I don’t know if this new ‘program’ will impact our businesses. Time will tell.
Caveat:
We all know Mike keeps an eye on our postings, as he’s tasked with doing. So in that light, let’s make Mike’s job easy by keeping things civil and politically agnostic as possible. I’m not pointing the crooked finger of blame at anyone, as I’m known for holding strong political opinions.
IMO this is one of THE most ridiculous proposals I’ve ever heard - IMO this is just as stupid as forgiving ALL student loans no matter the amount or consequences- any further comment will probably lead to a very heated political discussion so I’ll zip it for now.
Almost every politician has sold out. American citizens are no longer top priority. Unfortunately
Meritocracy continues to be eroded away as seen distributed various sectors in the US.
Concur 
percent with @LindaH-FL that a discussion regarding the impact of this legislation could easily “lead to a very heated political discussion so I’ll zip it for now.”
Linda, I knew this might push someone’s political buttons and put considerable thought into posting this information. Since it could impact our business I weighted in favor of posting. Maybe I should add a caveat to remind our colleagues to keep things civil.
Mark
Mark, my comment was not directed specifically at you. But I’m just aware of how contentious things can get which is why I said I would hush now. LOL
I understand how this topic might become a hot button for negative political discourse. However, no matter how you come down on the proposal, I see this as no different than car insurance where those of us with stellar driving records pay higher premiums each year to spread the cost to the industry for those who are more reckless and continue to drive despite multiple DUIs, traffic infractions, tickets, etc. Just a thought.
@Tisino A very interesting paradigm on this analogy. Presume a deep dive into this topic would be needed to ferret out the facts about how premiums are calculated. As our world continues to evolve & become increasingly unfamiliar to well-known historical precepts we all continue to undergo “updates” to simply maintain.
I have no ‘inside baseball’ data on that topic . . . Simply personal anecdotal experience that insurers charge a higher premium for drivers who demonstrate a statistically increased rate of involvement in automobile accidents (or submitting policy claims).
(Sarcasm) Next will be triumphant return of the “Truth in Lending”.
How many of you sat across the table while observing the signer’s ears slowly turning red while they were reading the document.
Linda, There was no offense taken. We made the same observation. 
I read about this recent take on mortgages and on news specials how it will effect borrowers with higher credit scores. Has USA gone completely crazy? I’m an old person and wondering what old geezer dreamed this process up. Trying to make a killing before retirement.
I sent you a Private Message.
Most will not qualify because the debt to income and their income in general. They will be increasing the DTI ratio for these loans, that’s what scares me. Can you hello to 2008 again!
Will loan officers now have to tell their clients to tank their stellar credit scores for lower interest rates on mortgages?? This is the most absurd thing I’ve ever heard of.
Borrowers with lower credit scores will continue to pay much higher fees plus a higher interest rate than a borrower with a high credit score. Yes, borrowers with higher scores will pay higher fees to subsidized borrowers with lower credit scores, but their APR will still be substantially better than borrowers with lower credit scores. My experience with refinances is that most borrowers do not shop around enough for the best deal and I have seen many borrowers with high credit scores paying 1/2 percent or more too much. Yes, I don’t like the idea of subsidization, but it happens in all types of insurance. I have never had an auto, homeowner or health insurance claim, yet I pay thousands of dollars every year to subsidize those with claims. Plus, after 7 years on social security your benefits are being subsidized beyond what you paid in.
I see this as a slippery slope. My take on it is, it could be taken as discrimination against persons with good credentials. Reason being it’s a financial unjust burden on the people with good credit. Why should we be punished with higher fees for having good credentials? Perhaps they should change some underwriting requirements, and have the lenders pick up the slack. There are plenty of bank/title fees that could be adjusted to save money. JMHO
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