Only in Mr. Potato Head's world do you need bad credit to buy a $400,000 house but need steller.credit to by a $25,000 car.

Every day I think these.clowns can't ruin this country any more, some clown steps up.and says hold my beer.

Oh, and Mayor Petey Pie want to spend a half a billion dollars.on female crash test dummies because of "equality"! !!!

Why don't they just put dresses on the male dummies and save us a ton of money? Works for humans.

Keep in mind that:

1. This does not apply to current homeOWNERS, and this applies to homeBUYERS. If you are a current homeowner, your mortgage payment is fixed (unless you have an ARM).
2. This also depends on the loan type homeBUYERS will move forward with. LLPA generally apply to Conventional Loans, and not any government-backed loans (i.e. FHA, VA, etc.).
3. LLPA's were introduced after the housing market crash in the late 2000's and basically comes in the form of fees typically through higher rates.

https://themortgagereports.com/6866/...-mortgage-rate

The biggest takeaway: The US is still experiencing a severe housing shortage (about 15 years of underbuilding), and paired with rising rates, you have less homebuyers now than before.

The market then was a completely different market than now.

THEN:
1. No mortgage lending regulations, at least not to the likes of today. This resulted in a lot of bad/toxic mortgages being sold off to the secondary market that eventually/essentially became worthless securities. Remember Lehman Brothers?
2. There was too much supply then, paired with too many homeowners having too many mortgages that they did not qualify for. When they defaulted on the loans, this added to the massive housing supply and it was truly a buyer's market in terms of housing supply. The foreclosed homes could not find buyers quick enough.

NOW:
1. Much stricter mortgage lending regulations. There are so many variables and factors the underwriter looks at from the time of mortgage loan application to your closing date. You'd be surprised of how many people start off being qualified, and get denied towards the end.
2. Not enough homes. You can't have a housing market crash like the one in 2008 with the lack of supply. The housing market crash of 2008 is the main driver of the shortage we are experiencing today.

On a side note, depending on the loan type, a potential homebuyer could have a credit score as low as 580 to qualify, amongst other requirements.

I’m looking forward to another one of Brandon's lucid and informative press conferences! Nothing instills confidence more than flash cards, photos and a seat map! Complete with yelling, blank stares, and hand shakes with ghosts.

:shakes head::shakes head::shakes head::shakes head:

Didn't realize dummies had genders.

:gtfo2::gtfo2::gtfo2::gtfo2:

:iagree::iagree::iagree::iagree:

It's sad that I have to rely on ANOTHER COUNTRY'S news media outlet to get real US news:

https://www.skynews.com.au/world-news/united-states

And each time Brandon answers questions, it seems like these questions are pre-selected and he already has a response prepared for him (it looks like he's reading responses off of cards, as he is constantly looking up and down when responding).

Why are people with good credit being penalized?

And what about refinancing?

PS: the REAL reason is to get more low income, democratic voters into the suburbs where Republicans rule.

I agree, but I unfortunately have no say in the rules/regulations. After reading the article you posted, and if it becomes a reality, this absolutely makes no sense. IMO, this could lead to a higher chance of foreclosures with riskier borrowers, but even with increased foreclosures, this shouldn't lead to a housing market crash like 2008 due to the current massive housing shortage compared to the number of buyers.

And this would theoretically apply to refinances as they are a new loan/term. But it also depends on the loan type, as LLPA's generally only apply to Fannie Mae/Freddie Mac loans.

PS: I agree. It feels more like a political stunt than anything.

Don't forget about the random whispers into the mic, not knowing where to go after a speech, tripping on the stairs a few times on the same set, falling off bikes randomly while standing, AND "END OF QUOTE - REPEAT THE LINE's".

LOL! Yea, all true. Don't forget about the hair sniffing... :wtf2:

:icon17:

do you think he'll tell his to inject bleach into our skin for the folks that have the coronavirus...

wait, that actually happened...:rofl2::rofl2::rofl2::rofl2:

blessed to wake up this morning, washed the Supra, went to the dog store and let Nismo do her thing.. she loves the pet store.

I hope you boys are having a great day.

I don't think he even remembers COVID, or much of anything else. He probably thinks he's still a senator and needs to run for the top office for the 1st time.

If xwchriswx is on there tell him to go f himself!

Can't get a tattoo bc it alters the body but they can become a troon lol

he was talking bout little ol me.:icon17: and to be honest, im so glad I did.. a few folks have sent me PM's thanking me for doing so. :tiphat: its been pretty civil around here without them.

I wish them the best.

Remember how many foreclosures there were in 2008. That's going to happen again with these new guidelines. These low income people are going to run into trouble with their finances.

I wasnt implying about anyone. I was just saying if he is tell him to go f himself bc I been trying to get a hold of him for a while now. I used to talk to him all the time but deleted my social media and lost my old phone so I dont have any of his contacts.

Was here in the beginning with him in like 2009 or something like that. This is my 2nd account bc I had to delete my 1st one.

I agree with you on the number of foreclosures increasing. In fact, this was already the school of thought when homebuyers that didn't qualify before COVID qualified during COVID when rates dropped next to nothing.

BUT, even with these guidelines, they still have to qualify under the rules/regulations post-2008 housing crash, low-income or not, such as employment history, DTI ratio, cash needed to close, etc. They still have to undergo the underwriter's blessing and still have to meet ALL the requirements to get cleared to close. On a side note, there are plenty of people making 6 figures/year that still get denied due to their DTI ratio. So this new guideline in itself won't be the sole qualification standard, but in addition to.

Remember back then, the toxic mortgages/securities came about because the lack of rules/regulations. In fact, a very popular loan then was the "no documents" loan, where people go could into a bank and claim they made $10000000000/year and did not have to show proof of it. Mortgage lending itself was very loose then and anyone could virtually qualify then. Post-housing market crash, you so much as sneeze the wrong way, and the underwriter is re-auditing the loan file. Each time an Underwriter approves a loan, they are putting their license on the line, so if anything went wrong or seemed out of place, they would be the first to be questioned.

I didnt know that, I'm also a first time homeowner.. good stuff.

On a side note, for those that are potentially buying a home, make sure you do your research and due diligence on the loan officer working your file.

On one hand, each loan officer is required to have an NMLS number, BUT, they may or may not be individually licensed. If they are working as a loan officer and working at a bank (federally chartered), they may be operating under the bank's umbrella license and not individually licensed.

On the other hand, even if a loan officer is licensed, it does not mean they know what they are doing. Just like driver licenses, everyone has one, but not everyone knows how to drive.

The reason I say this is because I get clients all the time where they have been burned by another inexperienced/unknowledgeable loan officer, and we are having to play clean up and/or fix issues the previous idiot loan officers made, all on a very short timeline.

There is so much that goes on behind the scenes for each mortgage application. Each loan officer/originator is different, and me personally, I like to err on the side of caution and am a bit stricter. So if there is something that really bugs me, I will try to figure out any potential issues before it gets to the Underwriter. You'd be surprised at the sh!t people will try to pull to get qualified under false pretenses.

And it's not just the Underwriter that gets questioned, it's also the branch manager and the loan officer/originator on the file that gets questioned by many governing agencies, such as CFPB, NMLS, State Financial Regulating Boards, DBPR, etc. Depending on the severity of the issue/violation, it could be civil and/or criminal.

Rangers better put in work tonight vs NJ sons

No it didn’t. C’mon Bruh, we get it, the bad Orange Man hurt your feelings. You don’t need to repeat lies to justify it.

<< Remember back then, the toxic mortgages/securities came about because the lack of rules/regulations. In fact, a very popular loan then was the "no documents" loan, where people go could into a bank and claim they made $10000000000/year and did not have to show proof of it. Mortgage lending itself was very loose then and anyone could virtually qualify then. >>

Not entirely true. I got a no doc back in 2000. Put $170,000 down on a $330,000 home and they still put me through the wringer.

I remember getting pissed and telling my Broker that they should HOPE I default on this mortgage. She said “they are not in the foreclosure business, they’re in the mortgage business”. I’ll always remember that!

The only thing I didn’t have to show was a tax return.

As it tuned out, no Docs are back (i just got one last year). My broker said they realized most of them in 2008 didn’t default. It was the clowns that put 10% down, made 4 or 5 payments and then refinanced (taking equity) due to the rising housing costs and then walking away.

Was a pretty good scam I know a bunch of people pulled. Buy a $300,000 house, put $30,000 down, wait a couple of months, refinance at a lower rate, take $90 to $100,000 back in equity, spend that money on cars and vacations, default on loan, lose their $30,000 and their house, but pocket $60 to $70,000.

F you Ran-gers! Clap-clap clap-clap-clap!

LOL! Lifelong Devils fan from Joisy since the days of Mel Bridgeman and “Sonny Boy” (peter McNabe) back when they were rocking those Red, White and Green “pizza box” uni’s. :barf:

Not as passionate since I’ve moved to GA. The team being pretty much unwatchable both on TV and on the ice, but still follow them. We had a good run with Jacque and Lou Lamerillo. Hoping to see a competitive game tonight.

Let’s go Devils! Clap-clap clap-clap-clap!

didnt hurt my feelings..:rofl2::rofl2: never that bro, never that.:icon17: its gonna hurt your feelings when he's sitting in prison.:bowrofl:

Die hard NYR here for life.

I'm going to guess Knicks, Rangers, Yankees and Giants?

I remember the brawls in the stands at I'm pretty sure it was Brendan Byrne arena? Could have been the Meadowlands, don't really remember, but I remember the brawls! Lol. Lots of buddies being arrested, photographed, fingerprinted and banned... ah the good old days!

I was one of the 334 dopes that showed up for the 87 blizzard game. Someone in marketing walked around the rink and took our names and addresses. 3 weeks later we received a t-shirt in the mail. Front said, "I survived the blizzard" the back had everyone's name that was there on it. Was a very cool.thing to do.

If you were put through the wringer back then, with lack of regulations, then your situation must have put up alot of red flags. It was so much easier to qualify for a home loan then than it is now.

And the scams you mention are just the tip of the iceberg that contributed to the housing crisis. Alot of people were doing shady sh!t, including the ones you mentioned, but there was also alot of shady sh!t lenders were doing to push loans through (predatory lending).

No Doc Loans never went away, but alot of traditional lenders/brokers won't do them - too risky and it's most likely the hard-money lenders that will specialize in this. Remember, not all lenders/brokers offer the same types of loan programs, and one may specialize in one while the other doesn't.

Regarding tax returns, these are generally requested only if:

1. You have 1099/self-employment/rental income you are claiming.
2. You owe taxes.

Nah... we both know that's not going to happen. Slow Joe and his grifter family has a better chance of seeing jail time. Wasn't that long ago that treason was a "hanging" offense but nothing is going to happen to either one of them.

lets see what happens.:p

When the charges were brought against Trump, why were previous charges brought against other high-profile politicians that committed some serious crimes? Clinton emails, Brandon China deals, etc.?

https://www.cnn.com/2023/04/21/busin...and/index.html

"Easily stolen Hyundais and Kias should be recalled, more than a dozen attorneys general say."

https://www.cnn.com/2023/04/22/econo...pay/index.html

"Google CEO Sundar Pichai made $226 million last year."

Holy sh!t dude....if I made that kinda money, I'd work one year and retire.

I think Rusty and MZDAIZY need to run for the top office of the land.

Spot on with the teams. Add Red Bulls too for local football aka soccer. Was just out for the Knicks last night, great game.

And yeah you thinking Izod in the Meadowlands. Trash arena. I been there a few time.

Kia has by far the worst dealerships to deal with when you need warranty work. They will find every way till Sunday to blame you for their crap products. All car dealers are lowlife scumbags, but these guys take it to a whole new level. NEVER and I mean NEVER will I buy another Korean product.

I have personal horror stories with a car with 45,000 miles on it.

Well yea, except it's not like he actually works...