Nostr Web Client

I consider myself to be one of the luckiest people I know. I have a happy and healthy family and I am fortunate to be able to work doing a thing I love. (Thanks to many of you.)

I have no pedigree.

I didn’t graduate from college.

I have no student loans.

I have worked hard for a looong time.

Thru a combination of good decisions and luck I have done better than average managing risk I MUST take on because of constant inflation. I have recovered from many expensive mistakes.

I live within my means and I have spotless credit. I did everything I could with the information I had to build a good life for myself and my family.

This “Loan-Level Price Adjustment Matrix” serves to devalue all of that.

https://singlefamily.fanniemae.com/media/9391/display

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Discussion

Kelly Lannan 2y ago

Ooof. We’ll see how long this program survives, as I doubt it does for long.

People are going to be quite upset with then see this charge on their closing statement. Lots of agents and mtg brokers are going to pay these fees.

Commies gonna commie.

awayslice 2y ago

For sure.

Right now it’s an executive order as i understand it.

So it probably disappears with Biden, but who knows.

Mark Sea 2y ago

I’m reading that this applies to people who already have a mortgage as well even if it’s a fixed rate. Not sure if that’s true though? Can’t find source.

Bourbonic Plague 2y ago

This seems like it opens up the opportunity for lenders who don’t sell loans on the secondary market to offer very competitive loans to the most qualified borrowers.

I don’t know the mortgage market well enough to understand all the potential ramifications, but it feels like they’ll end up increasing the average risk of the loans they are involved in.

Securitization was always delusional, this seems to make it even more delusional.