Get ready to pay more for you mortgage

[Michael Baum]

So here is something that is coming on May 1st. I just heard about it.

Essentially if you have a good credit score (680 or above) you will pay more in mortgage fees to help those with poor credit buy a house.

https://www.foxnews.com/us/bid...

Expect to pay $40 more a month on a 400k mortgage.

This has me very angry. I don't want to pay for others who didn't do things correctly and tanked their credit.

This is communism at work. Good golly....

[Reid Chauvin]

A product of the administration's drive to expand homeownership to underserved communities. Seems pretty heavy-handed to me with this notion that you need to penalize one group to raise up another. I worked at Fannie Mae for a few years (during which happened to be under the previous administration) and the efforts to expand homeownership seemed much more tactful and balanced. Hopefully will revert back to a more targeted and nuanced approach with future administrations.