Things have been a bit … different here in the United States and they’ve been kinda tense for a while.
I’m not going to get into politics.
I’m going to get into headlines.
We have become a Nation of snippets.
I got a real eye opener the other day. I don’t talk about it much but I work in the mortgage industry and there were some mortgagee letters that made the news. Specifically Mortgagee Letter 2017-7.
I know what this letter says because I read it because it’s my job.
But the headlines that I saw and the subsequent Tweets and Facebook shares were jaw droppingly wrong.
One person called it a tax increase because they read the headline and didn’t know what it meant. Newsflash: it’s not.
Someone else thought it meant that the President increased the mortgage insurance premium. Newsflash: he didn’t.
Market watch says “Trump already suspends Obama-era FHA mortgage insurance cut”
Are you fucking kidding me? It’s in the “Obama Era” by like.. two weeks. Not even.
The announcement of the cut came out on January 9, 2017.
I love Big O. Like seriously… but the annual rate went UP during his Presidency. By the way? I don’t remember anyone yelling when the annual rate was 1.25 or 1.15 when HUD was trying to recoup it’s money from the housing crisis. (it doesn’t mean they weren’t but that was under the Big O, so probably no one in my bubble was yelling). The annual rate hasn’t been below .85 since 2010.
The Washington Post seems to have it pretty close but buried way down in the bottom is the truth.
The move seems to be more symbolic than significant.
This is not a big deal. It’s really not. .85 vs .60 is not huge and it had not yet gone into effect and doesn’t apply to existing mortgages. Whatever you closed on.. that’s what you’ve got. The end. It does not change. You signed paperwork, remember?
Here is the thing. This didn’t actually affect anyone other than create a re-disclosure nightmare for lenders across the country. My point here is that I was overwhelmed by the number of people.. people I know and that I know are smart people who lost their shit over this.
I’m not a fan of … that guy (I can’t say it yet. Sorry.. I can’t) but this is not something to lose your shit over. Save your energy for the real stuff. The policies that Pence has in his pocket are the scary shit (there is a protest song in there somewhere)
But no one listened to me. No one. People actually told me that I “didn’t understand how that works”. BITCH, I’ve been working on HUD loans for 20 years. I KNOW THIS SHIT and I know the math. Inside and out. I’ve read more mortgagee letters and handbooks than I care to admit.
It was like shouting into a crowd. Not only did no one listen, no one wanted to listen. Everyone wants to be angry… every one wants to find a reason to hate.
CUT THAT SHIT OUT. IT’S EXHAUSTING.
People, I beg you. Look away from the Headlines. Read the content. Look at how your local representatives vote and hold them accountable.
Ugh.. I feel better now.