- 22 Apr 2023 05:08
#15272021
Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages
Homebuyers with good credit scores will soon encounter a costly surprise: a new federal rule forcing them to pay higher mortgage rates and fees to subsidize people with riskier credit ratings who are also in the market to buy houses.The fee changes will go into effect May 1 as part of the Federal Housing Finance Agency’s push for affordable housing, and they will affect mortgages originating at private banks across the country. The federally backed home mortgage companies Fannie Mae and Freddie Mac will enact the loan-level price adjustments, or LLPAs.
https://www.washingtontimes.com/news/20 ... uyers-sub/
What do you think? Is this fair? Should those who have maintained good credit and always paid back what they borrowed be forced to pay the price for those who didn't pay back what they borrowed in the past?
Homebuyers with good credit scores will soon encounter a costly surprise: a new federal rule forcing them to pay higher mortgage rates and fees to subsidize people with riskier credit ratings who are also in the market to buy houses.The fee changes will go into effect May 1 as part of the Federal Housing Finance Agency’s push for affordable housing, and they will affect mortgages originating at private banks across the country. The federally backed home mortgage companies Fannie Mae and Freddie Mac will enact the loan-level price adjustments, or LLPAs.
https://www.washingtontimes.com/news/20 ... uyers-sub/
What do you think? Is this fair? Should those who have maintained good credit and always paid back what they borrowed be forced to pay the price for those who didn't pay back what they borrowed in the past?
- By ingliz
- By Rich
- By Potemkin