Comment Detail
Date: 05/18/23 First Name: scott Last Name: gilman Email: scott.gilman@rate.com Organization Type: other Organization: Guaranteed Rate Comment
The additional LLPA fees charged to borrowers with higher credit scores to subsidize those with lower credit scores is an affront to all those that have worked hard and been responsible in paying their bills. The solution is not to penalize responsible Americans, but to instead educate those less fortunate that haven't had a history of financial education or support. Giving a riskier borrower a better price will not change their habits or history. They will continue to do what they have always done because they were never taught financial literacy. This is a failing of our educational system and the cost should not be borne by those that have an understanding of finances. According to a recent study 70% of lottery winners go broke and file for BK within a few years of winning. Providing give aways doesn't solve the problem, it just kicks the can down the road and penalizes innocent people.
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