Wednesday, May 3, 2023

In the #News #RealEstate #Debt #Crisis - Mortgage Rules Change Will Kill The American Dream

“If you don't read the newspaper, you're uninformed. If you read the newspaper, you're misinformed.”

“Whenever you find yourself on the side of the majority, it is time to reform (or pause and reflect).”

― Mark Twain

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New rules that increase fees on some new mortgages look like a raw deal at first blush, appearing to penalize house hunters who’ve worked hard to keep their credit scores high.

Government lending arms Fannie Mae and Freddie Mac will attempt to make loans for affordable for some, while impacting the cost of servicing loans for the middle class. Credit scores below 680 will be rewarded, and people, including people that sacrificed and lived responsibility for years, will be subject to higher than market driven rates. This will certainly affect anyone putting money down on mortgages to reducing the length, and costs of servicing their loans over the life of the mortgage. That was the expectation until May 1,2023.

The majority will slowly realize that this will make homeownership even more expensive, and will kill the American dream, which many believe has been destroyed by capitalism.

Decision like these will affect all sorts of markets in the future. Many believe it will make real estate less valuable. History says this is highly unlikely.

The American empire is dying, and they know it. Policies like these are targeted toward control.

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