Penalties for having good credit

God bless the democrats.

Now if you have over a 680 credit score, you’ll be paying a fee to help out those with worse credit afford a home.

And where does the Biden Administration think that they derive the authority to do such a thing? The presidency is the executive branch and their job is to execute the will of congress. They don't get to make rules and laws. A mandatory fee is a tax and only Congress has the authority to tax.

well we need to remind that to the EPA, IRS, ATF, etc and now the FHFA


We have to clean house on the goverment agency oversight and regulatory abilities

What I’m seeing is over a 720 credit and you pay a 1% fee, under 620 and you get a 1.75% reduction. I believe this may only be for FHA backed mortgages, but can’t say for certain.

thats still stupid

Pedo Joe and his ilk are just pounding another nail into America's coffin.

I saw the publication from Fannie May and figured it’s for FHA backed mortgages which typically have the lowest down payment requirements anyway

Seems like we’ve had the experiment of unqualified homeowners taking loans before…..anyone want to bet what will happen if this is allowed? My guess is the same thing.

Stupid indeed…as is everything the dumb A democrats touch. Beijing Biden has ruined this country and it will take generations to recover (if ever) from his “line my own pockets” approach.

Where are our local village idiot liberals to defend things like this?

They absolutely think it’s a good thing. Anything for inclusion and diversity.

Once again, cash is king.

SCOTUS is about to do just that via the bump stock case.

I foresee lawsuits to counteract this. Lord, i hope I see lawsuits to counteract this.

The Biden administration seems to be working from a book titled "How to Ruin a Country."

There’s maybe like one or two left who post on here?

Honestly if this passes, I see them finding a way to add another tax to people who’s houses are paid off, you know, to help the undeserving

Yep that sucks!

It is a weird twist to the Robin Hood approach of taking from the rich to give to the poor, except this is "Steal from the Good and give to the Bad"

I posted that same info in Off Topic on the 20th and it was moved to the Bunker So folks keep the political Rhetoric down with words like "impeach Joe, them Dems or "Biden policies" so it does not get moved also!

https://texashuntingforum.com/forum/ubbthreads.php/topics/8837160/1

Mortgage Rates for Good Credit Borrowers to Subsidize Poor Credit Borrowers

Tucker Carlson covered this last night. It's like we are in bizarro world.

Right up until we get digital currency.

I read this often and wonder…aren’t we already there? I move money around from account to account online, can pay at restaurants, for rides pay friends, give birthday money digitally, pay my taxes digitally, my pay is no longer a paycheck but is put into my accounts digitally, most of my investments are really only seen online and our currency isn’t backed by anything anymore. It seems to me we are already there…disclaimer I am not a finance guy just a regular working man so I am genuinely asking.

As far as the original post that is yet another slap in the face to those who have worked hard and managed their money well…it seems to be the trend!

Went to a little league game the other day. Couldn’t get anything from concessions without Apple Pay or Venmo.

As long as there are drug dealers and politicians we will always have cash

That sounds like they might of experienced some money disappearing.

Would like to see a breakdown if a person with good credit would save money in the long run by purposely lowering their credit. Either way it’s stupid.

Yep

This is why we could benefit from a value added tax. Think of the tax dollars we are missing just from these two sources. This is just more socialism at work and buying of votes.

I just don’t understand that thought process. Now I’m all for people being able to own a home and I know for a lot of people that’s not easily obtainable. But why should the rate go up for better credit. That’s exactly the opposite of how it ever should be. That will basically say fair credit is better than great credit. And if that’s the case maybe I’ll need to tank mine to save me money later. So stupid.

Mass purposeful defaults will raise inflation exponentially, right?

Why would any individual purposely default? That's even dumber (and much costlier) than the initial penalty.

Difference is this - when you move your money digitally today, it goes from bank to bank. With the full digital currency, it would be like when you buy on eBay, the money goes to eBay, eBay makes sure the seller is doing what they’re supposed to (and if not can keep that money), takes their fees and often checks for tax needs etc., then hands the money off to the seller. Now replace eBay with the government, that’s what the digital currency will be doing. Instead of them having visibility to transactions, they’ll literally have their hands in every sale

That’s downright un American Hud. They still take greenbacks at the Snook Little League concession stand.

What could possibly go wrong?!

lol, you really except an answer. They are still arguing about NY felony charges as non political. Lol

The reason for that is to prevent sticky fingers. A buddy of mine who was a state trooper saw it happen back when our boys were playing. He mention it to me and we started taking a closer look at the way things were being run. Unsafe helmets, old bats, and catchers gear were the first things we noticed which were suppose to be replenished from the concessions profit. We ran for President and VP and won. We then went and looked at the books for concession purchases, figured the profit margin and was shocked at how much money was put in pockets. He then had a meeting with some of the guilty ones and gave them the chance to repay or go to court. Got a lot of it back but not all. First thing we did was to install camera's and after that all things worked out. Funny thing about it was they were fake camera's that were not hooked up but it worked. We ran it for two years and then got out of it when our boys were out of the league. During those two years the kids of all levels had the proper stuff to play with and the parents noticed.

So I just asked a buddy that is still in the business. This is a fact and will be a loan level price adjustment that the mortgage professionals will contend with when pricing a loan. The cost is there is a higher rate but not a fee. Example - A high credit large down payment borrower will now be quoted a rate approximately 0.25% higher on a larger loan. A bad credit individual will not be penalized as bad (which they should be). Basically going back to the days of buracrats making rules instead of actuaries. Next thing the alphabet people and or anyone owed repatations will get loan perks. Shameful chit

Does it apply to only home mortgages or all real estate loans?

Gov't backed loans and conventional?

Papa45 come out come out wherever you are? We don’t care if you’re wearing drag with tigger. we want your 2 cents in this one.

How else are the libs going to settle in over 5 million and growing law violators (voters)?

Guess I'm going to start late paying my mortgage a credit card so I can save money on my next home loan. Anyone have a clue what it would take to trim 200 points off my score?

The target deomgraphic for the Democratic party now openly includes the financially irresponsible. The Democratic politicians that never had a prayer of becoming rich and powerful have really found the key to becoming rich and powerful; get enough groups of freaks and loosers in one voting block to fall for the con, vote for them and it's private jets and $20.00 per pint ice cream for life.

Just home mortgages FHA and Conventional

Redistribution of wealth and an attempt to buy votes.

Biden and all his supporters need to be taken out. Replaced with Trump and his supporters and maybe fix the damage senile joe has done. FJB.

Thank you, Sir.

I hardly seem to see any these days.

How about cut spending. Stop stealing more money. Turn off the faucet.

That's exactly what's happening.

Uh, where have you been the last 2 years?

He has been busy promoting Pitt bulls as pets.

I guessing you Folks that have over 800+ are gonna be really screwed.

Over 720 is where the pain start. 620 is where the help starts. Need to aim for just being mediocre 621-719

Yes , what the Outhouse is saying now but wait,,, Those with Exceptional Credit,,, Over 800, will probably pay extra. It's the Socialists DemoRats Way.

Yep I won’t be getting another mortgage I’m not paying an extra 1-2% for people that weren’t responsible with their credit. My wife and I both are in the 815-820 range. Because we live within our means. We don’t have a huge fancy house we bought what we could comfortably afford. Novel idea I know.

This have any effect on existing loans or just new?

It will effect everything indirectly when those that couldn't get a mortgage on their own merit default at a high rate and the housing market crashes. If you can't maintain a credit score good enough to be able to afford a mortgage, you likely won't have the discipline to keep up with what has been gifted to you by the democrats and paid for by responsible Republicans with good credit scores.

I have said it many times to my children, a credit score is the most fair judgement you will ever receive. People that have no idea who you are or anything personally about you grade you based on exactly what you have done financially. That's still true, but not 100% on the fairness side of the equation.

Can’t wait for the 08-09 meltdown repeat.

or we just pay cash.


we now have Obama care and Biden mortgages

Both built on from each according to ability to each according to needs…..

and we still have guys on THF voting for this crap

Yep…

I’m retired and debt free. Wonder how they will get to me.

Aw heck, I’m about to refurb and sell a rent house.

It put the pause on for the wife and I. Shopping for a second home in Desantis country and we are pre-approved.

Told our lender we are going to sit out until a new administration comes in who doesn’t prescribe to the Communist Manifesto. And betting the housing market continues to cool.

I just got word this is being delayed for now. It will be rolled out in the next 6 months.

So it wasn't enough to care for people who make poor decisions. Now the Fed's will reward them further at the expense of those who make good decisions.

They'll look at how much you saved and put into your retirement account and inform you that don't need what you invested in Social Security.

Wait until your social security benefits become means tested. You saved and done well - sorry, your benefits are cut so we can afford to pay less fortunate retirees. It’s coming

Sooner if we keep electing socialist democrats.

Ha, Texas Dan and i had the same thought at the same time.

This already happened to my wife that retired with a pension from TRS. Was penalized 40% of her SS, even though she had worked a regular job for 15 years before going into public school system.

I read an article about this over the weekend. Completely ridiculous and mind boggling.

Shouldn’t be….the entire “income tax withholding” is nothing more than income redistribution. How the hell do people get a return larger than their withholding????? Democrap redistribution from the producers to the parasites all in the name of “fairness”

Make it through struglling through life including a divorce and always kept mine above 800. Thanks for the reward.

This will hammer the real estate market.
I’m starting to refurb a rent house to sell. It’s about a $300,000 property.

Something will have to give. A low income person can’t afford it and a responsible borrower can only afford to pay a certain amount per month and a lender knows that.

Possible fallouts include the devaluation of real estate with a resulting loss of property tax income for the municipalities.

That, and if you leave your kids with anything they will only get 1/4 of it.

The whole credit system is screwy……several years ago I paid off a vehicle loan early, (only loan I had and no credit cards) and my excellent credit score dropped over 30 points. Bank: A great place to get a loan as long as you can prove you don’t need it.

Just got notice that this was cancelled.

Woohooo. Small win, but a win is a win.

Good deal

They’re just testing the waters. See how much we will push back.