To quote the classic Budweiser commercials (prior to the insanity) "Real men (and women) of genius"...what are the feds thinking when they endeavor to create a new mortgage structure in which those borrowers with FICO scores at 620 receive a 1.75% fee discount whereas those with a 740 fico score PAY a 1% fee! Truly REAL MEN OF GENIUS.
First, FICO is merely an average - an estimate and as we all know, the three credit bureau scores can vary widely.
Who can believe this is acceptable...those with a higher credit risk PAY LESS?? Didn't these idiots learn anything from the 2008-10 meltdown. Haven't they learned from subprime car lending which has default rates of around 28%.
Hopefully this will not get any further....this is what happens when idiots rule the roust and there are no consequences to their stupidity, Then again, these are the same idiots that want taxpayers to pay off student loans...it ain't the government paying them folks!
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