Can anyone verify this?
First heard about it yesterday where Biden is making ppl with good credit scores to pay for ppl with bad credit scores starting May 1. Im giving it 72 hours before i say its bullshit or not. Big key is i have not seen it on this forum which leads me to believe it is fake news.
If this turns out true, this is my last mortgage payment, thats how this works right? lol
https://www.newsweek.com/biden-raises-costs-homebuyers-good-credit-help-risky-borrowers-1795700
When I heard of this it brought to mind when I asked my car insurance company why my cost is up $200 they said its to make up for increase labor and supplies for home claims. I said I have car insurance, not home and why should I pay toward someone else's home policy? Need to switch car ins company.
I saw it posted on Zero Hedge earlier this week.
This looks a lot like those bad mortgages that Obama organised with Fannie Mae and Freddie Mac that help bring on the GFC.
Yes true
We're living in an opposite world.
True
It is all over the place.
It is fact.
UNCONSTITUTIONAL.
Sue the hell out of them.
Find a sympathetic court to put a stay on this, lawfare. The communist had poedunk judges staying EOs on President Trump routinely.
Exactly this.
This will cause further society deterioration.
This is not democracy
Never was supposed to be a democracy.
Biden rule will redistribute high-risk loan costs to homeowners with good credit
https://www.foxnews.com/us/biden-rule-redistribute-high-risk-loan-costs-homeowners-good-credit
Seen a clip here from fox News that talked about it. Read something last week and I was hoping it was not true.
Is this going to raise the payments on previously existing mortgages, or will it only be applied to newly issued mortgages?
New mortgages is my understanding. If you have a shit score, you get a loan discount. If you're above a 740, you pay a loan penalty, somewhere in the 1% range. It's Asinine.
Thats what i am not sure of. If for new, then house sellers will hurt. If for existing, then wouldnt that be a breach of contract?