One Of President Trump’s First Acts Will Cost Homeowners Millions Of Dollars

christiefan915 said:
The bankers shouldn't have offered mortgages to people who were credit risks. The bankers held all the cards in this one, sorry.
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Actually it's the gov't that encouraged/told banks to sell the subprime and supported it with the purchases by Freddie and Fannie to help lower income home buyers. Without that gov't backing the banks aren't selling the products
 
cawacko said:
Actually it's the gov't that encouraged/told banks to sell the subprime and supported it with the purchases by Freddie and Fannie to help lower income home buyers. Without that gov't backing the banks aren't selling the products
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I'm going out on a limb here and saying even the government wouldn't want hopeless spendthrifts and wastrels with terrible credit ratings to get a mortgage.
 
christiefan915 said:
The bankers shouldn't have offered mortgages to people who were credit risks. The bankers held all the cards in this one, sorry.
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actuatlly it was the government that legislates the bankers. If you can't put 20% down on a home, mortgage insurance should be purchased
 
christiefan915 said:
I'm going out on a limb here and saying even the government wouldn't want hopeless spendthrifts and wastrels with terrible credit ratings to get a mortgage.
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Actually they do/did. That was the whole thing. Banks weren't lending to lower income people and lower income people with bad credit. That's why the gov't stepped up and promoted lower down payment loans etc. and the vehicle was Fannie and Freddie purchasing them.
 
Ralph said:
If you can't afford to purchase and insure....don't purchase, no one is forcing anyone to buy anything in a free market economy. That was the number one reason that caused the government manipulated housing market bubble to burst last time. The government making it easy for those who can't afford the purchase of a new home to purchase it on credit....that the banks and big brother both new was under qualified but the banks were forced to lend the money to minority buyers under a lame threat of Big Brother to sue the banks that refused mortgages to unqualified minorities....what idiocy, Affirmative Action Banking. Now big brother is threatening insurance carries to sell at reduced rates? Really?

FYI: New home ownership has decreased 4% under Barry Soetoro's mismanagement skills.

Reality? When someone purchases a new home the majority of new home mortgages are placed into an "escrow" where the insurance payments and property taxes are paid via the mortgage lender and charged to the mortgage holder in 12 equal payments added atop the mortgage payment....usually adding but a few dollars to the total payment. Then at the end of the year....if you have overpaid you receive an over payment refund...if you are under a few dollars the escrow is recalculated to fit the budget.

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ThnX, I have had several mortgages.......

Will that home ownership continue to slide under the trumpf regime??
 
cawacko said:
Actually they do/did. That was the whole thing. Banks weren't lending to lower income people and lower income people with bad credit. That's why the gov't stepped up and promoted lower down payment loans etc. and the vehicle was Fannie and Freddie purchasing them.
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Thing1 said:
I can't really tell: is NOVA insecure about Hillary winning the popular vote?
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Unlike you stupid motherfuckers that think the overall popular vote has anything to do with electing the President, many of us realize that you're addressing something with that type of vote that matters not.
 
Bill said:
WASHINGTON ― With one of his first orders, President Donald Trump made it more expensive for working- and middle-class Americans to buy their first homes. The move will increase costs for 750,000 to 850,000 Americans in the next year alone, according to the National Association of Realtors.

The Obama administration had said last week that the Federal Housing Administration would drop the cost of mortgage insurance it sells by almost a third to 0.60 percent. But after Trump took office, the Department of Housing and Urban Development, which oversees the FHA, told lenders the fee cut was off. The reversal of the reduction will mean that homebuyers who borrow $200,000 under the program will see their mortgage insurance fees go up by $500 a year relative to what the Obama administration had ordered, according to figures released by the FHA when the cut was announced.

The reduction was intended to help partially offset the cost of rising mortgage rates and was scheduled to go into effect on Jan. 27. The government sells the insurance in case borrowers default.

The mortgage industry’s main lobby group said when the cut was announced that it looked forward to working with the new administration on the issue. Congressional Republicans attacked the move, saying it would cut into the reserves the FHA held against defaults.

Julian Castro, Obama’s HUD secretary, said when the fee cut was announced that the FHA’s reserve fund had grown by $44 billion in the last four years and that it was time to share these gains with borrowers. Ben Carson, Trump’s nominee to run HUD, said in his confirmation hearing that he supported undoing the fee cut, and lending trade publications reported that a reversal was likely.

“We’re disappointed in the decision but will continue making the case to reinstate the cut in the months ahead,” Bill Brown, the president of the National Association of Realtors, said in a statement to The Huffington Post.

A spokesman for the National Association of Home Builders told HuffPost that it opposes canceling the reduction and it “will work with the Trump team” on the issue. “We feel confident that they will reinstate the reduction,” the spokesman said.


http://www.huffingtonpost.com/entry..._5882765ee4b0e3a73568f0a4?section=us_politics
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There's an easy solution if you don't want mortgage insurance. Do you know what it is? Do you know why those required to have it pay for it?
 
Bill said:
You know damn well many blamed it on him.............
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Blamed him for what Bill? These gov't policies go back decades and culminated in the financial crisis before Obama took office. But you want to tell us Obama is black? Do you have a comment on the substance of the issue?
 
christiefan915 said:
So much for populism. So much for making it even harder for poor people to get ahead.
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Says the one that believes handing poor people someone else's money is going to incentivize them to do better. Democrats, with all their social programs, have done more to make it harder for the poor to get ahead than something that, because they're poor, won't affect them.
 
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