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Lot o points [156280]
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All-In [47913]
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that sounds like a G. Dubya "compassionate conservative"
Apr 20, 2023, 8:40 AM
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policy.
but good news for the likes of facebookcoochie
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Orange Blooded [4858]
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Re: Work harder, those of you with good credit.
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Apr 20, 2023, 8:43 AM
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The left does seem to know its constituency.
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All-TigerNet [12021]
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A roofer told me yesterday
Apr 20, 2023, 8:45 AM
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that anybody with $1000 in the bank and the right sized paycheck can buy one of DR Horton's $300k homes in their vinyl villages (two each of 300+ homes going up in our small town now).
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All-In [26635]
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Didn't we already try this back in 2008 - 2009 ??***
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Apr 20, 2023, 8:47 AM
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Orange Blooded [4858]
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Re: Didn't we already try this back in 2008 - 2009 ??***
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Apr 20, 2023, 9:09 AM
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The left spent a decade convincing themselves that putting a bunch of people in homes they couldn't afford had nothing whatsoever to do with the housing crash. Now its time for them to do it all over again.
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Lot o points [156280]
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No, starting in 05 or so, banks just threw
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Apr 20, 2023, 9:14 AM
[ in reply to Didn't we already try this back in 2008 - 2009 ??*** ] |
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Risk factors and employment validation out the window. Low credit types got the benefits but it was free for the rest of us until the house of cards fell. Now they’re front-loading us paying for it.
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Oculus Spirit [97938]
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Not to split hairs, but it was in 2003.
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Apr 20, 2023, 10:17 AM
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The math is simple. The 5 year interest only (artificially low LIBOR) ARM's issued at teaser low initial interest rates, that 5 years ended in 2008. They started issuing those loans in 2003, because I was offered one that year, and politely declined to play the game.
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Lot o points [156280]
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Fair enough. The “or so” hopefully conveyed imprecision.***
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Apr 20, 2023, 11:37 AM
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Oculus Spirit [97938]
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It did. I just wish I had known enough to think to short
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Apr 20, 2023, 1:48 PM
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the housing market. I mean I had no clue how widespread these loans were, but I did know the one we were offered was nucking futz. I assumed most people would have turned them down. Boy was I wrong.
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All-In [26635]
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Veiled communism ... bring everyone to the same level.***
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Apr 20, 2023, 8:48 AM
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All-TigerNet [13293]
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I guess 2008 is too far back for people to remember***
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Apr 20, 2023, 8:49 AM
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All-TigerNet [12259]
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Re: Work harder, those of you with good credit.
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Apr 20, 2023, 8:52 AM
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yeah did post yesterday, but should be posted again because of the stupid rating
I hope this is a major headline, so maybe draws enough attention and can be changed down the road
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Walk-On [135]
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Was watching a Dave Ramsey video
Apr 25, 2023, 5:53 AM
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on YouTube last night, and stumbled onto this topic. They indicated that this type of fee ( LLCP, I think that is it)/ etc. is not part of a 15 year loan program.
So when this comes up at the beach with my extended family this summer, I am just going to direct them that way. It’s not the easy choice, but I feel it’s the smart choice. We have been in a 15 year loan now for 2 years, and I know, we will be done with the house payment in 10-11 years or less.
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All-TigerNet [12307]
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I read one story on this yesterday and was looking for a
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Apr 20, 2023, 9:11 AM
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second source to get more details. Regardless - bad freaking idea. It is willful negligence by the Biden Administration at this point since anyone with a brain can remember what happened the last time the banks were essentially "coerced" by the Government to issue home loans to people who couldn't afford them...
What's worse is that it preys heavily on those that work hard and play by the rules - you know the middle class - to bear the costs of this idiotic rule. It is in fact a tax on those making less than $400k who take out new mortgages (Joe lied!) because rich people can pay cash for a home and avoid these extra borrowing costs. Just another case of taking from one group to give to another group under the guise of "equity" from the Marxist central planners that occupy the Democratic Party and the Biden Administration.
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All-TigerNet [12259]
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Re: I read one story on this yesterday and was looking for a
Apr 20, 2023, 9:19 AM
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was with you until you said people making 400k can pay cash for a house?
I mean theoretically, but those making that much are probably looking for dwellings that they ain't laying out cash for.
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All-TigerNet [12307]
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Either I mistated it or you misread it...
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Apr 20, 2023, 9:26 AM
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Biden said he would not tax anyone making less than $400k a year. People that make less than $400k will, in all probability, take mortgages out to pay for their homes. Rich people - they type that the Biden clown show says need to "pay their fair share" (thinking the $million club) can simply avoid mortgages all together...
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110%er [7296]
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Re: Either I mistated it or you misread it...
Apr 20, 2023, 5:54 PM
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There are many near rite ent people who make far less than $400,000 per year who possess > $1,000,000 in net worth.
Northerners who want get out of Dodge before their house values go in the toilet are moving to the mountain regions from Virginia and Tennessee and southward.
For those people who are willing to get reverse mortgages (to raise cash), then find a home in the South for ~ < $500,000 they can (and will) readily put down ~50% down or more to buy a southern home. When they complete the sale of their southern home, they then sell their Northern home. Usually they end up with positive net cash flow in this activity.
In this way, the southern housing market will be hurt from the pending new socialistic lending rules.
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Orange Blooded [4978]
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Orange Blooded [3036]
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Re: Work harder, those of you with good credit.
Apr 20, 2023, 10:22 AM
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Aunt socialism great?
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All-TigerNet [11013]
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communism***
Apr 20, 2023, 10:29 AM
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Oculus Spirit [81387]
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Seesm pretty easy to fix.
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Apr 20, 2023, 10:39 AM
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Just stop paying your credit card for a few months before buying a house.
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Heisman Winner [112160]
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That's Ok, you bozos have been subsidizing south Florida's
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Apr 20, 2023, 10:42 AM
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flood insurance for decades. Thankyou for your service. Unfortunately 1 more big one and the only Insurance company in the state left solvent will likely go belly up. Guess who will be on the hook you whacky little socialists?
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Hall of Famer [24515]
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Thank you. As irritating as the OP article is, govt flood
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Apr 20, 2023, 10:50 AM
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insurance is just as bad. Individuals have to bear the risk of living in the path of a hurricane. Or anywhere. My guess is that subsidized insurance inflates the value of the property - because more attractive - meaning only the most wealthy live there. Another guess is that it is not about the wealthy per se, but senators in coastal states protecting the tax value of that property. These two example might come from different motivations, but both are wrong for the same reasons.
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All-TigerNet [12021]
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110%er [7296]
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Re: That's Ok, you bozos have been subsidizing south Florida's
Apr 20, 2023, 5:28 PM
[ in reply to That's Ok, you bozos have been subsidizing south Florida's ] |
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The big money enviro panicked FL beach dwelling greenies who donate to the Democrats will stop writing checks if the Democrats stop using FEMA as the means of allowing insurers to affordable insure beach houses.
Ditto if you substitute Republican for Democrat … whether or not the Republican are also ‘apocalypse now’ ocean level rising panicked.
In other words, Hades will be a snow skiing resort before that terrible waste of taxpayer underwritten FEMA beach house insurance loses its subsidies.
That doesn’t make it any better to reintroduce GW.Bush ‘compassionate conservatism v2 for subsidizing un-creditworthy home loan borrowers.
Once again, the Democrats show that they are every bit as stupid as the Republicans.
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Orange Blooded [3036]
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Re: Work harder, those of you with good credit.
Apr 20, 2023, 10:50 AM
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The way credit score is figured is just stupid.
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Oculus Spirit [81387]
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It is.
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Apr 20, 2023, 10:59 AM
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I have one CC, and no other debt aside from my house. I've never been late on any payment I've had.
I've got into this donut hole of credit scores that I'm down to 754 on one credit score..and it won't change. The CC I have has a $9,000 limit. I bought plane tickets with it and doing that lowered my credit 40 points. And it takes months to get back higher. If I pay it all off at once...my credit goes down even more.
The answer is to have more credit, which makes zero sense to me. That reporting agency says I have 18 years of credit history (I have much longer), so by now, i would think they have a pretty good baseline of my real history upon which to go by. But they obviously go by week to week history..except for the 5 hard credit pulls in the last 2 years while buying a house...which lowers my credit even more.
Its maddening.
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Hall of Famer [24992]
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They prefer you to be in debt... It's the financial way.***
Apr 20, 2023, 11:13 AM
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Rock Defender [54]
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Re: It is.
Apr 20, 2023, 11:21 AM
[ in reply to It is. ] |
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Orange Blooded [3036]
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Re: It is.
Apr 20, 2023, 11:27 AM
[ in reply to It is. ] |
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Your comments outline my thoughts. I was just too lazy to state it all. You did a good job laying out the insane reasoning behind the credit score. I honestly had no idea that paying off a credit card in its entirety each month lowers your score. Wow! I have one credit card that I use to buy only my business supplies. I pay it off without exception every month. Other card needs are done by my debit card. I have not carried any debt since I was 43 (58 now). I have not had a mortgage or any debt at all in those 15 years. My credit score is ok but not great. Like you , I’ve never missed a payment for anything. I only know my score because I got curious a few weeks ago. But honestly , I could not care any less about the score at this point. I’m not planning to ever borrow money so screw their little scoring system.
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Oculus Spirit [81387]
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But its not just borrwojng money where it costs you.
Apr 20, 2023, 11:29 AM
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Homeowners insurance, car insurance, some job applications..they all judge you, at least partially, on your credit score.
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Rock Defender [54]
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Re: But its not just borrwojng money where it costs you.
Apr 20, 2023, 11:32 AM
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Orange Blooded [3036]
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Rock Defender [54]
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Re: But its not just borrwojng money where it costs you.
Apr 20, 2023, 11:36 AM
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Orange Blooded [3036]
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Re: But its not just borrwojng money where it costs you.
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Apr 20, 2023, 11:39 AM
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Actually I would not be amazed. In my years of dealing with customers I am no longer shocked at who is actually broke. The wealthiest customer I have lives in a double wide mobile home!! He ain’t broke. Lol.
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Rock Defender [54]
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Re: But its not just borrwojng money where it costs you.
Apr 20, 2023, 11:47 AM
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Orange Blooded [3036]
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Re: But its not just borrwojng money where it costs you.
Apr 20, 2023, 11:55 AM
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That is a fact!! I’ve experienced it in my business. I had a customer / friend living in a home worth about 1.2 million 15 years ago. They had been in the home 6 months and kept wanting me to see the house. There was zero furniture ! Nada, zilch. Only a bed!! I asked where their furniture was. They said “we can’t afford furniture yet”. So help me that’s a true story. But they sho nuff looked like somebody special from the drive by!
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Hall of Famer [22086]
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$9k credit limit?
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Apr 20, 2023, 1:52 PM
[ in reply to It is. ] |
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c'mon bro, branch away from Discover....
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All-In [40970]
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if you put 5 grand on a credit card
Apr 20, 2023, 2:03 PM
[ in reply to It is. ] |
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And your score drops 40 points. If you pay it off next month your score will go back up 40 points plus or minus a couple points unless it is a new card with other things like history length and hard pulls.
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Rock Defender [54]
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Re: if you put 5 grand on a credit card
Apr 20, 2023, 2:15 PM
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All-In [40970]
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yes don't close old cards
Apr 20, 2023, 2:50 PM
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once or twice a year I will get a new department store credit card to the the 30% off that they will offer on "today's" purchase. I'll pay it off and close the account. I make sure to keep the old accounts open. Plus I can go back to the same store a year or two later and open a new account with 30% off.
This is what they look at:
1. Missed payments or collections - really bad.
2. The % of revolving credit used compared to total available debt.
3. The average length of all credit accounts. (keep those old cards open for decades if you can)
4. Number of hard pulls. (they get you for 3-10 points and only last 2 years. Try not to have more than 5 or 6 in two years.
5. Total number of accounts going back 10 years or so after they are closed. Doesn't affect it much.
I've kept track of all of these things for years along with my score and how my score changes when these things happen.
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Associate AD [828]
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Re: It is.
Apr 20, 2023, 5:54 PM
[ in reply to It is. ] |
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Exactly the same situation here. I just dropped down to 799 - first time my credit wasn't 800+ in my adult life.
My "mistake" - dropping some credit cards I wasn't using, which finally expired. The house is paid for. And I've paid cash for every car I've ever owned. It is a befuddling way to measure someone's financial health. I'm sure it also hurts people who can't get credit cards because of the zip code in which they reside, dampening their credit ratings. (Which speaks to why they try to open up housing loans to those who are responsible but don't have easy paths to credit.)
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Rock Defender [54]
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Re: Work harder, those of you with good credit.
Apr 20, 2023, 11:12 AM
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Lot o points [156280]
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Joined: 5/6/13
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when I used to work in telecom, we called that the
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Apr 20, 2023, 12:20 PM
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"You're welcome, West Virginia" fee.
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Rock Defender [54]
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Re: Work harder, those of you with good credit.
Apr 20, 2023, 2:17 PM
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Hall of Famer [22086]
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Joined: 9/11/11
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I personally think this is awesome
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Apr 20, 2023, 3:27 PM
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Let those of us who've put ourselves in a position to "pay our fair share" subsidize the home buying capability of those "less fortunate"...right? I mean, it's the only equitable thing to do.
I read in another article, maybe last week, California is absorbing the 20% down payment for new buyers (maybe any buyer under a certain income threshold) and taking it back when the home sells. That's also a FANTASTIC use of taxpayer dollars.
Where's John Galt and when do we get to go create our new Galt's Gulch?
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Orange Blooded [3036]
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Re: I personally think this is awesome
Apr 20, 2023, 3:54 PM
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Fantastic use of tax dollars? Please tell me this is sarcasm??
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All-In [40970]
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Posts: 42973
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For each according to their ability to each according to
Apr 20, 2023, 5:33 PM
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their needs. People need to pay their fair share.
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110%er [7296]
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Re: I personally think this is awesome
Apr 20, 2023, 5:43 PM
[ in reply to Re: I personally think this is awesome ] |
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The reference to John Galt (one of the hero characters in Ayn Rand’s “ Atlas Shrugged”) proves that he was being super sarcastic.
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Orange Blooded [3036]
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Re: I personally think this is awesome
Apr 20, 2023, 5:47 PM
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I missed that. Thank you.
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Associate AD [828]
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Re: I personally think this is awesome
Apr 20, 2023, 5:56 PM
[ in reply to Re: I personally think this is awesome ] |
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The reference to John Galt (one of the hero characters in Ayn Rand’s “ Atlas Shrugged”) proves that he was being super sarcastic.
The very Ayn Rand who spent her later years on government assistance!
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Hall of Famer [22086]
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Yeah dude
Apr 20, 2023, 7:45 PM
[ in reply to Re: I personally think this is awesome ] |
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This type of policy pretty much goes against everything I believe in from an economics perspective.
I guess I don't post here often enough for my positions to be known haha
I am down to get a galts gulch going if anyone is interested.
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Hall of Famer [24372]
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Re: Work harder, those of you with good credit.
Apr 21, 2023, 9:50 AM
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I'm old enough to remember when the Dems were for the working man, but just barely old enough.
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Orange Blooded [3036]
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Re: Work harder, those of you with good credit.
Apr 21, 2023, 10:35 AM
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Yeah that party is dead. These New Democrats are socialists.
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Oculus Spirit [81387]
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I remember when Republicans were conservatives.
Apr 27, 2023, 12:28 PM
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That party is also dead.
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All-In [42440]
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What could go wrong?***
Apr 25, 2023, 7:57 AM
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CU Medallion [64837]
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Cash is king.
Apr 26, 2023, 7:22 AM
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Mortgages are for chumps.
Live within your means.
If you have money, it's a nothing burger... just poors subsidizing the really poors.
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