The New “What did you do with your Z today” (with off topic replies) XXXX

vtec to vvel

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).

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MZ DAIZY

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.

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vtec to vvel

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.

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vtec to vvel

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".

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MZ DAIZY

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

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eastwest2300

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eastwest2300

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

wait, that actually happened...

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eastwest2300

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.

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vtec to vvel

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.

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JNews86

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

JNews86

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

eastwest2300

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

I wish them the best.

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Rusty

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.

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JNews86

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.

vtec to vvel

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.

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