ridiculous costs associated with interest and other fees. Why should someone with higher score not pay state fees that are higher to balance things out? Its only fair.
 Quoting: 47 84689167


Because propping up the losers who won't pay their bills, thus get shitty credit scores, is NOT BALANCING THINGS OUT! It is communism. Working, paying your bills, keeping a good credit score, is not rewarded but instead those who work harder to be responsible have to pay for the shit the losers do, like default on loans, not pay bills on time, etc. Sorry. This won't work.





GLP