@averagejoe1 saidCapitalists believe in "All for one", as long as they are the one.
Hey, Sooth, another post by me with a bit of humor. Naaa, Marx didn't say that, but he said something like "From each according to his ability to each according to his needs'..| just put a spin on it to tell you that this New Biden Move** has got Marx all over it. If you are rich you have to pay a 1.5% fee when you get a mortgage.....A person under with a low credit rat ...[text shortened]... credit-scores-penalized-under-new-federal-mortgage-fee-plan/
Here is a link from other than FOX.
@averagejoe1 saidSo you were just making shit up again. Gotcha.
Hey, Sooth, another post by me with a bit of humor. Naaa, Marx didn't say that, but he said something like "From each according to his ability to each according to his needs'...
@suzianne saidI could banter all day and the inane comment.
Capitalists believe in "All for one", as long as they are the one.
Capitalists believe that everyone is 'the one'. They are their own 'one'. My one 'pie' to make when I get up in the morning . My one independent shot at great opportunities all around. Self reliance. Making your way, I could go on. I think that you and Suzianne are scared of that concept, and need a group! Jesus.
@averagejoe1 saidNo, you're not "penalized" when someone else in need benefits from a program and someone not in need doesn't. Furthermore, those not in the program will get the same rate as they did before because:
Hey, Sooth, another post by me with a bit of humor. Naaa, Marx didn't say that, but he said something like "From each according to his ability to each according to his needs'..| just put a spin on it to tell you that this New Biden Move** has got Marx all over it. If you are rich you have to pay a 1.5% fee when you get a mortgage.....A person under with a low credit rat ...[text shortened]... credit-scores-penalized-under-new-federal-mortgage-fee-plan/
Here is a link from other than FOX.
"Over the last several years, FHA’s mortgage insurance fund has accumulated reserves at a level that is more than five times the required threshold set by Congress. This was made possible by HUD’s responsible and responsive management policies, home price appreciation, and significant refinance volume which together have led to an accumulation of substantial reserves. These dynamics make it possible for HUD to calibrate premiums more appropriately to the performance of the loans FHA insures and pass savings on to consumers in a responsible manner and without jeopardizing the long-term sustainability of FHA’s mortgage insurance fund. The premium reduction will take effect on March 20, and will be reflected in the President’s FY 2024 Budget. "
https://www.whitehouse.gov/briefing-room/statements-releases/2023/02/22/fact-sheet-biden-harris-administration-announces-action-to-save-homebuyers-and-homeowners-800-per-year/
In other words, because the fund is running such a high surplus, the rate to poorer mortgage lenders can be reduced without effecting those already with a FHA mortgage or those who subsequently get one but don't qualify for the program.
One wonders whether the talking heads who go on right wing media are completely clueless and too lazy to do a 30 second Google search or are just willing to lie for their paycheck. That would be a good question for them, wouldn't it Joe?
@no1marauder saidSo I got an FHA refi a year or two ago, and have to pay mortgage insurance for about another 9 or 10 years. If I get this correctly, my mortgage insurance in my monthly payment won't go down, but for those who get a new FHA mortgage, the percentage amount they pay in mortgage insurance will be less? Okay, I'm good with that. Good for them. Regardless what AvJoe is saying, I'm not "paying for them". It's just that those who get FHA mortgages now will pay less. What an obtuse way to look at it, that current mortgagees are paying for those who get mortgages now. That's wholly incorrect.
No, you're not "penalized" when someone else in need benefits from a program and someone not in need doesn't. Furthermore, those not in the program will get the same rate as they did before because:
"Over the last several years, FHA’s mortgage insurance fund has accumulated reserves at a level that is more than five times the required threshold set by Congress. ...[text shortened]... are just willing to lie for their paycheck. That would be a good question for them, wouldn't it Joe?
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@soothfast saidI simply applied some humor for a humorless forum. I wrote what Marx said in present day terms as same applies to the high credit borrower paying more than the low credit borrower. Did you see the tomes of links from Marauder? He is saying it has no effect on making low credit borrowers have a break on their loan.
So you were just making shit up again. Gotcha.
Tell me this.......then what in the hell does it do? It has no effect? Who does it affect? In what way does it affect?
Marauder I think is saying it is smoke and mirrors, Then why are there articles about it? Are you aware that the low credit people would NOT be able to get a loan in their category if the high credit people did not PAY the premium to the bank, justifying the bank to then loan to the low credit people? The bank is unfazed in loaning money to low credit people, when they otherwise could not.
You will not answer this question.
@averagejoe1 saidYou are confused as always, which is what the right wing propaganda sources want you to be.
I simply applied some humor for a humorless forum. I wrote what Marx said in present day terms as same applies to the high credit borrower paying more than the low credit borrower. Did you see the tomes of links from Marauder? He is saying it has no effect on making low credit borrowers have a break on their loan.
Tell me this.......then what in the hell does it ...[text shortened]... money to low credit people, when they otherwise could not.
You will not answer this question.
The FHA requires those who qualify for their mortgages to purchase mortgage insurance. Reducing the premium on that insurance will have no effect on other mortgages because the " FHA’s mortgage insurance fund has accumulated reserves at a level that is more than five times the required threshold set by Congress." https://www.cnn.com/2023/02/22/homes/biden-housing-fha-insurance/index.html
In other words, the FHA can give lower income and those with not quite as high credit scores a break with the only consequence that there will be less money flowing into the mortgage insurance fund. But since that fund is far above what is necessary it is possible for " HUD to make adjustments and pass savings on to consumers without jeopardizing the long-term sustainability of FHA’s mortgage insurance fund."
I know there are a hundred articles from right wing propaganda outfits claiming that this will raise the costs to other home buyers, but that's simply not true. The "Marxists" at the National Association of Realtors and Mortgage Bankers Association both support the changes.
@averagejoe1 saidBecause it's a stupid fricking question!
I simply applied some humor for a humorless forum. I wrote what Marx said in present day terms as same applies to the high credit borrower paying more than the low credit borrower. Did you see the tomes of links from Marauder? He is saying it has no effect on making low credit borrowers have a break on their loan.
Tell me this.......then what in the hell does it ...[text shortened]... money to low credit people, when they otherwise could not.
You will not answer this question.
No, no one is paying for anyone else, jackass.
@shavixmir saidAnd you too, everyone knows your real name isn't Shavixmir but rather...
Good god. Your name, for example?
Shag Doody for Brains
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@kewpie saidIt is ll over the news, I did not see the need to feed it to you. Silly me
Thank Krishna someone with a brain took the trouble to give us the real story.
If avJ is the average American, god help the USA.
And hey, I ain't the average American. I used to be, though. You Kewpie, cannot correctly define American anymore. Thanks to your lib society.