https://m.washingtontimes.com/news/2023/apr/18/joe-biden-hike-payments-good-credit-homebuyers-sub/
What could possibly go wrong?
I find it imteresting that they have delayed the fee for folks with debt to income 40% or higher. First question that comes to mind is how many people are in that category, and how many are left paying the "Good Credit Tax:?
#grownostr #2008onsteroids #driveitoverthecliff
How long before the "Good" people say screw it, drop their credit rating, take advantage of the discount?
How many will REALLY pay for this, if in the end, everyone has "bad" credit scores?
Unintended Consequences is a Natural Law.
..
And is the DTI calculated AFTER they assume the mortgage or before?
Well there goes all incentive to fix my credit score
My motivation to fix mine was more about becoming debt free rather than number go up!
This nonsense is ridiculous. Just the continued robbing of people who made good decisions to give more to those who don't. Hopefully #bitcoin will end this kind of nonsense in a few decades, pushinsh and reward people equally for good and bad decisions.
#[0]
What the Hell!?!?
Glad my mortgage is paid off. But seriously!!
So I should just stop paying things off and get bad credit
I am a mtg underwriter. I am not sure what this is or how theyβre going to implement, but my best guess is that they are going to remove βpreferred pricingβ right now thereβs a rate break at 680 & usually another one at 720 (this varies at every bank). This is so the banks can price to the borrower & lend at better tens for more responsible people. My guess is that the rate break will no longer exist & borrowers wonβt realize theyβre paying a higher premium
