IMF proposes to base credit rating on internet search history

So if I research cash rebates on a $600k John Deere, using a browser tricked to say I'm on a $20k Mac Pro, my credit rating should come back pretty good?

The system works both ways.

originally posted by: Phage
a reply to: projectvxn

Those regs didn't seem to prevent banks from overleveraging regardless.

They weren't in place at the time. That's the point.

I'm talking about now.

a reply to: projectvxn

Me too. That's why I can't refinance. The standards were tightened a while back.

originally posted by: gb540
So if I research cash rebates on a $600k John Deere, using a browser tricked to say I'm on a $20k Mac Pro, my credit rating should come back pretty good?

The system works both ways.

Yes but you'll get ads forever for luxury goods.

a reply to: JAGStorm

Lawn equipment.

originally posted by: projectvxn
a reply to: Phage

They're fine with you D/I ratio for the higher payments but won't refi for lower, more affordable payments?
You aren't using an ARM mortgage are you?

When you refinance a new investor is purchasing the mortgage so that is why someone wouldn't be able to refinance if the income is too low based on underwriting guidelines even if there is a solid payment history of paying the current mortgage. It doesn't make sense from a consumer perspective, but does if you are the investor in the mortgage security.

The new investor is only concerned with the current debt to income ratio. Fannie Mae and Freddie Mac don't have an option for a streamline refinance without income qualification. FHA and VA loans have streamline refinances where income, assets, and appraisal isn't required. As long as you've made 12 months payments on time you can refinance to a lower rate as long as you are saving .5% on rate and 5% reduction on PITI.

a reply to: Edumakated

The new investor is only concerned with the current debt to income ratio.

Yes. I know.

originally posted by: Phage
a reply to: projectvxn

Me too. That's why I can't refinance. The standards were tightened a while back.

Standards weren't tightened dramatically for full documentation loans. You must have had a significant drop in income. Only difference between then and now is you generally can't do a "stated income" loan where there isn't verification of the income. You have to verify income. You can still qualify for a conventional mortgage with a 50% debt ratio.

Regulations didn't do squat but raise costs of mortgages and eliminate options for people who need them. Most lenders stopped making all the crappy loans on their own well before regulations kicked in. Investors stopped purchasing the loans, so lenders stopped making them. It didn't take regulations to fix the problem.

a reply to: Edumakated

You can still qualify for a conventional mortgage with a 50% debt ratio.

I ain't there, close though. Like I said, I have a large mortgage.

a reply to: Phage
Not my business but why?

a reply to: fernalley

Because my monthly payments are more than 50% of my monthly income.
That's what the ratio represents.

Oh, why do I have a large mortgage? Because, generally speaking, single family home prices where I live are quite high. Also my house is in a very good location, on the water.

a reply to: Phage
So what were you doing?

a reply to: fernalley
My job?
Same thing I've been doing for 30 years or so.

Phage
So do you worry about the Great Reset?

a reply to: fernalley

No.
I worry a bit about rising sea level though. It' been eating my yard over the past few years. Didn't used to do that.

a reply to: Phage
Apparently our sea levels have failed to rise... Canada

a reply to: fernalley

Compared to the land, true. Except for a few places. You can thank postglacial rebound for that. Up north the land is rising quite a lot faster than the sea. You're special.
tidesandcurrents.noaa.gov...


But enough off topic chit chat.

a reply to: Phage
The Davos Agenda is a pioneering mobilization of global leaders to shape the principles, policies and partnerships needed in this challenging new context. It is essential for leaders from all walks of life to work together virtually for a more inclusive, cohesive and sustainable future as soon as possible in 2021.

Not sure what else you want

a reply to: TheWhiteKnight

I like your work

originally posted by: fernalley
a reply to: Phage
The Davos Agenda is a pioneering mobilization of global leaders to shape the principles, policies and partnerships needed in this challenging new context. It is essential for leaders from all walks of life to work together virtually for a more inclusive, cohesive and sustainable future as soon as possible in 2021.

Not sure what else you want

Reading that made me think of Tavistock tadpoles becoming the toads that help make the world croak and grow warts.

I mean “be a more inclusive, cohesive, and sustainable...”

Yeah never mind. I don’t buy it either