Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My new motto is "who cares". None of this stuff bothers me. I am learning to think like a Republican. I have health insurance. I don't pay PMI. My interest rates are rock bottom. Life is good. Let Traitor Trump do whatever he wants. The people want him so let them cheer his policies . Pass the popcorn.
All these things y'all support -- higher fees on FHA loans, and higher interest rates, everyone should put down 20%+ -- you do realize they apply downward pressure to housing values, right?
They are not higher fees - they are the same fees. What's wrong with lower home prices? That is the biggest hurdle for buyers - not interest rates -- which are at historical 5000 year lows.
The defender of the working class doesn't want first time homebuyers to buy a house.
That is all
We, the taxpayers, don't want to pick up the tab for those that don't make the payment. Plenty of working class people are buying houses and not using FHA loans. Lots of different options.
Quote:
Originally Posted by shooting4life
Nothing has changed. Obama's cutting never took affect. Payments are staying exactly where they were last month.
People need to stop being sheep.
Can't stop being a sheep until one thinks on their own, and I have been watching for that here for some time.
Quote:
Originally Posted by Scooby Snacks
Exactly. Once again, Trump voters come to his defense. Sure, it's not a lot of money. But it's the first thing on his agenda when he enters the White House: not dealing with immigration, finding a replacement for Obamacare, addressing our foreign policy, or improving our education system, it's dissolving credit for lower income homebuyers. Rather hypocritical for a man who says he is the candidate for working people.
Trump is dealing with a number of things. He is stopping this from starting so it was a priority. Do you actually have someone in the White House that is giving you info as to what Trump is doing? As one of the "working people" I want others to carry their own weight.
Quote:
Originally Posted by WaldoKitty
How silly. FHA loans are not geared to age.
Furthermore, the government should not be assuming all the risk for people who sign up for loans they can't afford. Let the banksters take on some of it.
As we learned, liberals would like the government to assume full responsibility for their well-being.
Quote:
Originally Posted by DRob4JC
The point of this is to protect the taxpayers from being saddled with a bunch of bad debt. In 2013, taxpayers paid $1.5 billion to bailout bad FHA loans. So now, this raises the bar to make it more difficult to obtain an FHA loan.
Team Obama said they wanted to protect home affordability - but is it really affordable if you can't keep up with your mortgage payments?
Far too many people get mortgages that they could never have afforded. I remember the first house we bought and based on our income, a total of $400.00 would have been all we could have afforded. We were told that we could afford a $700.00 a month payment. For those not intelligent enough to figure out what they can afford.............
I get tired of being thrifty and trying to live within our budget or under our budget only to pick up the tab for others who often have purchased a house 3 or 4 times the cost of ours!!!
Nothing changed. Stop the lies. Last minute Obama giveaway was rolled back. EVERY taxpayer should be glad because we guarantee FHA loans if they go bad.
FHA is mortgage insurance.
FHA was created in the Great Depression to insure qualifying mortgages to encourage the private sector lenders to make new mortgages.
Borrowers pay an insurance premium ( fees) for insurance which is rolled into their monthly payment.
FHA Fees go into a common Reserve , available to pay claims.
The first and only bailout, $1.7 billion, of the FHA Reserve occured in 2013.
Furthermore, the government should not be assuming all the risk for people who sign up for loans they can't afford. Let the banksters take on some of it.
Lender is paid a percentage of loss, not the entire loss.
FHA was created in the Great Depression to insure qualifying mortgages to encourage the private sector lenders to make new mortgages.
Borrowers pay an insurance premium ( fees) for insurance which is rolled into their monthly payment.
FHA Fees go into a common Reserve , available to pay claims.
The first and only bailout, $1.7 billion, of the FHA Reserve occured in 2013.
I am well aware what FHA is and how it works. Not only do taxpayers have to pay on the insurance portion of the loan if it defaults, - Fannie and Freddie and the FED are all supported and subsidized by taxpayers - irregardless of how anyone wants to spin it. Not to mention the pass-thru risk to MBS holders who don't know what they've taken on. With questionable underwriting guidelines -- FHA has filled the void of many Alt-A lenders at low rates to keep the housing market afloat. One big Ponzi scheme IMHO.
I don't have stats of the 80's savings and loan crisis - but am sure taxpayers took a hit there also. It's all a game the govt. plays to keep tax dollars flowing.
0bama cut the MIP rate in December. The cut would've taken effect on January 27th, only for people obtaining new mortgages after that point.
Trump just cancelled the cut before it could take effect.
Nothing has been changed. 0bama attempted to put the government in a position where it would go bankrupt faster if people began defaulting on their FHA insured loans en masse. Prompting the gov to print more money, and go deeper in debt than it already is. It was just another shot by 0bama on his farewell destruction tour in the last month of his miserable, destructive Presidency.
Follow?, of course you don't, it's only an opportunity to bash Trump. We all get it. Lie, and obfuscate, because your communist overloads didn't win this round.
CN
I am not a fan of 11th hour EOs no matter who issues the order.
The reason Trump took swift action was the immanent effective date. No reason the Trump Admin should not evaluate the reasonable adequacy of the FHA Reserve Fund before taking further action.
People should remember that lawmakers suspended numerous traditional accounting practices during the last financial crisis. Lenders don't have to mark assets to market - for if they did many would immediately be deemed bankrupt. More smoke and mirrors to give the illusion that the system is solvent. It's not. Reports were that the FED bought something like 80% or more of all MBS issues since no one else would take them at these low rates. Interest rates go up the value of those MBS go down. Govt. at work.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
