Auto repossessions going up ! Almost 18% higher .

[Shel_B]

Homebuyers with good credit scores will soon encounter a costly surprise: a new federal rule forcing them to pa y 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,

Thanks for posting that. I, too, found a few articles on the subject. Mind-boggling!

 

[Shel_B]

That's nothing but a politically slanted opinion piece. Here's the raw data.

https://singlefamily.fanniemae.com/media/9391/display

There seem to be a number of these politically slanted opinion pieces floating around.

Your posting of the raw data might help me to better understand your position, but I won't have time to read it carefully until much later in the weekend.

 

[jhs914]

While the chart shows the LLPA is higher for those with poor credit scores it also shows that that those with high scores will have a LLPA assessed against their loan even if they are not a credit risk. This is a change from the previous norm and will be implemented in May.

 

[brianl703]

There are always people who game the system and are dishonest-that is true. But there isn't a system that pays an able bodied person a living wage to sit home in their parents basement-who isn't faking a disability.

In some parts of the USA, they call disability checks "crazy checks". Apparently, if you act crazy enough, you can qualify.

 

[pbm]

Because it's BS

https://www.newsweek.com/biden-raises-costs-homebuyers-good-credit-help-risky-borrowers-1795700#

Maybe you should get your information from sources that aren't 'government approved'.

 

[slo town]

Look at the monthly stipend. It's not a living wage. You can't sit at home for those amounts and survive. Like I said. You can't have a monthly car payment of $500.00 a month on those stipends. That's why I said "A LIVING WAGE". There is not a program which pays a living wage for you (an able bodied person-who isn't "gaming the system") to sit home and do nothing. There just isn't.

I never said anything about a living wage. A monthly stipend is a free handout. I'm one who believes that not all jobs should provide a living wage. Baristas for example.

Scott

 

[GON]

Misleading story by NBC.

Yes, repos are up 18% year over year but repos were at lows over the last two years. Repos today are less than in any year in the past five years (less 2020-2022).

"At our Manheim auctions, the volume of repossessed vehicles sold has increased in 2022 compared to 2021 – up 3% year to date – but the total volume of repossessed vehicles sold will finish the year below 2020 and down more than 25% compared to 2019. Overall, repossession volume at Manheim, while increasing, is not yet near red-alert levels. If fact, repossessions are only tracking back toward historical norms."

 

[brianl703]

Agree. SSI is just white peoples welfare.

It's a dream in some places to get SSI and Medicaid with a prescription for painkillers.

 

[dnewton3]

Locked for rude comments and political leanings.