Independent thinking for complex markets and current events
Home buyers will be able to buy a home without putting any money down under a new program launched by United Wholesale Mortgage, one of the largest U.S. mortgage lenders. The Pontiac, Mich.-based company’s new program will be available to first-time home buyers and people earning at or below 80% of an area’s median income, …
by TonyLiberty There is $17 trillion of home equity sitting with U.S. homes, and Freddie Mac wants to offer second mortgages to tap into it. Tapping into home equity was a massive part of what fueled the banking crisis in 2008. Here’s what you should know: Homeowners would be able to take out a second …
The commercial real estate sector continues to experience elevated stress. The latest crack to emerge is the increasing number of delinquencies on multifamily mortgages. The borrowers who took out these loans typically used them to purchase multifamily complexes, intending to renovate and flip them at a profit. However, many are now struggling with their floating-rate …
Canada plans halal mortgage for Muslims, faces questions The Canadian government is exploring halal mortgages to help Canadian Muslims buy houses as part of Prime Minister Justin Trudeau’s push for homeownership. The plan has been questioned and criticised by people. Canada, meanwhile, has extended the ban on foreigners buying houses. In Short Trudeau aims to …
by confoundedinterest17 Households have too much debt, thanks to trying to cope with Bidenomics and Bidenflation. And much of the debt burden falls on the middle class. Serious auto delinquencies are on the rise. And lowest earners saw the biggest increase in credit card delinquenices. And who voters prefer as of today? Trump on interest …
Nearly 9 in 10 U.S. homeowners have a mortgage rate below 6 percent, according to a new report from the real estate company Redfin. Some 88.5 percent have a mortgage rate below 6 percent, down from a high of 92.8 percent of homeowners in in the second quarter of 2022, the report found. More than …
As economic uncertainties deepen, the latest findings from the Federal Reserve Bank of New York’s Credit Access Survey paint a concerning picture for consumers. The survey reveals a notable decline in credit demand, with weakening application rates and rising rejection rates, notably in auto loans. Looking forward, households express a decreased likelihood of applying for …
Yeah, ain’t no crash happening with those rates. People will work 2 jobs to keep that 2% rate. h/t TonyLiberty
The Royal Bank of Canada raises concerns about Canadian homeowners facing potential payment shocks, especially as 60% of Canadian mortgages are set to renew within the next three years. The Royal Bank of Canada is warning that Canadian homeowners could experience a payment shock unless interest rates significantly decrease. 60% of Canadian mortgages will renew …
Reverse mortgages: 15,000 older Florida homeowners at risk of foreclosure and homelessness Already, 16,654 reverse mortgage holders have gone into foreclosure in the five years that ended December 2017, the most by far in the U.S. and nearly double the second-most — in California. Those figures are based on an analysis by USA TODAY in …
How can we get FTBs onto the housing ladder?@AngelaRayner “Let’s make taxpayers insure taxpayers mortgages. If taxpayers don’t pay the mortgage, then taxpayers pay it” So basically Angela, you wanna turn us taxpayers into a giant Credit Default Swap? You ppl are dangerous. https://t.co/mBuif4m1Tz — Mike Cosgrove (@mikecosgrove) October 8, 2023
Prior to 2020, just ~4% of all outstanding mortgages had an interest rate below 3%. Now, a massive ~23% of all outstanding mortgages have an interest rate below 3%. The share of borrowers that have an interest rate of 4% to 5% fell from 40% to 20%. Meanwhile, just 9% of all… pic.twitter.com/820WdhZgDu — The …
On Friday’s broadcast of the Fox Business Network’s “Maria Bartiromo’s Wall Street,” Select Committee on the Chinese Communist Party Chairman Rep. Mike Gallagher (R-WI) argued that there are “startling parallels” between the investments in subprime mortgages in 2008 and American investments in China and argued that businesses are not sufficiently disclosing or factoring in the …
Canadian banks are freaking out as homeowners are unable to cover the INTEREST. Some extending mortgages to 90 years! Insanity. The worst part. The banks know millions more Canadians will be hit will sky high mortgage interest rates in the coming YEAR making this a total disaster. A complete housing collapse. Unbelievable. All by design. …
https://www.thestar.com/business/infinity-mortgages-have-arrived-that-stretch-far-beyond-50-years-they-ll-help-avoid-defaults/article_c55d09bc-d5c1-5c87-81cd-246b9cb5e725.html ‘First-time homebuyer Sarah bought her house with her husband back in 2020. They also used a variable-rate mortgage with fixed payments, so the amortization would automatically extend as rates rise. At first, it looked like a wise choice. But over the past year and a half, she was shocked to see the length of …
In Canada, some 25-year mortgages are being extended to 90-years. Here’s the difference in interest paid with a $500,000 mortgage and 5.80% rate: -25 year mortgage: $448,196 -90 year mortgage: $2,124,469 🥴 pic.twitter.com/F3OMBbsMs7 — Genevieve Roch-Decter, CFA (@GRDecter) August 11, 2023 https://t.co/STTij43EvE — Genevieve Roch-Decter, CFA (@GRDecter) August 11, 2023
The US has $17.1 trillion in household debt, $12.0 trillion in mortgages, $1.6 trillion in auto loans, $1.6 trillion in student loans, and $1.0 trillion in credit card debt. pic.twitter.com/xU9iQN2f5f — MapleMAGA 🇨🇦🇺🇸 (@MapleMAGAw5) August 8, 2023 US Total Household Debt Hits an All-Time High of $17 Trillion; Credit Card Debt Also Sets New Record …
https://twitter.com/leadlagreport/status/1682221566069727232 Lots of debt, 8 year truck loan, 10 year boat loan, no retirement savings, kids need student loans and one missed paycheck from it all falling apart. pic.twitter.com/YRc9dZJMX3 — Wall Street Mav (@WallStreetMav) July 21, 2023
via wolfstreet: The financialization of everything has let to a convoluted setup for hotels and their beaten-up investors at all levels. It goes something like this: The hotel properties are held by a publicly traded hotel REIT that leveraged them up with variable-rate interest-only mortgages during the era of ultra-low interest rates, that were then …
What could go wrong ? Labour's @lisanandy MP says the govt need to introduce "mandatory measures" to compel the banks to offer interest only mortgages and the option to extend mortgage time limits 🔊 pic.twitter.com/Bn55BffXzb — Wall Street Mav (@WallStreetMav) July 12, 2023
by BoatSurfer600 Borrowers with expiring fixed-rate or tracker mortgages face difficulties, with some saying they will be forced to sell their homes via theguardian For Steven, a media consultant from Guildford, and his wife, the remortgaging nightmare is only beginning. “People like me can’t sleep at night – it’s horrendous,” he says. “The mortgage for …
by Dismal-Jellyfish Source: https://www.federalreserve.gov/releases/g19/current/g19.pdf Remember, From 1st quarter 2022 to 1st quarter 2023, total household debt has increased $1,205 billion to $17.05 trillion (+7.57%)–Mortgage balances ($864 billion), HELOC ($22 billion), Student loans ($14 billion), Auto loans ($93 billion), Credit Card debt ($145 billion), Other ($67 billion): Total household debt has risen by $148 billion, or 0.9 percent, …
by Simian_Stacker lololololol pic.twitter.com/9eHXg1CN6v — KKGB (@INArteCarloDoss) June 6, 2023 Banks Cutting Losses on Distressed Office Loans Earlier this year, RXR dropped a bomb on New York commercial real estate. CEO Scott Rechler signaled that his firm might hand lenders back the keys of two office towers that he likened to film cameras in a …
3% interest rate means nothing if you borrowed too much money for your income and can’t make the payment with other inflation kicking in — Amy Nixon (@texasrunnerDFW) June 4, 2023 High-school sweethearts with good jobs, a baby on the way and a $600,000 budget can’t find a house after 2 years of hunting. ‘It …
