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Greetings, fellow travelers. As with my previous message, this is intended as "one and done". I do not plan to monitor this thread or post in it after the first time. Please react as you see fit. I apologize for feeding the trolls, but as a responsible cat owner, I know you have to do that to manage your responsibilities sometimes.  Your neuroses too. I'm a troll myself, I know how trolls work.I have endeavored to keep this message shorter, as per the one bit of feedback I saw from the previous thread. Still not reading that thread. Or this one after this point. I will let the following article speak for itself. Enjoy! https://www.msn.com/en-us/money/new...6f7d8f7d1&ei=25 *** The Media Missed Joe Biden’s Greatest Mistake Yet Story by Harrison Kass • Wednesday © Provided by 1945 I’m writing again about President Biden’s new mortgage rule, which adjusts fees based on a borrower’s credit score because I don’t think the rule is receiving sufficient media attention for being the moral and functional blunder that the rule is. In case you missed it, earlier this month, a new Biden Administration Federal Housing Finance Agency (FHFA) rule went into effect that will require borrowers with better credit scores, and borrowers who make larger down payments to pay higher mortgage rates. You read that correctly. Borrowers with better credit scores, and borrowers who make larger down payments, will need to pay higher mortgage fees than borrowers with low credit scores, and borrowers who make lower down payments. I can’t quite get over it. The thing is so patently absurd. Yet, there are other things happening, like Ukraine and the debt ceiling and the GOP primaries, and Biden’s discrete mortgage rule has already faded into media obscurity, despite the backlash the rule has caused. So, I’ll do my part – to amplify the backlash. Because I am deeply irritated, at both the unfairness and the fundamental impracticality of the new mortgage rules. The new rule rewards bad behavior. If my harping against Biden’s new mortgage rule sounds like sour grapes that because it is sour grapes. I’ve spent years living frugally. Pinching pennies. Only spending what I have. Avoiding credit card debt. Saving what I have in the hopes of gaining security and enhanced wealth through home ownership. I’m a way off from buying a home. But at least my credit rating is high – a simple reward for playing according to the rules, which, until Biden interceded, provided comfort in knowing that I would receive favorable mortgage rates one day. I’m not alone. Millions of Americans, across the socio-economic spectrum, have been playing according to the rules. And now, the lot of us are going to be subsidizing the Americans who played it loose. Who bought the Corvette they couldn’t afford. Or blew paychecks on sports betting. Or racked up credit card debt. Under Biden’s new rule, the Americans with the bad credit rating are going to be earning the more favorable mortgage rating. The crazy part is that credit rating (and down payments) alone determines the mortgage rate, meaning that a guy making seven figures a year, who happens to have bad credit, will get a better credit rating than the guy making 50k a year, who lived responsibly. It’s sick stuff, rationalized as a means to encourage home buying, or close the racial home ownership-gap. But that’s nonsense. The new rule is as likely to discourage home buying (amongst those with good credit) as encourage home buying (amongst those with bad credit). And of course, the rule operates based on credit rating, not race or ethnicity. The real motive for the rule (in my best guess) is that it allows lenders to lend to whomever they want. The new rule opens the doors for lenders to make deals with people who, otherwise, would not be able to secure a loan for buying a home because that person was deemed too risky. But now, with the good credit borrower subsidizing the bad credit borrower, the bad credit borrower is suddenly less risky. And did we learn nothing from 2008? From the perils of allowing people to live beyond their means? Biden’s new rule is a moral and functional blunder. *** This is AchtungNight again. I hope my audience has all read and appreciated the article. I am not sure if its contents are completely true, I'm still verifying them, but I do believe this article is full of things worth discussing. I am one of the frugal spenders who would be negatively impacted by a financial bill such as this article describes. In college I racked up nearly three hundred dollars in overdraft fees spending foolishly. I had trouble getting my first car because of credit laws regarding bad credit, I ended up in serious dire straits and only a few good salespeople were able to help me get the car I needed. My first home purchase was a similar situation. I got into a deal I could not support financially, and I ended up losing my home after just over a year. Not a foreclosure, somebody assumed the loan, but I don't expect such an out again. I was then discouraged from buying a home for almost eight years, until I finally bought my current home in 2010. I have lived in that home since buying it, with many financial ups and downs. Could I say the credit laws in this country need work? Yes, of course. But Biden's direction as described by the article is not the right direction. I am not a banker, but thanks to bankers in my family and my own experiences, I know a bit about the mysteries of banking. I have practiced frugal spending for over twenty-five years now, and my excellent credit score (775 last I checked, last month) was the reward for that. The greatest gift? With frugal spending, I got to mostly ignore any potential problems with bad credit I might earn. This has decreased stress in my life in a lot of ways. I plan to keep frugal spending no matter what. Even after it helped cost me my marriage five years ago. No, you cannot verify my story. You're just going to have to trust me. Please also trust me when I say that the political direction described by the article is a bad idea. Have I called attention to darkness? I hope so, that is what I intend here. It is a meaning of my name. 
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May 20, 2023 02:44
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| # ? Apr 28, 2024 03:24 |
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not my problem
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May 20, 2023 02:59
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i am not reading that
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May 20, 2023 03:00
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those with higher credit still pay way less in fees just slightly more than before and those with lower credit still pay higher fees just slightly less than before. gas thread.
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May 20, 2023 03:03
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it sounds like you made a bad choice by being such a frugal spender. but those are your mistakes, and you need to take responsibility for them
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May 20, 2023 03:04
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lobster shirt posted:not my problem
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May 20, 2023 03:05
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lmao we refinanced at 2% get fuuucked
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May 20, 2023 03:24
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have you tried just not being a dumb poor?
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May 20, 2023 04:11
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sold my first house that i got for cheap 30 years ago and got a nice new house elsewhere in cash. no morgage baby!
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May 20, 2023 04:14
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concerning
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May 20, 2023 04:14
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Al! posted:it sounds like you made a bad choice by being such a frugal spender. but those are your mistakes, and you need to take responsibility for them
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May 21, 2023 13:10
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May 21, 2023 16:32
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