{"id":78282,"date":"2023-04-29T01:15:16","date_gmt":"2023-04-29T08:15:16","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=78282"},"modified":"2023-05-03T07:55:19","modified_gmt":"2023-05-03T14:55:19","slug":"black-coffee-29-apr-2023","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id78282-black-coffee-29-apr-2023.html","title":{"rendered":"Black Coffee: Situation Normal …"},"content":{"rendered":"

\"hurricane-flags\"<\/a>It’s time to sit back, relax and enjoy a little joe …<\/em><\/p>\n

Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what’s been going on in the world of money and personal finance.<\/p>\n

Another busy week is crossed off the list. So without further ado, let’s get right to the commentary …<\/p>\n

Status quo, you know, is Latin for ‘the mess we’re in’.<\/em><\/p><\/blockquote>\n

– Ronald Reagan<\/strong><\/p>\n

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The beatings will continue until morale improves.<\/em><\/p><\/blockquote>\n

– Anonymous<\/strong><\/p>\n

Credits and Debits<\/strong><\/p>\n

Debit:<\/strong><\/span> Did you see this? In yet another absurd push for economic “equity” – not to mention an attempt to keep the housing market afloat – the White House has unilaterally enacted a new rule that will force homebuyers with good credit scores to pay higher mortgage payments<\/a> in order to subsidize loans to those with riskier borrowing profiles. The fee applies to both homebuyers and<\/strong><\/em> those wanting to refinance with credit scores of 680 or higher<\/strong><\/em>. So for a $400,000 loan, the fee will boost the mortgage payments of financially responsible Americans by $40 per month; for a 30-year loan, that’s $14,400. No, really. Meanwhile …<\/p>\n

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Debit:<\/strong><\/span> If that wasn’t bad enough, the new rule is designed such that homebuyers who make down payments of 15% – 20% will be hit with the largest fees. Under this “equity” policy – which could only have been dreamed up by somebody who has absolutely zero grasp of basic economics<\/a> and<\/strong><\/em> human psychology – those with lower<\/strong><\/em> credit scores and smaller<\/strong><\/em> down payments will qualify for better<\/strong><\/em> mortgage rates and discounted fees, thanks to the punitive surcharge on homebuyers with good scores. Frankly, I’m speechless. That being said … does anybody else<\/strong><\/em> see a problem here? No? Okay … then how about here:<\/p>\n