The Biden administration has raised fees on homebuyers with good credit scores. Ana Kasparian discusses on The Young Turks. Watch TYT LIVE on weekdays 6-8 pm ET. http://youtube.com/theyoungturks/live
Read more HERE: https://www.usatoday.com/story/money/personalfinance/2023/04/23/mortgage-fee-structure-change-may-2023/11713841002/
"If you're looking to buy a home, be aware that mortgages will change next month.
Starting May 1, upfront fees for loans backed by Fannie Mae and Freddie Mac will be adjusted because of changes in the Loan Level Price Adjustments (LLPAs), the fees that vary from borrower to borrower based on their credit scores, down payments, types of home and more. The changes relate to credit scores and downpayment sizes. "*
***
The largest online progressive news show in the world. Hosted by Cenk Uygur and Ana Kasparian. LIVE weekdays 6-8 pm ET.
Help support our mission and get perks. Membership protects TYT's independence from corporate ownership and allows us to provide free live shows that speak truth to power for people around the world. See Perks: ? https://www.youtube.com/TheYoungTurks/join
SUBSCRIBE on YOUTUBE: ? http://www.youtube.com/subscription_center?add_user=theyoungturks
FACEBOOK: ? http://www.facebook.com/TheYoungTurks
TWITTER: ? http://www.twitter.com/TheYoungTurks
INSTAGRAM: ? http://www.instagram.com/TheYoungTurks
TWITCH: ? http://www.twitch.com/tyt
???? Merch: http://shoptyt.com
? Donate: http://www.tyt.com/go
???? Website: https://www.tyt.com
????App: http://www.tyt.com/app
???? Newsletters: https://www.tyt.com/newsletters/
If you want to watch more videos from TYT, consider subscribing to other channels in our network:
The Watchlist https://www.youtube.com/watchlisttyt
Indisputable with Dr. Rashad Richey https://www.youtube.com/indisputabletyt
Unbossed with Nina Turner https://www.youtube.com/unbossedtyt
The Damage Report ? https://www.youtube.com/thedamagereport
TYT Sports ? https://www.youtube.com/tytsports
The Conversation ? https://www.youtube.com/tytconversation
Rebel HQ ? https://www.youtube.com/rebelhq
TYT Investigates ? https://www.youtube.com/channel/UCwNJt9PYyN1uyw2XhNIQMMA
#TYT #TheYoungTurks #BreakingNews
230426__TA01CreditScores
Subsidizing bums seems to the Democratic Party economic policy. Let’s see how that pans out…
@get4realplease422 Says:
Come on Ana do some research so that you know what you're talking about.
The fee structure changes are intended to reflect the true risk exposure to the GSE's from these different categories of borrowers. Borrowers below a 640 credit score with less than 20% down payment are required to carry private mortgage insurance, which eliminates any risk exposure to the GSE. Having a higher credit score still earns the borrower lower overall costs and interest rates.
@bigrob1027 Says:
Better credit, better odds you won't default in addition to higher stable income. The punishment is making poor, low credit people pay crazy interest on things NEEDED like a car, home or insurance. Make a poor less educated person pay into a perpetual set up or better your credit more responsibility. You can afford it! People pay HOA dues for the same purpose.. because poor people can't afford the additional fees..
@DKGifford19608 Says:
Me: Good credit teacher with no debt who makes $49k a year. This may bone me after saving for a down payment for the last 7 years. Thanks! So dumb.
@SanDiegoKid Says:
As a minority from a disadvantaged position, I worked HARD and sacrificed for years to get my 780 credit score and save my down payment. Home prices and my preapproval rates are so high that I can't swallow the burden.
@DemonDog444 Says:
The irony. A leftist "news" org criticizing the leftist admin they helped put in power.
@davidwalling3499 Says:
Biden said he wouldn't be taxing middle class! Lies, this is a tax.
@davidwalling3499 Says:
Here we go again.. But this time it will be the fault of the Federal Government due to Biden's Administration! I still don't understand why there is still followers/supporters of Biden?
@Psychodermia Says:
HOW DO YOU THINK THESE DEADBEAT BUMS GOT SUCH CRAPPY CREDIT IN THE FIRST PLACE??
And NOW you're counting on them to pay their mortgage? 😂😂😂😂😂😂
This is typical biden retarded thinking. That pitiful excuse for a human has been the leader of the herd of mongoloids that are going to ruin us. Between bidens idiotic, empty-headed behavior, and the attempted phaggotization of our Country, it won't take long.
Too bad, you Leftist retards! My house is paid off!! 😂😂☝️😂
@tonywhite5085 Says:
Look at all the democrats feeling it now lmfao they all want trump back. Lol
@quincyx9372 Says:
This shit is outrageous. I wasn't gonna vote for nobody like last election but TRUMP GOT MY VOTE. Punishing me for being a responsible adult. Biden gotta go.
@annocsunamoon Says:
Wow! I am not rich by any strecth of the imagination wealthy, however I do have a high credit score. I can tell you this is bs.
They aren't taxing the rich, they are penalizing moderate income Americans who happen to pay their bills.
@flareonspotify Says:
$2500 a month should be illegal. Every time I blink it’s a new month
@flareonspotify Says:
Just make housing caps where the house is not worth more than it first sold for.
@waynelangins11 Says:
I think we can all agree on one thing. Thank god they didn't build a bunch of reasonable starter homes and sell them at minimal markup to regular folks. The absolute worst thing you can do during a housing shortage is build homes.
@clownpenisfart Says:
Translation: Ana's credit score is between 740 to 779.
@joyful Says:
we've known for a long time credit scores don't really reflect a person's responsible nature. people have terrible credit due to healthcare and student loan debt defaults. what we do know is that people with less money, less luck, who are less well connected have been footing the bill for people with better paying jobs, insurance, etc. is this the best way to adjust systemic housing issues within our current system? maybe. i mean they certainly don't seem to be able to pass real tax changes, get insurance to all americans, nor stop nepotism in the workplace. maybe this will help. but it can't be the only solution. we also need change to combat overall housing costs.
@dirtybastardlittle7485 Says:
Hmmm… I wonder if the plan is to force a crash in the housing market to bring prices down with a massive influx of foreclosures.
@OhGoshAwwGeez Says:
Oh relax, Anna. Normally, I like your videos but in this one you are hysterical. If you have a good credit score, you still get a better interest-rate and you still get more affordable housing, you just don’t get as many discounts as you used to. For people with a bad credit score, this will help them out quite a bit. Will it encourage people with low interest rates to buy home? Yes. And it will even make it more likely that they can make the payments. I’ve always thought it was wrong that poor people have to pay more for the same thing when it’s clear they have no money.
@georgegouvas27 Says:
charging people with not so good credit more money is just asking them to default, so this rule gives them a better chance of making payments. and good credit people are just helping them out by paying slightly higher rates.. no big deal
@Sirfino411 Says:
Perfect, analysis, this rule punishes people who live within their means, and are not wealthy… why didn’t they just charge cash buyers (institutions) a flat purchase fee???… it’s the same put middle class against itself…and the lower class, so rich folks can live another glorious day of opulence and fun!
@Travisdubya Says:
So stupid. Responsible middle class people continue to be punished.
@corriemathiowetz2135 Says:
This does nothing to stop equity investments screwing everyone.
@OceanBaby813 Says:
They don’t want ppl owning homes. That’s why it takes forever to pay a home off.
@kylorenkardashian79 Says:
we should just get rid of credit all together. credit exasperates inflation by creating money out of thin air via the fractional reserve banking system.
@nidodson Says:
Credit Scores are BS, they are a measure of how profitable you are to banks, not how you are with your money.
That said, this is dumb on so many levels, and sounds like it will cause housing market issues, like banks giving loans to people they shouldn't, because I bet something comes down also loosens things up for them again, unless this is all black rock and like companies making money, and their plan that politicians are paying back from donations.
@MrChristianDT Says:
Better plan for fixing home ownership- if a home cannot keep an occupant for more 6 months at a time & its discovered that a firm owns the property & is renting it out, they have to put the home back on the market for $5 & cover all further costs out of their own pockets. If the property is damaged to the point of being unlivable, they owe the municipality $500,000. If a Tennant has their rent jacked up exorbitantly out of nowhere & can prove it in court, the home now legally belongs to the tennant for no further charge, so long as said Tennant can prove that they can financially manage ownership of said property on their own. Otherwise, we revert back to options 1 or 2.
@ciamemo9487 Says:
Great for calling out Biden, Anna!
But please set the record straight on the Mortgage Crisis and the subsequent Economic Meltdown. GW Bush policies encouraging homeownership DID NOT cause the mortgage crisis, nor did Democrats who also encouraged homeownership.
- Fannie Mae and Freddie Mac held a very small fraction of toxic mortgage assets because the overwhelming majority were written by private lenders who sold their fraudulent mortgage portfolios not to Fannie and Freddie, but rather as very profitable AAA rated Wall Street Securities.
- Those mortgages were written solely because they were a spectacular boondoggle for banks and mortgage lenders, providing 8X the profit as a conventional loan.
- Also by 2006, 50% of all mortgages which were written in the US were “Liar Loans”, wherein the lender often did not even verify income nor verify employment!
For further information to see the Seattle Times Pulitzer Prize winning seven part series on the mortgage fraud perpetrated by Washington Mutual, the first bank to fail and the canary in the coal mine, predictive of the 2008 Meltdown to come. By 2005, WaMu management had permitted their largest mortgage division in the country, San Francisco, to write nearly 90% of their mortgages as liar loans. Again, because those toxic loans were massively profitable - GW Bush did not encourage them to do that, the sole beneficiaries were WaMu and its investors.
Also, Matt Taibbi’s reporting in Rolling Stone was stellar, arguably some of the best journalism on the Mortgage Crisis and Meltdown anywhere. (Yeah, how far the great have fallen.)
@NStarks007 Says:
the fees shouldnt exist. for anybody, period.
@Svetacus Says:
I think you are missing the point. Sure they will pay higher upfront fees BUT their overall loan interest is still WAY lower meaning that they will still not pay as much over the life of the loan compared to people with worse credit. So it's much a do about nothing. Man what is up with Anna and TYT lately. First the shift in their stance on crime, then Cenk votes for a Republican, then the "don't call me a birthing person" debacle....don't tell me they are slowly making a Dave Rubin turn 🤦♂️. Get your shit together TYT I'm counting on you here!
@maddogmadison2188 Says:
Biden is one of the worst who assumed office. He should have never been a choice for that position
@maddogmadison2188 Says:
He's scared of taxing the rich, and this is a form of trying to do this without doing it. However, the scores has nothing to do with their wealth. A consumer report shouldn't be pushing scores anyway, this is also a way to push redlining through scores. The push to furnish your address is a way the CRAs manipulate your scores, even when you find your way out of debt, they notify debt collectors you're doing so, and the hunt is on; you find debt collectors out of the wood works.
@maddogmadison2188 Says:
How about ridding the scoring system completely! Since we're entering a consumer credit transaction via an open-end credit plan anyway.
@antoniosanchez6019 Says:
I am just a middle-class individual who works hard and is responsible when it cones to pay my bills. I have an almost perfect credit score(850), this really is a slap on the face from our government.
@carmellatte71 Says:
Sooooo tired of assumption thinking....MOST with higher credit scores have HIGHER DEBT which is very RISKY AS WELL & plays a roll in each person's scenario...This isn't a broad stroke topic....
@SandiohSandi Says:
"What they have done in this change is just basically move some dials around on the numbers," Janneke said. "What people are getting wrong is this interpretation that lower-risk borrowers are paying more than higher-risk borrowers, which is not so, she said, adding that across the board, "the lower the risk, the less you pay."
@bobbysteve440 Says:
For the last few segments youz on TYT have been dead wrong. Here in Montana the rental market is at it’s highest I like so many others have our home we live in and 2-3 home that we rent out the same home I was renting for $2k is now renting for $35-4k a month. So my question to you who would sell there rental properties right now!
@Sooxfarsbabymama Says:
Marianne 2024
@ww7883 Says:
I am independent and am on the Left. Honestly, it seems like Democrats look for the dumbest ways to do some things. One gets the impression the real estate/banking lobby wrote this idiotic proposal. My head is going to explode.
@umoabasute9424 Says:
Yet y’all want to support Sleepy Joe for re-election
@christinaunfiltered7253 Says:
Just sounds like a more even playing field to me
@victorlewis3251 Says:
Ana. Don't you know that it's the greatest US tradition for hard working, middle class, and responsible citizens to get phooked at every opportunity? And if you're a middle class person of color or a single parent, the US will find even more ways to phook you over, plus your dogs, cats, and children just for fun. Who fights our wars, teaches our children, fights our fires, nurses our sick, builds our homes and polices our communities? The hard working, financially floundering, double income families who bought into all the US propaganda. Despite that fact, we wake up at 3:00 on any given work day and pray it will be better for our kids knowing full well it will only get worse. Signed, a SPED teacher about to marry a retiring Army combat nurse. BTW, I voted for Biden. What other choice was there in order to stop the Big Orange Evil?
@natecollins867 Says:
This reminds me of the hupelaah regarding Obama Care. However there was very little disagreement over the Affordable Care Act. Sounds personal. *Punishment*
Really?!!
@natecollins867 Says:
There wasn't this much hupelaah when Black's and Latinos were discriminated against in the house purchasing markets. There were unbelievable increases in interest rates, such as 35% as a deterrent, red lining properties or removing them from the avaliable map, and even the whole process of gentrification!! You really don't understand?
@christophermeier8329 Says:
Im pretty sure that if you do a data analysis of income correlation to credit score you would find that the highest incomes have a credit sore below 780.
@antclerfont8478 Says:
This is what makes America the worst place to even come to. What insane country is punishing people with good credit, instead not even punishing the rich Corporate goons with a tax?! Phenomenal....... This is reason enough to not live in America anymore. Im honestly slowly unrecognizing the once America we used to trust in.....
@bkucenski Says:
All credit and insurance systems balance risk between groups so no one is priced out entirely. Rich people will survive.
@1luckyarmywife461 Says:
F that!!!!!
@nicolegraham1492 Says:
Even us Democrat supporters are pissed at Biden I think he’s trying to ensure he doesn’t get re-elected.
@pimpdaddy1469 Says:
I'm going to have to wait and see the outcome after a decade of this, throughout the years who already has several recessions and Bank bail out that crippled economy.
I could understand it there's a lot more people in the banks made bad investments they were supposed has their funds and that wasn't enough for what happened, now they're hedging their funds on actual good credit scores, but these good credit scores I'm betting they're there are rich people millionaires and maybe coz Fox News you know what I mean and maybe in that way the banks won't go under or be bought by someone as recently with the other two banks being sold
LATEST COMMENTS