The new rule will increase mortgage rates for homebuyers with higher credit scores in an effort to subsidize mortgage rates for those with riskier credit scores. WATCH the live stream of ABC News here: https://www.youtube.com/watch?v=w_Ma8oQLmSM SUBSCRIBE to ABC NEWS: https://bit.ly/2vZb6yP Watch more at http://abcnews.go. com/ LIKE ABC News on FACEBOOK https://www.facebook.com/abcnews FOLLOW ABC News on TWITTER: https://twitter.com/abc #HomeBuyers #MortgageRates #CreditScores #ABCNLUpdate
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Total BS stop voting for National Democrat Socialists. F these pukes blank these C scamming reporters.
Not the AMERICA I grew up in. This is communism. F them. Total garbage. Think I’ll buy a sports car and not n my ale a bunch of payments to lower my score.
Ghost town, any of those new buildings, and they attack your mortgages still building from the heart, has not much profit from it. Cardboard houses.
Stealing from you, again, coldly.
Government loans are the only ones that will be affected. If you are using a private bank this does not apply. Everyone seems outraged but know very little of how the policy works. Also, many people work hard and dont make it. Just because you did and made it doesnt means others didnt try but ultimately failed. They exist, in much greater numbers than those that made it.
The inmates are running the asylum
Its 10 dollars per month per 100k…on a 400k loan that is $40. Over a year that is $500. This "expert" is either lying or not an "expert".
What does good credit scores have to do with making more money ? Just because you have good credit doesn't mean you make a lot of money. It just means you did good with your finances. How is this fair ?
PS: all these changes have already be implemented- May 1st is the delivery date to Fannie or Freddie
Fannie and Freddie rarely approve home loans for less than 700 credit scores with minimum down payment- this appears to be more political window dressing than anything else
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless." – Thomas Jefferson
"For most folks it will mean about $10 more a month."
hang on..
"For most folks it will mean more a month"
Fixed it.
This is a Biden Marxist plan. The more responsible and law abiding you are, the more the govt will screw you. Yes, you are penalizing the responsible and rewarding the irresponsible.
All the good credit folks have to do is wait for the low credit score folks to default on their loans and then buy those homes while they are in foreclosure. A great way to get a home cheaply. Maybe get two, three homes, since they, people with good credit, are more responsible with their money and probably are saving up for a down payment.
But what happens if you're a first-time home buyer and your credit score is 805 then what happens I'm so confused.
The government needs there to be a stand still/ dead stand market crash. Guess they're not satisfied yet with how bad it's been 😞
Credit scores are totally unfair anyway!
Get ova it!! pay up fuckers!
STEALING IS STEALING,
THIEVERY
Lawsuit for the demonically influenced whore of Babylon demonrats in government
Welcome to socialism which is communism
420 grand on average is fuckin insane, who's paying the wages needed to afford these mortgages, I really feel for the young people just starting.
This sounds crazy to me. 🤷♀️
Socialism.
The new American dream is to buy up as much property as you can and then rent it out to someone less fortunate, everyone wants to be a slumlord.
You can spin it however you want…it's wrong!!! It will just get worse. It's socialism…everyone deserves the same…
You people are a joke to try and justify this crap
Low income does not mean you have low credit… There's no logic here
challenge it in court call congress
This has nothing to do with helping people with low credit scores getting into homes. This is another money resource (Sorry Grab) for the federal government. I'm a realtor and once in a great while, I might have someone with a credit score of 620 or slightly lower that can buy a house. Most people that can afford a home are high 600's and into the 700'. I'm not aware of any oversight or cap to this new general pool money. If this stays in effect after the president election, imagine how much money this new general pool (At the Federal Level) will have in it. Imagine who is stealing from that pool and we the citizens of this country will have funded it from buying the American dream. – Another Taxation without Representation
I ain't payin .10 more for the deadbeats who don't pay their bills!
Where does Biden get the authority to tax private banking transactions?
I worked hard too get my credit score too 800 now I'm going too have too pay more if I buy another house.
Utter nonsense
2+2=5
Being able to provide all my needs without the help of the Government is really a dream come through and I’m getting $50,000 returns from my 10k investment
This is such a crazy, irresponsible rule…
People who've done the work to get good credit are absolutely subsidizing the people who have worse credit and that's f'd up & and a Truly foolish way to go aobut it because credit score isn't a reflection of income, but of responsibility in managing credit.
The risk of the bad home loan seekers is being paid for by the least risky and the risk of those bad credit seekers is still very real. So, they pay less and then default more.
What imbecile came up with this plan?