Originally posted by no1marauder Mortgage rates didn't increase "years ago". Nor was the balance in the MMIF so high above statutory required levels "years ago".
Originally posted by robbie carrobie Ok thanks I was unaware although from the perspective of helping low to middle income families its difficult to understand. Its still very Scrooge like and mean spirited.
C'mon, Robbie, this is who Trump is!
We tried to tell all the Trump supporters, but Nooooooooooo...
Originally posted by bob58 Hopefully this will help avoid another housing crisis. This does not cost existing loan holders any additional money, it makes it harder for high risk people (scores as low as 580) to get a new mortgage. The banks would of course like to lend to people who having an iffy chance of repaying the loan since these loans generate up front fees and the government (taxpayers) are on the hook if borrower defaults.
Seems to me to be a sound policy.
Sure it doesn't cost existing mortgage holders any more money, but it cancels a fee rate cut. It prevents us from saving $500 a year on the fees. That is significant.
This is not sound policy. It is Republican policy. "I got mine, screw you."
Originally posted by Eladar Mortgage rates are still low.
Higher rates do not effect fixed rate loans.
They affect new loans, don't they? That is what is being discussed:
Based on analysis by Attom Data Solutions, the reversal means an extra $446 million for the MMIF, and concurrently that much less in the pocketbooks of an estimated 1 million homebuyers projected to take out FHA loans in 2017.
Originally posted by Eladar In fact it was a last minute move that could have been done years ago.
Except for the Republican Congress who stonewalled on everything Obama tried to do to help the middle-class. And now these kinds of moves by a Federal agency (in this case HUD) to put rules into place to actually help homeowners will have to be OK'ed by Congress first. Do you think they'll sign off on helping homeowners? Dream on.
Originally posted by Suzianne Except for the Republican Congress who stonewalled on everything Obama tried to do to help the middle-class. And now these kinds of moves by a Federal agency (in this case HUD) to put rules into place to actually help homeowners will have to be OK'ed by Congress first. Do you think they'll sign off on helping homeowners? Dream on.
No, they don't have to be OK'ed by Congress first. The REINS act is not law as the Senate has not even taken it up.
Originally posted by no1marauder Don't be stupid; not everybody buys a house every year. FHA loans are about 1/6 of the total of home buyers annually which is hardly "very few".
BOO HOO for you. In fact, IF you own a home, increased demand caused by the availability of FHA loans would tend to increase its value.
Less than 1 percent is very few.
I was right and you are embarrassing yourself trying to rationalize why you are not wrong by saying few people buy houses.
Originally posted by no1marauder Not really difficult to understand at all:
In addition, by making FHA loans more expensive, traditional bank mortgages become more competitive. Banks typically earn more in profit from of their own products than from FHA loans. So this initial Trump policy also generates a competitive advantage for mortgage lenders to make more money for their busines ...[text shortened]... t appoint all those Goldy Sachs guys to high positions to work against the big banks' interests.
King Donald?
Wait...wut? The President has too much power?
The hell you say.
It took a Republican to finally get you to utter those words?
Originally posted by Eladar So it would only apply to new loans which means very few people.
In any case, Obama should have done this long ago. You are a fool but nothing new.
Wrong. Read the OP again.
It would also have saved homeowners with current FHA mortgages about $500 a year. This would have directly helped many in the middle-class, the very people Trump called "my people". Fact is, he doesn't give a rip about them.