You're going to get what you voted for...

[Hung_Low]

https://www.themainewire.com/2023/04/biden-rule-will-tax-home-buyers-with-good-credit-to-lower-costs-for-those-with-bad-credit/

Brandon and his administration has implemented a new rule change that will require responsible homebuyers to subsidize loans for higher-risk borrowers.

“The changes do not make sense. Penalizing borrowers with larger down payments and credit scores will not go over well,” said Ian Wright, a senior loan officer at Bay Equity Home Loans, told the Washington Times in an email.

Brandon and his admin. defended this new rule change as a fight against racial inequality for minority homeowners because they tend to have low credit score and no funding for down payment.

This change stems from the "risk-base pricing" introduced in early 2000s. This program allows lenders to offer lower interest rates to borrowers with high credit score and large down payment and charging higher interest rates to lower credit score and low down payment borrowers. The new rule forced lenders to imposed fee to these high credit score and large down payment barrowers to subsidized the other end of the spectrum.

Glad I'm no longer in the market for a house... I'll be later when this Admin and its BS is down with.

[hmgROCK]

Stay away from these bias fake news site

 

Don’t be a dumb ass