| There are 50 comments on this blog. This blog is locked and no further comments are permitted. |
|
|
This might be good news for this crowd...
|
|
|
Are there articles in favor of this policy?
|
|
|
It is a $40 per month increase for rich people. Calm down chicken little. Breathe. Breathe.
|
|
|
Per the article, if you put down (what I would consider a traditional) down payment of 15 to 20% you get hit with higher rates as well.
I guess I'll have to work on dropping my credit score a couple hundred points.
|
|
|
It is a $40 per month increase for rich people. Calm down chicken little. Breathe. Breathe.
And why the fuck should I pay one penny more per month so someone who is a high risk can get a loan and then default and screw up our banking once again.
Does anyone remember LAST TIME we handed out loans like candy??????
People on the left are brain dead...they don't remember from one minute to the next.
|
|
|
A 30 year loan at $40 per month is $14,400.
hey1, since you are so hot to trot about this, then send my that $14,400.....
|
|
|
It is a $40 per month increase for rich people. Calm down chicken little. Breathe. Breathe.
It also has NOTHING to do with your income....it is your credit score. You don't have to be rich to have a good credit score.
But once again, people on the left don't understand anything until they get to bend over and get fucked by the government.
How do you like those $5 gallons of gas......
How about that inflation rate?
How about those new mortgage rates?
Credit card interest rates?
|
|
|
"only $40 a month"
Some people can't see the forest for the trees.
What's the 'unintended consequence'?
Who do you think buys rental properties & builds apartments?
It certainly aint the poor/ those with bad credit.
That shit rolls down hill.
|
|
|
Remo is right !
The poor my ass. That shit goes right to the Rockerfeller pocket.
Every single thing has to does with the Morgan, Rockefeller, Carnegie, Bush, Cheney, Kaiser and so on. And how to keep more of your money.
|
|
|
Nobody gives a shit about poor. Poor is another money making scheme.
|
|
|
A strong economy is built uphill, not down. Subsidizing the middle and upper lower class with taxes on the wealthiest was always the American way until the Reagan era, which is when national debt, deficit, and collapse in institutions coalesced. You can preach it but you also have to own it. It is tiresome pointing out the self-evident to peasantry.
|
|
|
Nobody gives a shit about poor.
Exactly. Until you are one.
|
|
|
How do people complain about the homeless, rising crime, etc., while not wanting to help the poor at all?
Everyone's quality of life diminishes when we act selfishly. Stop being shortsighted.
|
|
|
If Joe runs again, he's got my vote.
|
|
|
Vote for 4 more years of Joe and we will all be poor.
|
|
|
You obviously have forgotten about 2008 and the lending crash. Look it up!!!!!
|
|
|
Fannie Mae and Freddie Mac again?
Damn. You could have changed the date of the article from 2023 to 1999, and it would have basically sounded the same.
Did we learn anything from 2008?!?
I am for helping the poor and the middle class having more opportunity, but please explain to me how this is different from 1999?
|
|
|
^That was my Dunning-Kruger moment. I stand corrected. It seems that the pendulum has swung so far in the other direction from mortgage lenders taking huge risks (as in 2008) --they're taking very little risk now -- that the public sector has stepped in big time.
I mean this is simply redistribution by the government Money is going from richer people with better credit to poorer people who have less credit. I mean, that's how redistribution works.
If you don't like it or think it's unfair, vote.
|
|
|
"There is a clear correlation between income and credit score with lower income earners tending to have lower credit scores and higher income earners tending to have higher credit scores."
Simple redistribution.
|
|
|
Still, who will bail Freddie and Fannie again if there are a bunch of foreclosures? The government?
That means you and me. Again.
They have to do this with caution.
|
|
|
Typical Deadbeat democrat take
“How do people complain about the homeless, rising crime, etc., while not wanting to help the poor at all?
Everyone's quality of life diminishes when we act selfishly. Stop being shortsighted. “
The democrat party is built on the premise of giving deadbeats a handout vs providing an opportunity.
Biden is literally falling apart and you have all these deadbeats following him blindly holy shit
|
|
|
Guess all you geniuses missed the new law in Cali
Can't really blame you, since our brilliant Progs passed it retroactively
How does that work, you might ask?
Well, they pass a blank law, nothing there....this was back in June last year.
Then right at the end of their year, they amend the already passed law to include anything they want.
That way, they don't have to listen to voters whining about it.
What a fucking system these delusional fucks have created.
Now, we're getting to the good part
What is that amendment to the blank law they passed, one might ask?
Simple......
You will no longer pay your utility bill by usage
You will now pay based on your INCOME, ell oh fucking ell
60 years ago, Ayn Rand predicted all of this garbage happening in the People's Republic of California stan
Now that the delusional Progs have impoverished almost everyone with inflation, self-inflicted artificially high gas and other energy prices, artificially high real estate prices.....they feel they need to do something for the low-income residents that they've thoroughly fucked.
Only problem I see is that those people are all homeless now and it's hard to enjoy the new state subsidy when you don't even have a utility bill!!!!
).gif)
PS you'll see the letters soon from your local utility.....bend over and grab those ankles
|
|
|
I hate when these things start with out me… be right back gotta go back home to get my tin foil hat lol
|
|
|
Omg oh 😂
|
|
|
san fran proposing vacant home tax...that doubles each year...money for the homeless
|
|
|
Grievance politics.
Even the Moonies know it's like shooting fish in a barrel.
|
|
|
Are there articles in favor of this policy?
No but a 20 minute film, just releashed, on what your life may be like.
It's approved Klaus Schwabe and the CCP there selves.
.
|
|
|
Do they come with an Electric or a Gas stove ?
|
|
|
https://youtu.be/wGw22OjB4Ko
First 3/4 of the conversation is extremely difficult to listen to but worthwhile. Last 1/4 is providing a stark warning about the road we are currently going down.
This not a rich vs poor thing, this is a systematic replacement of democracy as we know it.
|
|
|
wealth redistribution = communism
love it when they use different terms to make things sound "OK".
|
|
|
Technically, America is both communist and socialist, but only to the wealthy because wealth is constantly being redistributed from the middle and lower classes to the wealthy.
In this country, governmental safety nets have been used to bail out the wealthy, not the middle and lower classes. Jazz mentioned the 2008 real estate crisis, a topic I know a lot about. Bankers and investment banks were bailed out while tens of thousands lost their homes and life savings. During any economic crisis, the wealthy gain greater wealth because of the opportunities crosiers present (lower real estate prices, for example), while the poor and middle class suffer disproportionately because most of their money is spent each month as they are often just surviving paycheck to paycheck.
The gross income disparities in this country have gotten much worse after Reagan; before Reagan, the lower and middle classes experienced a progressive rise in prosperity. Republican economic policies, especially trickle down economics, has been proven to only help the rich.
And it’s not just this country. They are having demonstrations in France right now. You might have heard that Blackrock’s offices were trashed. It’s because Blackrock was trying to force pension funds to buy their failed real estate financial instruments to mitigate their losses and make a shit-ton of money off the transaction fees. They wanted the people of France to bail them out.
Lastly, no one wants the rich to lose a substantial amount of their money. However, they should be making fair contributions to society as they have taken so much from those who they can easily help.
|
|
|
It is not an extra $40 per month. It is a 1% adjustment to the pricing on the current rates. Ex: A 500,000 loan will be 5000 in additional costs, 750000 7500 in additional costs. Now you could have the lender pay the additional pricing (lender Paid) but your interest rate will increase most likely at a minimum 1/2 percent. So, examples above on a 500,000 loan about $175+ per month more or $2100 per year for the loan term. 750000 loan pay about $240 per month more or $2880 per year for the loan term. How is that fair just because you paid your bills on time and are responsible. Sorry, this is a bad deal for the Real Estate industry. Also, people with good credit aren't first time buyers?
|
|
|
mildlyamusing.
they should be making fair contributions to society
What is a fair share?????????????????????????
The top 1% of all wage earners in the U.S. pay 37% of the total Federal income tax
The top 5% of wage earners pay 58%.
Thus the bottom 95% of taxpayers only pay 42% of the federal tax.
Please, please, please, tell me what a fair share looks like???
People who make 10 million or more a year give an average of 9.3% of their income to charitable organizations. This compares to 4.3% for all wage earners.
|
|
|
and mildly
You say you know so much about the real estate crisis.
Didn't at risk loans and high number of loan defaults start the topple?
People with less than favorable credit were given loans with variable interest rates...duh, a recipe for disaster.
So, rather than learn from the past...let's all be dumb shits and make the same mistake....
Definition of insanity....“insanity is repeating the same mistakes and expecting different results.”
|
|
|
Most of the wealthy people I know pay almost nothing in taxes. The effective tax rate for the top 5 richest people is less than 3%.
I know a real estate billionaire who hadn’t paid taxes in the past 20 years (according to his accountant).
The topic of this blog may actually be unfair (the added cost for borrowing) if you have a net worth of less than $20 million. I’m talking about those who are worth more than that. Those people won’t feel any of this and they need to pay their fair share.
The two billionaires I worked for were the lowest level of scum you can imagine, and I’ve heard that isn’t unusual for billionaires.
|
|
|
Do you blame the banks or the people who took out the loans leading up to 2008?
This is a topic I know a shit ton about.
|
|
|
This has nothing to do with if you are rich or not. If you have money and have a great credit score you get hit with the pricing adjustment to the rate. If you are poor and have a great credit score you too will get hit with the pricing adjustment to the rate it doesn't matter one way or the other. If you are responsible and pay your bills on time and have a great score you will pay more for financing of a home, buying or refinancing period. Again, it is a 1% adjustment to the pricing behind the current rates. You either pay it in the form of additional closing costs upfront or have the lender pay and your rate will increase, and you pay with a higher monthly payment over the life of the loan. This is considered a LLPA (loan level price adjustments). BAD, BAD, BAD for the market. They will sell it as a rich only hit so they can create divide, but your income has nothing to do with where your credit score falls it has to do with your payment history.
|
|
|
crash of 2008 the investment banks are to blame.
|
|
|
Biden economics = Deadbeat economics
Expanding the IRS
Over spending
Regulating online pay apps
Fucking over the middle class
What a fucking sick pathetic joke democrats are when the fucking bring up Reaganonmics and completely fucking neglect how much of a fucking disaster bidens approach is
What will it fucking take for these fucking leftist idiots to get it!!! Is this not enough
|
|
|
Yes, ridethis....this affects all income levels...have good credit, pay more!!!!
What a stupid shit idea is that.
And mildlyamusing..
The 2008 stock market crash was primarily caused by a combination of factors, including the subprime mortgage crisis, high levels of debt, and a lack of regulation in the financial sector. In the late 90s, the Federal National Mortgage Association (Fannie Mae) began a crusade to make home loans accessible to borrowers with a lower credit score (gee, does that sound familiar to today's issue?). The Clinton administration expanded federal government servicing of low-income and minority borrowers through various “affordable-housing goals", quotas for more low to middle income loans.
Fannie Mae wanted everyone to attain the American dream of homeownership, regardless of credit.
So, I blame the regulators and the banks who encouraged these loans. Of course, the borrowers should have known their own capacity, especially knowing that so many of these loans were variable interest...but many of these people were first time buyers and maybe not as knowledgeable of the consequences of home value declines and being upside down on the loan.
|
|
|
To be blunt, progressives" broadly don't want the poor to be anything other than poor and dependent on government.
The math is simple, it equates to more votes.
If history tells us anything, it's when you remove consequences of risk, you get riskier behavior.
Simple.
If put into place, at the end of the day, what this means is more poor people will be put into loans/ homes that they can NOT afford, and will, in time default on, and consequently, be evicted.
This is what perpetuates more votes for the heartless democrats.
For those that aren't familiar with simple economics, I suggest reading this:
|
|
|
@Jazz
Yes, the banks were to blame. They made a ton of money by issuing loans. And then when the cross occurred, which they caused, banks were bailed out by the government and the people lost their homes and many lost everything.
So to summarize, there is socialism in this country for banks and wealthy investors, and there is pure unforgiving capitalism for the low and middle classes. It is a rigged system in favor of the wealthy.
On top pf all of this, the wealthy will then argue that government should not be giving any handouts through social services, student loan forgiveness, etc.
Does this sound fair to you?
|
|
|
What caused the 2008 housing bubble? Let's start with the repeal of Glass-Steagall which led to investment banks getting involved in commercial mortgages and focusing their activities increasingly on risky trading activities that produced huge profits...until they didn't. The Fed exacerbated the problem with it's insistence on keeping interest rates near zero. Add in Fannie & Freddie mandating that up to 28% of mortages had to be issued to borrowers with income less than 60% of their area’s median income and you had a recipe for disaster.
TL/DR: Everything the government touches turns to shit. It also explains the student loan crisis, the health care crisis, the homeless crisis etc.
|
|
|
Sheriff
Yes!!!!!!
Everything the government touches turns to shit. It also explains the student loan crisis, the health care crisis, the homeless crisis etc.
|
|
|
Actually, more banking regulation is necessary.
The whole fiasco with Silicon Valley Bank is a direct result of the 2018 exemption of application of the Dodd-Frank Act (passed because of the 2008 crisis) on banks with under $250 billion in assets.
|
|
|
^ leftist clown will never experience a successful democrat in the executive office 🤡
Hey MA1 the Patty of Deadbeats voted against a bill that would allow for trannys to play in women sports. What’s your fucking opinion about that?!
|
|
|
Hey Jazz, are you going to pay my psychiatric bill?
Let's see for 50+ years renters subsidized homeowners because wealthy homeowners, such as moi, got a big fat tax break on our mortgage interest. Renters, of course, got no such break. Or course, you probably endlessly complained how unfair it was that renters were subsidizing your home. Don't you have something better to bitch about? Reaching for anything these days.
|
|
|
This is what the wealth do to the poor and middle class.
| Attached Pictures | | This is America |  |
|
|
|
|
*wealthy
@ Ego, stop being a clown. You’re not very good at it.
|
|
|
^^^^^^
So what?
Welfare has become a "trade" passed down through generations.
Fraud has cost the american taxpayer trillions of dollars, sucking productive use of capital out of the market.
Nothing to do with topic.
|
| There are 50 comments on this blog. This blog is locked and no further comments are permitted. |
