new mortage rules for may 1st

[powerboatr]

https://nypost.com/2023/04/16/how-the-u ... od-credit/
Talk about instant blood boil
so now people with GOOD and great credit get skewered to help pay for those persons with bad credit
OMG what is wrong with our country?

loan level price adjustments. if you have credit score above 680 to 7800 get a spike in costs and if you put money down 15% or more you get another fee
but if your credit is bad you get a discount rate on mortgage rates???????????


and people wonder why we the people are fed up with out of control government

[03Lightningrocks]

https://nypost.com/2023/04/16/how-the-u ... od-credit/
Talk about instant blood boil
so now people with GOOD and great credit get skewered to help pay for those persons with bad credit
OMG what is wrong with our country?

loan level price adjustments. if you have credit score above 680 to 7800 get a spike in costs and if you put money down 15% or more you get another fee
but if your credit is bad you get a discount rate on mortgage rates???????????


and people wonder why we the people are fed up with out of control government

This will definitely lead to another mortgage induced collapse. When these people can't or won't pay their mortgages, the house of cards will once again come tumbling down.

[Paladin]

Sounds like a great plan to collapse the economy.

[OneGun]

These policies are all about wealth transfer. I don't work to support people outside of my family. Maybe these people with bad credit need to fix their own problems.

[Mel]

These policies are all about wealth transfer. I don't work to support people outside of my family. Maybe these people with bad credit need to fix their own problems.

What's that famous quote I keep hearing on TV? "Do you owe over $10,000 on your credit card? It's not your fault!"

[powerboatr]

seems washington forgot 2008 house collapse..it hit us hard out here in lake fork area
we had people no way qualified financially or JOBS wise that could afford houses or taxes..
we had over 30 homes sitting for years ..empty and not taken care of
then covid and these homes sold for 3x what they were worth and BOOM guess what ?? banks holding note made tons of money.
same thing is happening again. now these over priced homes and not low interest rates and TAXES are causing a record number of realtor signs

then i saw the news this morning...omg then the bit about if you credit is low...you get lower interest rates and those with great credit get higher rates??? HOW can that even be legal? isnt that discrimination ?

[LDB415]

We need a good purging in all the houses, following proper grammatical procedures and working left to right.

[philip964]

So this is real?

How quickly the world I grew up in and remember has so quickly changed.

Up is down, down is up. Right is punished, wrong is rewarded.

[powerboatr]

So this is real?

How quickly the world I grew up in and remember has so quickly changed.

Up is down, down is up. Right is punished, wrong is rewarded.

yup crazy as you know what

i did some math on the 300k home if you have good credit the 40 extra a month over 20 year mortgage is just under 10k added fees
crazy crazy
more money down also nets you a fee for having to much money
and i bet home Byers paying cash, are about to get hit with a 3% fee just watch on top of everything else

[Rafe]

And I bet home buyers paying cash, are about to get hit with a 3% fee just watch on top of everything else

The state of our affairs is such that I cannot disagree with that prognostication. If it 3%, I still bet it'll something. One way Brandon's administration is proposing going after the wealthy--by taxing unrealized gains (e.g., the stock for a company goes up; you own a lot of that stock; you should be taxed as income the increased value even if you don't sell a single share of it)--would kinda shoehorn right into taxing unrealized gains on property. You paid $300K cash for your home in 2020 and its property tax appraisal is now $420K? Well, then, Mr. Rich Guy, you should be paying income tax on that $120K you "earned."

And what about those 80,000+ new IRS agents and the massive new IRS budget? Brandon: Nobody making less than $400K will see any new taxes. The new IRS beef-up is all about better customer service and going after those evil wealthy people who our Dimocrat base feels are harming the poor by making so much money.

Uh huh. A study of 2022 IRS tax audit data found that a taxpayer in the lowest income bracket is five times more likely to face an audit that would a member of the highest income bracket. See https://www.foxnews.com/politics/irs-ta ... 022-report.

"The IRS correspondence audit process is structured to expend the least amount of resources to conduct the largest number of examinations – resulting in the lowest level of customer service to taxpayers having the greatest need for assistance," National Taxpayer Advocate Erin M. Collins said of the report during an annual report to Congress.

The Transactional Records Access Clearinghouse (TRAC) at Syracuse University examines internal IRS management reports each month, and the group noticed different trends by reviewing 2022 data. Most notably, the group looked at audits, particularly considering the agency relying more heavily on automatically produced letters sent to taxpayers.

The data showed that the IRS conducted 85% of its audits through these letters, which request additional information and documentation related to specific items of interest....

The rate of income tax audits for those in the lowest income bracket hit 12.7 per 1,000, compared to 2.3 per 1,000 among those in the highest – a nearly five-fold increase. The odds of a millionaire facing an audit were around 1.1%.

(I have no idea why that image is showing as a tiny thumbnail; I've made it a link so you should be able to click on it to see the chart full-size.)

Remember that line, "The IRS correspondence audit process is structured to expend the least amount of resources to conduct the largest number of examinations"? A corollary to that is: Poorer people can't afford high-powered tax lawyers. It's a huge hassle and cost to the IRS to go after the very wealthy, and the very wealthy have a fleet of attorneys that would rather take the person's money than have the IRS get it.

You and me Average Joe? How much do we have to spend on tax attorneys? Add to that the fact that very little of that massive bump in the IRS's budget is actually going toward customer support. People report that they can reach a live agent--even when it isn't tax season--in only 1 in 5 attempts. And I don't expect that to change. The bulk of the HR budget increase is going to be in revenue agents.

On a per-case basis, it's far more cost-effective and efficient to go after the majority of the population that has a family income of around $250K or less. The IRS may not get a whole lot per case compared to going after the wealthiest, but it also doesn't drag out for years while attorneys battle it out. And COVID introduced a lot of people to "side gigging," freelancing for income to fill the gap when they were unemployed...and the employment participation rate would imply that a lot of them continue to do that, some as their exclusive source of income. Keeping track of a freelance sole proprietorship like that makes for rich IRS audit fields.

Despite what the Dimocrats say, the middle class and the lower-middle are getting hammered by inflation (in aggregate, the Brandon inflation years are adding up to around a 15% cumulative increase in many consumer goods and, if history tells us anything, those increases won't come down appreciably even if the inflation rate does); he's still fighting to whitewash student loans, at taxpayer expense; the undocumented are flooding across the border at unprecedented rates and costing taxpayers on both the front (enforcement and processing) and back (transportation, welfare, medical care) ends; so why not continue to penalize the hard-working people who pay their bills and always try to file honest tax returns? After all, a lot of them are those are religious, conservative types who vote Republican anyway.

[03Lightningrocks]

And I bet home buyers paying cash, are about to get hit with a 3% fee just watch on top of everything else

The state of our affairs is such that I cannot disagree with that prognostication. If it 3%, I still bet it'll something. One way Brandon's administration is proposing going after the wealthy--by taxing unrealized gains (e.g., the stock for a company goes up; you own a lot of that stock; you should be taxed as income the increased value even if you don't sell a single share of it)--would kinda shoehorn right into taxing unrealized gains on property. You paid $300K cash for your home in 2020 and its property tax appraisal is now $420K? Well, then, Mr. Rich Guy, you should be paying income tax on that $120K you "earned."

And what about those 80,000+ new IRS agents and the massive new IRS budget? Brandon: Nobody making less than $400K will see any new taxes. The new IRS beef-up is all about better customer service and going after those evil wealthy people who our Dimocrat base feels are harming the poor by making so much money.

Uh huh. A study of 2022 IRS tax audit data found that a taxpayer in the lowest income bracket is five times more likely to face an audit that would a member of the highest income bracket. See https://www.foxnews.com/politics/irs-ta ... 022-report.

"The IRS correspondence audit process is structured to expend the least amount of resources to conduct the largest number of examinations – resulting in the lowest level of customer service to taxpayers having the greatest need for assistance," National Taxpayer Advocate Erin M. Collins said of the report during an annual report to Congress.

The Transactional Records Access Clearinghouse (TRAC) at Syracuse University examines internal IRS management reports each month, and the group noticed different trends by reviewing 2022 data. Most notably, the group looked at audits, particularly considering the agency relying more heavily on automatically produced letters sent to taxpayers.

The data showed that the IRS conducted 85% of its audits through these letters, which request additional information and documentation related to specific items of interest....

The rate of income tax audits for those in the lowest income bracket hit 12.7 per 1,000, compared to 2.3 per 1,000 among those in the highest – a nearly five-fold increase. The odds of a millionaire facing an audit were around 1.1%.

(I have no idea why that image is showing as a tiny thumbnail; I've made it a link so you should be able to click on it to see the chart full-size.)

Remember that line, "The IRS correspondence audit process is structured to expend the least amount of resources to conduct the largest number of examinations"? A corollary to that is: Poorer people can't afford high-powered tax lawyers. It's a huge hassle and cost to the IRS to go after the very wealthy, and the very wealthy have a fleet of attorneys that would rather take the person's money than have the IRS get it.

You and me Average Joe? How much do we have to spend on tax attorneys? Add to that the fact that very little of that massive bump in the IRS's budget is actually going toward customer support. People report that they can reach a live agent--even when it isn't tax season--in only 1 in 5 attempts. And I don't expect that to change. The bulk of the HR budget increase is going to be in revenue agents.

On a per-case basis, it's far more cost-effective and efficient to go after the majority of the population that has a family income of around $250K or less. The IRS may not get a whole lot per case compared to going after the wealthiest, but it also doesn't drag out for years while attorneys battle it out. And COVID introduced a lot of people to "side gigging," freelancing for income to fill the gap when they were unemployed...and the employment participation rate would imply that a lot of them continue to do that, some as their exclusive source of income. Keeping track of a freelance sole proprietorship like that makes for rich IRS audit fields.

Despite what the Dimocrats say, the middle class and the lower-middle are getting hammered by inflation (in aggregate, the Brandon inflation years are adding up to around a 15% cumulative increase in many consumer goods and, if history tells us anything, those increases won't come down appreciably even if the inflation rate does); he's still fighting to whitewash student loans, at taxpayer expense; the undocumented are flooding across the border at unprecedented rates and costing taxpayers on both the front (enforcement and processing) and back (transportation, welfare, medical care) ends; so why not continue to penalize the hard-working people who pay their bills and always try to file honest tax returns? After all, a lot of them are those are religious, conservative types who vote Republican anyway.

Democrats will not be happy until they have destroyed the entire middle class.

[The Annoyed Man]

My guess is that people with mortgages, who aren’t poor, are going to desert the DNC (AKA “commies”) in 2024.

[anygunanywhere]

My guess is that people with mortgages, who aren’t poor, are going to desert the DNC (AKA “commies”) in 2024.

Nah. Never happen.

[ELB]

Sounds like a great plan to collapse the economy.

That’s been Brandon’s economic policy since day one. The worse the economy (and everything else) the more the federal government “needs” to create and exercise new powers. Health care, mass shootings, high inflation, supply chain shortages, spikes in crime, loss of faith and rationality in the justice system, indoctrinating the military to left wing values; it serves to destabilize the current form of government and society. In other words, it’s setting the stage for a revolution.


ETA: But Trump! (I.e. claim your opponent is guilty of what you are actually doing.)