The Many Faces of US Politics...

[whitey]

Have the lower score people been subsidizing the higher score people before this? Is this a zero sum game?

If lower score people were paying lower fee rates compared to higher score people, I could understand, but the actual fee rates for lower scoring people are still significantly higher.

If we are talking about a zero sum game, its like someone whining that they're subsidizing the other person because their portion of the pie dropped from 70% to 65%, whereas the other person's increased from 30% to 35%.

But they're paying a higher rate for a reason.....greater risk of default


So I know a guy whose credit is shot.....makes well into the  six figures. Bought a house he shouldn't have, went underwater, had to relocate for work and short saled the house.

Why should I pay higher fees to "subsidize" his bad decisions?

BTW-he has a leased BMW and a Mercedes in the driveway. My last Toyota had 287,000 miles on the clock

[whitey]

https://www.wsj.com/articles/upside-down-mortgage-policy-212fd736

2 additional points

"Those who make down payments of 20% on their homes will pay the highest fees. " (which is insane)

"The biggest problem here is fairness. Taxpayers already subsidize mortgages for low-income borrowers through the Federal Housing Administration"

[dec]

But they're paying a higher rate for a reason.....greater risk of default

This change relates to one times fees at the origination point of the mortgages (closing costs), not the mortgage rate that is charged. The mortgage rate will continue to be higher for higher risk borrowers.

[whitey]

But they're paying a higher rate for a reason.....greater risk of default

This change relates to one times fees at the origination point of the mortgages (closing costs), not the mortgage rate that is charged. The mortgage rate will continue to be higher for higher risk borrowers.

My understanding is that on a $400K mortgage it's $40 monthly for the duration of the note

[J70]

Have the lower score people been subsidizing the higher score people before this? Is this a zero sum game?

If lower score people were paying lower fee rates compared to higher score people, I could understand, but the actual fee rates for lower scoring people are still significantly higher.

If we are talking about a zero sum game, its like someone whining that they're subsidizing the other person because their portion of the pie dropped from 70% to 65%, whereas the other person's increased from 30% to 35%.

But they're paying a higher rate for a reason.....greater risk of default


So I know a guy whose credit is shot.....makes well into the  six figures. Bought a house he shouldn't have, went underwater, had to relocate for work and short saled the house.

Why should I pay higher fees to "subsidize" his bad decisions?

BTW-he has a leased BMW and a Mercedes in the driveway. My last Toyota had 287,000 miles on the clock

And after this comes in, they'll STILL be paying significantly higher rates.

Do you not think the leased fancy cars and spending and credit history and so on is considered by the banks as part of the whole individual mortgage process and risk assessment.

Sorry, but I honestly don't care about this. And I'm someone with a very healthy credit score. If it provides a tiny bit of assistance to someone less well off trying to get their foot on the ladder, great! We're not talking about the mortgages themselves; this is just savings on closing fees.

[dec]

But they're paying a higher rate for a reason.....greater risk of default

This change relates to one times fees at the origination point of the mortgages (closing costs), not the mortgage rate that is charged. The mortgage rate will continue to be higher for higher risk borrowers.

You are simply quoting the WSJ editorial which doesn't explain where that number comes from.

Here is a different article from USA Today which has an actual explanation.

https://www.usatoday.com/story/money/personalfinance/2023/04/23/mortgage-fee-structure-change-may-2023/11713841002/

"For example, if you have a score of 659 and are borrowing 75% of the home's value, you'll pay a fee equal to 1.5% of the loan balance. Before these changes, you would have paid a 2.75% fee. On a hypothetical $300,000 loan, that's a difference of $3,750 in closing costs.

On the other end, if you have a credit score of 740 or higher, you would have paid a 0.25% fee on a loan for 75% of your home value before May 1. After that date, you could pay as much as 0.375%. "

[whitey]

Net net, I think it's probably a good thing

But it's an odd way of doing it from my vantage point

[Gmac]

Not yet perhaps.

But one victim has been making plenty of noise recently about Carlson's pushing of conspiracy theories against them personally.

https://www.nbcnews.com/news/amp/rcna76363

Mr Epps. I believe you yourself periodically try to push this one here.

all bs , cbs 60 minutes and nbc defending the only guy on tape talking about going inside the capitol building who hasn't been charged with a crime, why are regime backed media outlets defending him alone ? Maybe he went to the cult deprogramming counseling that is part of punishment for some offenders.

"regime-backed media outlets"?

Do you ever listen to yourself?

Any little thing to grab onto to try to deny what happened that day and the role of your presidential nominee-to-be in orchestrating a vicious attack on democracy.

How many people have been charged with "talking about going inside the capitol building" or even incitement of a riot?

About 2000 people did go in. About half have been charged with various crimes, the most serious of which were assaults on police officers.

joes cheat sheet  caught on camera today shows the name of fake  journalist and what the fake question is , but no there not regime media

[J70]

Gmac, you're going to have a stroke getting angry at ridiculous, irrelevant nonsense, just because some arsehole on the radio told you to.

WTF is wrong with notes or "cheat sheets"? Especially when you're going to have to talk and provide details about a multitude of topics?

FFS even Trump had to use notes, not least the time he wrote down specific words he could use to sound like a normal human being when talking about a mass shooting. Most people do, maybe freaks like Bill Clinton aside (and I'm sure he had to at times). These are not like debates where you practice for days in each and every possible topic.

Same with the pre-scheduled question. That shit happens all the time too. Especially when there's something specific they want to address. Remember the comically ridiculous questions Trump used to get from that OAN lady?

Do yourself a favour and find something legitimate to get your knickers in a twist about. Cheat notes, pre-selected questions and not scheduling official primary debates on incumbent years are not it (you like Trump saying he'll not be debating at the RNC's debate at the REAGAN PRESIDENTIAL LIBRARY because the chairman has connections to the WP? )

[Gmac]

Gmac, you're going to have a stroke getting angry at ridiculous, irrelevant nonsense, just because some arsehole on the radio told you to.

WTF is wrong with notes or "cheat sheets"? Especially when you're going to have to talk and provide details about a multitude of topics?

FFS even Trump had to use notes, not least the time he wrote down specific words he could use to sound like a normal human being when talking about a mass shooting. Most people do, maybe freaks like Bill Clinton aside (and I'm sure he had to at times). These are not like debates where you practice for days in each and every possible topic.

Same with the pre-scheduled question. That shit happens all the time too. Especially when there's something specific they want to address. Remember the comically ridiculous questions Trump used to get from that OAN lady?

Do yourself a favour and find something legitimate to get your knickers in a twist about. Cheat notes, pre-selected questions and not scheduling official primary debates on incumbent years are not it (you like Trump saying he'll not be debating at the RNC's debate at the REAGAN PRESIDENTIAL LIBRARY because the chairman has connections to the WP? )

sure it happens all the time ✊
Your as naive as Lois lane

[Eamonnca1]

Gmac, you're going to have a stroke getting angry at ridiculous, irrelevant nonsense, just because some arsehole on the radio told you to.

WTF is wrong with notes or "cheat sheets"? Especially when you're going to have to talk and provide details about a multitude of topics?

FFS even Trump had to use notes, not least the time he wrote down specific words he could use to sound like a normal human being when talking about a mass shooting. Most people do, maybe freaks like Bill Clinton aside (and I'm sure he had to at times). These are not like debates where you practice for days in each and every possible topic.

Same with the pre-scheduled question. That shit happens all the time too. Especially when there's something specific they want to address. Remember the comically ridiculous questions Trump used to get from that OAN lady?

Do yourself a favour and find something legitimate to get your knickers in a twist about. Cheat notes, pre-selected questions and not scheduling official primary debates on incumbent years are not it (you like Trump saying he'll not be debating at the RNC's debate at the REAGAN PRESIDENTIAL LIBRARY because the chairman has connections to the WP? )

Remember when a teleprompter suddenly became an inappropriate tool for a president to use as soon as Obama took office? Apparently it was okay for Reagan to use one though. They've been used by presidents as far back as Lyndon Johnson, FFS.

[J70]

I think Gmac needs to crack open a cool Bud Light and relax a wee bit. 

[Eamonnca1]

I think Gmac needs to crack open a cool Bud Light and relax a wee bit. 

Tut tut. Should have given him a trigger warning before mentioning Bud Light!

[Gmac]

I think Gmac needs to crack open a cool Bud Light and relax a wee bit. 

watery piss I'd say your more of a white claw guy

[J70]

I think Gmac needs to crack open a cool Bud Light and relax a wee bit. 

watery piss I'd say your more of a white claw guy

Is that an insult? Not a cool alpha-male drink in the MAGA swamps?

My wife's family enjoys White Claw when we're out west, but it's not something I've ever felt a need to try.

Not much of a drinker myself these days, but I do enjoy an occasional craft beer (low on the hops) or cider.