destruction of america

[thisismatt]

[thisismatt]

 

 

In other news, did you guys see the latest Biden FU to responsible Americans? Raising the cost of mortgages for people with high credit scores and large down payments to subsidize those with poor credit and low down payments...

[bilzbobaggins]

[john510]

7 hours ago, thisismatt said:

 

 

In other news, did you guys see the latest Biden FU to responsible Americans? Raising the cost of mortgages for people with high credit scores and large down payments to subsidize those with poor credit and low down payments...

Yes I heard about that.Absolute bullshit that somebody can even do that.And for somebody to propose the idea at all disturbs me.

[paradime]

 "Free Market Capitalism" is an illusion, and the whole pile shit on the middle class strategy keeps getting more and more ridiculous. Interests rates are already crippling the housing market, but dick around with variable rates favoring poor creditors is an unfair advantage in the market place. Stupidity like that always has long term negative effects on real estate stability.

 

How are low down payment FHA loans not enough of a "leg up" already for lower income 1st time home buyers? At least that doesn't put the burden on what's left of the middle class. Some facts, in 2022 FHA home loans had a 4.6% default rate. The national average was 1.77 in the 4th quarter of 2022. The biggest pile of steaming shit in this is these are federally insured loans, so once again banks are motivated to make risk loans with no downside to them. I mean holy WTF already. 

[Str8jacket]

All going to plan. You wont have the useless feeders begging for a solution to the problem you have created if there is a functioning financial system. 

The only way we can fix this now my good citizen is this new "money" we have devised. We can program every aspect of it for your safety and security.

 

Eat ze Bugz citizen. 

[SWFL]

.gov creates the problem ( destroying the economy ) and then the "solution" ( more .gov control, mass illegals, printing more FIAT currency, etc ) to the problem. Too bad the rubes are too brainwashed by MSM, peer conformance pressure, social media, TV, etc to think for themselves. Look who benefits from BS like: hope and change and build back better. 

[angliagt]

      I still want to know who the IDIOTS in the polls are that

think he's doing a great job? 

[datzenmike]

The polls are conducted by Dominion Voting Systems. Who else????

[angliagt]

       But the judge ruled that they're on the level,didn't he?

[john510]

21 hours ago, angliagt said:

      I still want to know who the IDIOTS in the polls are that

think he's doing a great job? 

One of them is probably Don Lemon.The others ? people that are so stuck to a party that no matter what,they believe their guy is doing a fantastic job.My own mother is that unreasonable.She thinks Trump ruined the country,caused the Covid outbreak and should have stopped it.And now she says thank God we have Biden to fix things.She's getting old and at some point in time very soon I'll be throwing her ballots in the garbage so she can't vote.

[Jesse C.]

I think it is time for Asian Americans to wake up! 

 

https://www.foxnews.com/politics/bidens-mortgage-redistribution-plan-may-burden-one-minority-group-the-most-experts

[a.d._510_n_ok]

[gh0stwerx76]

1 hour ago, a.d._510_n_ok said:

 last thing on dudes mind as he's forming your face into a dish is the concept of a "society" that he never cared about to begin with.  silly perspective made by someone who doesn't understand that sub culture whatsoever. 

[john510]

4 hours ago, Jesse C. said:

I think it is time for Asian Americans to wake up! 

 

https://www.foxnews.com/politics/bidens-mortgage-redistribution-plan-may-burden-one-minority-group-the-most-experts

I still can't believe this could even be legal.Discrimination comes to mind.If he gets this through he'll probably come up with another plan that forces responsible borrowers to pay for the ones filing for bankruptcy.Kind of like the rental thing here in San Diego.Our kook mayor wants landlords to pay two months rent TO the person they just evicted from the rental.WTF ????? 

[paradime]

5 hours ago, Jesse C. said:

I think it is time for Asian Americans to wake up! 

 

https://www.foxnews.com/politics/bidens-mortgage-redistribution-plan-may-burden-one-minority-group-the-most-experts

 

Like any other minority, Asian Americans are keenly aware of the social/institutional brand of discrimination they face. This stupid throw another layer chaos in the market POS program only compounds the existing disparity. It should be noted that "Asian Americans" are diverse, but Chinese, Philippine and Koreans make up the largest percentage. In places like the Bay Area and NY, the Chinese community has VERY strong internal financial support systems. It's not as strong for other groups, and next to none in middle America.

 

To be honest, I think this likely won't effect the market all that much because it's only a small bump. I don't see how saving $40 a month on a $400K loan for anybody shelling out $3,000 for a house payment. On the surface this looks like 2024 campaign window dressing for the poor minority vote, but compounded over every new 30 years home loan, even a small points bump in lending rate makes the banks additional $100s of Bils in the long run. Banking industry = Scamtopia.

 

Anyone from SD should relate to this.

 

 

Edited April 28, 2023 by paradime

[john510]

34 minutes ago, paradime said:

 

Like any other minority, Asian Americans are keenly aware of the social/institutional brand of discrimination they face. This stupid throw another layer chaos in the market POS program only compounds the existing disparity. It should be noted that "Asian Americans" are diverse, but Chinese, Philippine and Koreans make up the largest percentage. In places like the Bay Area and NY, the Chinese community has VERY strong internal financial support systems. It's not as strong for other groups, and next to none in middle America.

 

To be honest, I think this likely won't effect the market all that much because it's only a small bump. I don't see how saving $40 a month on a $400K loan for anybody shelling out $3,000 for a house payment. On the surface this looks like 2024 campaign window dressing for the poor minority vote, but compounded over every new 30 years home loan, even a small points bump in lending rate makes the banks additional $100s of Bils in the long run. Banking industry = Scamtopia.

 

Anyone from SD should relate to this.

 

 

I read something about the good credit borrower paying about $40,000 dollars over the life of a $400,000 mortgage.That isn't chump change.What bothers me the most is it's the principle of the matter.Make the good guy pay and reward the guy with mediocre to poor credit for being less responsible.Home sales are getting tougher now,wait until this shit becomes part of it.

[jbirds510]

So basically a government version of forced go fund me. RIP real estste market and GDP. Im fairly certain that this administration wants us to be 3rd 🌎 

[paradime]

By the end of a 30 yr fixed at 7.8% APR, you'd pay the bank or Fanny Mae nearly 1.5X the original loan amount. Normally the "adjusted prime rate", aka the bank's mark up above prime, is +.03% or lower. Because of higher default rates, APR on an FHA loan is +.91%, and a VA loan it's below prime at -.1%. Biden's meaningless little interest rate shell game will only create more division and resentment between the have and have not. But for me, the sickest thing is, in today's truly twisted political landscape, this juvenile card trick will likely get him votes for being "seen" as doing something for the poor and disadvantaged.

 

Idiocracy is now, and look around, there are no exit doors in this theater.

[john510]

1 hour ago, paradime said:

By the end of a 30 yr fixed at 7.8% APR, you'd pay the bank or Fanny Mae nearly 1.5X the original loan amount. Normally the "adjusted prime rate", aka the bank's mark up above prime, is +.03% or lower. Because of higher default rates, APR on an FHA loan is +.91%, and a VA loan it's below prime at -.1%. Biden's meaningless little interest rate shell game will only create more division and resentment between the have and have not. But for me, the sickest thing is, in today's truly twisted political landscape, this juvenile card trick will likely get him votes for being "seen" as doing something for the poor and disadvantaged.

 

Idiocracy is now, and look around, there are no exit doors in this theater.

I agree with just about all of this except for the "meaningless little interest rate game" Now I assume you won't be participating in it because you already have a home and mortgage but what about those that will be dealing with it ? I'm done with mortgages and it won't affect me but I do care about those responsible good people that will be penalized for having good credit.And how many poor and disadvantaged could even qualify for a home loan ? 

[Ooph!]

Doesn't this sound like what happened before? Let's hide the high risk loans among the good credit loans and by the time they explode we'll be gone anyway???

[Ooph!]

https://rumble.com/v2kyet8-joe-biden-we-can-only-re-elect-donald-trump.-.html

[bottomwatcher]

9 hours ago, paradime said:

By the end of a 30 yr fixed at 7.8% APR, you'd pay the bank or Fanny Mae nearly 1.5X the original loan amount. Normally the "adjusted prime rate", aka the bank's mark up above prime, is +.03% or lower. Because of higher default rates, APR on an FHA loan is +.91%, and a VA loan it's below prime at -.1%. Biden's meaningless little interest rate shell game will only create more division and resentment between the have and have not. But for me, the sickest thing is, in today's truly twisted political landscape, this juvenile card trick will likely get him votes for being "seen" as doing something for the poor and disadvantaged.

 

Idiocracy is now, and look around, there are no exit doors in this theater.

https://www.google.com/search?q=income+by+race&oq=income&aqs=chrome.4.69i57j69i61l2j0i67i650l7.5252j0j4&client=ms-android-verizon&sourceid=chrome-mobile&ie=UTF-8#imgrc=BUc_-Oc6-ycnoM&lnspr=W251bGwsbnVsbCxudWxsLG51bGwsbnVsbCxudWxsLG51bGwsbnVsbCxudWxsLG51bGwsbnVsbCxudWxsLG51bGwsbnVsbCxudWxsLG51bGxd

The Asians have the highest income in the US according to this. All the Asians I have dealt with over the years have been hard workers so good on them. Are they getting screwed more than most? Maybe, I would put College admissions at the top of thier list. Back to the topic at hand this is just another version of subprime lending and we see how that all went. High rents? Well with the risk of the government telling landlords they can't evict the reward better be high for the risk.

[paradime]

6 hours ago, john510 said:

I agree with just about all of this except for the "meaningless little interest rate game" Now I assume you won't be participating in it because you already have a home and mortgage but what about those that will be dealing with it ? I'm done with mortgages and it won't affect me but I do care about those responsible good people that will be penalized for having good credit.And how many poor and disadvantaged could even qualify for a home loan ? 

 

I did a little research and fount this shit's been twisted into a propaganda pretzel on both sides. It turns out this HUD program reduces annual mortgage insurance premiums on FHA loans by 0.30% points for low to mid income borrowers with poor credit. They still have to qualify like everyone else and likely pay a higher APR to boot. For a $400K FHA loan the insurance is 0.5% points on average, so $2K annually for a loan that costs over $3K a month. Reduce that by 0.3% and it's $800. Heres the thing, less than 10% of mortgages are FHA, and private lender mortgage insurance premiums are typically between 0.1% to 0.2% which is $400 to $800 a year, so basically meaningless in the grand scam of things.

[Str8jacket]

2 minutes ago, paradime said:

 so basically meaningless in the grand scam of things.

The basis of all modern politics.

There are no sides of politics, just them versus the plebs