22 Jan 17
Originally posted by robbie carrobieC'mon, Robbie, this is who Trump is!
Ok thanks I was unaware although from the perspective of helping low to middle income families its difficult to understand. Its still very Scrooge like and mean spirited.
We tried to tell all the Trump supporters, but Nooooooooooo...
Originally posted by EladarThis is was to be a mortgage FEE rate cut. Pay attention, please.
Mortgage rates are still low.
Higher rates do not effect fixed rate loans.
Oh, but wait. If you morons were actually paying attention, this 1%'er would have never been elected. Thanks for screwing all of us, Republican.
22 Jan 17
Originally posted by bob58Sure it doesn't cost existing mortgage holders any more money, but it cancels a fee rate cut. It prevents us from saving $500 a year on the fees. That is significant.
Hopefully this will help avoid another housing crisis. This does not cost existing loan holders any additional money, it makes it harder for high risk people (scores as low as 580) to get a new mortgage. The banks would of course like to lend to people who having an iffy chance of repaying the loan since these loans generate up front fees and the government (taxpayers) are on the hook if borrower defaults.
Seems to me to be a sound policy.
This is not sound policy. It is Republican policy. "I got mine, screw you."
Originally posted by EladarThey affect new loans, don't they? That is what is being discussed:
Mortgage rates are still low.
Higher rates do not effect fixed rate loans.
Based on analysis by Attom Data Solutions, the reversal means an extra $446 million for the MMIF, and concurrently that much less in the pocketbooks of an estimated 1 million homebuyers projected to take out FHA loans in 2017.
22 Jan 17
Originally posted by EladarExcept for the Republican Congress who stonewalled on everything Obama tried to do to help the middle-class. And now these kinds of moves by a Federal agency (in this case HUD) to put rules into place to actually help homeowners will have to be OK'ed by Congress first. Do you think they'll sign off on helping homeowners? Dream on.
In fact it was a last minute move that could have been done years ago.
Originally posted by SuzianneNo, they don't have to be OK'ed by Congress first. The REINS act is not law as the Senate has not even taken it up.
Except for the Republican Congress who stonewalled on everything Obama tried to do to help the middle-class. And now these kinds of moves by a Federal agency (in this case HUD) to put rules into place to actually help homeowners will have to be OK'ed by Congress first. Do you think they'll sign off on helping homeowners? Dream on.
Originally posted by SuzianneSo it would only apply to new loans which means very few people.
This is was to be a mortgage FEE rate cut. Pay attention, please.
Oh, but wait. If you morons were actually paying attention, this 1%'er would have never been elected. Thanks for screwing all of us, Republican.
In any case, Obama should have done this long ago. You are a fool but nothing new.
Originally posted by EladarDon't be stupid; not everybody buys a house every year. FHA loans are about 1/6 of the total of home buyers annually which is hardly "very few".
It is very few. Less than 1 percent?
Somehow all these great programs for rhe middle class never includes me.
BOO HOO for you. In fact, IF you own a home, increased demand caused by the availability of FHA loans would tend to increase its value.
Originally posted by no1marauderLess than 1 percent is very few.
Don't be stupid; not everybody buys a house every year. FHA loans are about 1/6 of the total of home buyers annually which is hardly "very few".
BOO HOO for you. In fact, IF you own a home, increased demand caused by the availability of FHA loans would tend to increase its value.
I was right and you are embarrassing yourself trying to rationalize why you are not wrong by saying few people buy houses.
Originally posted by no1marauderKing Donald?
Not really difficult to understand at all:
In addition, by making FHA loans more expensive, traditional bank mortgages become more competitive. Banks typically earn more in profit from of their own products than from FHA loans. So this initial Trump policy also generates a competitive advantage for mortgage lenders to make more money for their busines ...[text shortened]... t appoint all those Goldy Sachs guys to high positions to work against the big banks' interests.
Wait...wut? The President has too much power?
The hell you say.
It took a Republican to finally get you to utter those words?
It's about time man.
Originally posted by EladarWrong. Read the OP again.
So it would only apply to new loans which means very few people.
In any case, Obama should have done this long ago. You are a fool but nothing new.
It would also have saved homeowners with current FHA mortgages about $500 a year. This would have directly helped many in the middle-class, the very people Trump called "my people". Fact is, he doesn't give a rip about them.