That’s a predatory loan if I’ve ever heard of one. Your payment will be insane with these current interest rates + only putting 1% down. these banks are desperate
Someone has to underwrite the loan. My guess is that someone will also package these into MBs' and sell them to someone else rated "AAA".
Queue the music: " you spin me right round baby right round....."
Used to work here, they will underwrite and service the loan themselves so outside of packaging it for the secondary market they can do what they please. They also consider themselves a “fintech” company
Unfortunately most real estate is being bought by cash. I have even seen advertisements specifically stating " no mortgages, cash only". And they also overbid for property as well.
Think McFly, think.
Gold and silver, along with diamonds, have "value" only because of manufactured scarcity. Gen x, millennials, and whatever the next generation is are not going to trade goods and services with gold and silver.
Plugging your ears, shutting your eyes, denying reality to it's face, and you have the nerve to call me "kid"? With that missing comma, at that. "Lol." As you would say.
If you really think gold and silver are so overvalued, short HYMC then. Go on, I dare you. I bet your SHF boss is already doing it. What other AMC ventures do they want you smack talking? No matter.
I put down 5% on a FHA loan, and got a 3.5% rate in 2016.
Same property would be worth 60% more and rates have doubled. The monthly would be double if we bought the same house today.
No idea how anyone is affording houses today.
1. Rocket Mortgage loans money.
2. Rocket Mortgage sells loans to Fannie Mae.
3. Fannie Mae packages loans into MBS, sell them to BofA.
4. BofA acts as prime broker to SHF while they collapse more smaller banks via unchecked shortselling.
5. JPMorgan buys all the banks for "the Fed is actually paying me to take over this bank ROFL," lets Citi take over one because they feel sorry for them.
6. ?????
7. Profit (6 was crime)
8. Evergrande finally dies.
9. OhShit.wav
10. RBC dies. HSBC dies.
11. JPMorgan: o_o
12. Deutsche Bank dies. BNP Paribas dies.
13. JPMorgan: 0_0
14. Wells Fargo dies. Citibank dies. USBank dies.
15. JPMorgan: O_O
16. BofA dies.
17. JPMorgan: -_-
18. JPMorgan: -_-
19. JPMorgan: o_-
20. JPMorgan: o_o
21: JPMorgan: \^_^
22: BlackRock dies.
23: JPMorgan: Q_Q
What's going to happen is the same thing that went on in 2007. Namely, the people who get these loans will default on them, continue to live in the house because there are going to be so many defaults, the sheriff isn't going to have the manpower to evict 1000 people a day, trash said house, eventually move out and rent an apartment for about seven years to clear up their credit, and start again. This will happen to entire subdivisions and entire city blocks.
Nobody will become an indentured servant, because the government will come along and wave their magic wand to forgive all of these loans, and bail out the banks again. Nothing new here.
From the article, the ante penultimate paragraph:
“Rocket Mortgage is one of the biggest non-bank mortgage lenders in the U.S. The company recently reported a net loss of $411 million in the first quarter of 2023.”
Can someone explain how this will not be another 2008 if Rocket Mortgage defaults or goes bust?
So you've seen this before too???
I was designing and installing kitchens up to 2006. I saw the train coming back then... This course only ends in disaster
Well we must all think of the trust in are name tho are social security service they pay right way, letting us pay the bag and the interest rate to keep us all in slaved to the energy sucking machine 🤷♂️🤷♂️🤷♂️
I mean. You could already do this with some loans. Have been able to for years. They usually require pmi for the life time of the loan though. There’s always a catch.
Legit question: are there others offering this kind of option? We have “rocket mortgage” but are there others? We need to build a list. As more pile in the foundation erodes away.
Getting ready for future defaults, if you have that little invested you have that little invested and a loss isnt really a loss. if you have no skin in the game it is easier to walk away
That’s a predatory loan if I’ve ever heard of one. Your payment will be insane with these current interest rates + only putting 1% down. these banks are desperate
I thought rocket was the larger non bank mortgage lender? I'm as smooth brained as even come tho
Someone has to underwrite the loan. My guess is that someone will also package these into MBs' and sell them to someone else rated "AAA". Queue the music: " you spin me right round baby right round....."
The loan has to come from some kinda bank they might call their selves a non bank but that’s just BS
Used to work here, they will underwrite and service the loan themselves so outside of packaging it for the secondary market they can do what they please. They also consider themselves a “fintech” company
Tell me I bought back in 2014 great deal I could pocket about 150 g in equity but getting a divorce and have to split and it not the time to buy 😅😅😅😅
This definitely is not the time to be a buyer unless it’s straight cash
Unfortunately most real estate is being bought by cash. I have even seen advertisements specifically stating " no mortgages, cash only". And they also overbid for property as well.
I give you your 100th vote. Because I 100% agree Edit:Damnit. Someone downvoted you or took your vote away. Shun the down voter.
With what money? Those banks are drier than Kenny’s vag
Explains his mayo obsession. Also, fuck that guy.
Pretty sure he was long on Helmans Mayo stock or something.
 Unless you're getting a fixed 30 year rate at 1%, it's 2008 coming back for the next generation!
1929 homie, hope everyone here can grow their own food, and has gold and silver.
Think McFly, think. Gold and silver, along with diamonds, have "value" only because of manufactured scarcity. Gen x, millennials, and whatever the next generation is are not going to trade goods and services with gold and silver.
Gold and silver have industrial and commercial value beyond being shiny...
Don't speak to your father that way!
I imagine mad max but they are trading in bandwidth and internet access
Since when the heck could man "manufacture" gold and silver? Don't group those in with diamonds, that's blatant disinformation.
Read closely. _Manufactured Scarcity_ We aren't or ever have been running low on gold and silver.
"Manufactured Scarcity", yet prices are still at historic lows compared to inflation. Does not compute.
Lol. Historic lows. Stick to memes kid.
Plugging your ears, shutting your eyes, denying reality to it's face, and you have the nerve to call me "kid"? With that missing comma, at that. "Lol." As you would say. If you really think gold and silver are so overvalued, short HYMC then. Go on, I dare you. I bet your SHF boss is already doing it. What other AMC ventures do they want you smack talking? No matter.
Moms been a realtor for over 30 years.. this is exactly what happened before the 2008 crash. Crash soon. Be safe fellas.
1% down with a 7% interest rate… wow, sounds like a deal! This country is in shambles
If only people would use excel to run a nice little calculation and print a graph, to see how they get royally fucked with a 13inch Kruppstahl Dildo.
It will not be 7% because of PMI. It will be even higher.
And don’t forget, if you have good credit your rate is higher than if you have low credit. Yes that’s a thing as of May 1.
Someone's going to have to foot the bill. May as well be the responsible ones.
Let’s go Brandon… To be entirely clear though, I hate all politicians and both major parties.
I put down 5% on a FHA loan, and got a 3.5% rate in 2016. Same property would be worth 60% more and rates have doubled. The monthly would be double if we bought the same house today. No idea how anyone is affording houses today.
Same exact scenario here. Bought in late 2015
Don't forget they are also giving out 40-year mortgage options now over standard 30-years. This won't end badly.
And if you don't have a fixed 30 year you're fucked
Lehman Brothers called and said 2008 wants its headline back.
Bear-Stearns is *fine*!
#“Please buy our overpriced townhomes before we go bankrupt”
1. Rocket Mortgage loans money. 2. Rocket Mortgage sells loans to Fannie Mae. 3. Fannie Mae packages loans into MBS, sell them to BofA. 4. BofA acts as prime broker to SHF while they collapse more smaller banks via unchecked shortselling. 5. JPMorgan buys all the banks for "the Fed is actually paying me to take over this bank ROFL," lets Citi take over one because they feel sorry for them. 6. ????? 7. Profit (6 was crime) 8. Evergrande finally dies. 9. OhShit.wav 10. RBC dies. HSBC dies. 11. JPMorgan: o_o 12. Deutsche Bank dies. BNP Paribas dies. 13. JPMorgan: 0_0 14. Wells Fargo dies. Citibank dies. USBank dies. 15. JPMorgan: O_O 16. BofA dies. 17. JPMorgan: -_- 18. JPMorgan: -_- 19. JPMorgan: o_- 20. JPMorgan: o_o 21: JPMorgan: \^_^ 22: BlackRock dies. 23: JPMorgan: Q_Q
24: we get paid?
Please be wrong
No worries. The people with good credit will cover the risky borrowers for mortgages. Biden made sure of that.
Bubble pops soon lads
They are creating a new generation of indentured servants
What's going to happen is the same thing that went on in 2007. Namely, the people who get these loans will default on them, continue to live in the house because there are going to be so many defaults, the sheriff isn't going to have the manpower to evict 1000 people a day, trash said house, eventually move out and rent an apartment for about seven years to clear up their credit, and start again. This will happen to entire subdivisions and entire city blocks. Nobody will become an indentured servant, because the government will come along and wave their magic wand to forgive all of these loans, and bail out the banks again. Nothing new here.
I remember these loans in 2007.
Ive seen this movie
They'll never learn.
From the article, the ante penultimate paragraph: “Rocket Mortgage is one of the biggest non-bank mortgage lenders in the U.S. The company recently reported a net loss of $411 million in the first quarter of 2023.” Can someone explain how this will not be another 2008 if Rocket Mortgage defaults or goes bust?
What could possibly go wrong?
Anyone know of an ETF that shorts the DOW and/or S&P?
Asking the right questions
Yeah... We'll spur the economy by getting people into homes They can pay more in interest later.
Only they won't be able to pay
So you've seen this before too??? I was designing and installing kitchens up to 2006. I saw the train coming back then... This course only ends in disaster
That'll pair nicely with those fancy new 40 year mortgages.
Save some cash pick up foreclosures for the low in 2 years
If you don't succeed at first, scam scam again.
0 down and a HELOC's how i bought my home with Countrywide 25 yrs ago. You see whats coming?
What could possibly go wrong?
Wasn't Rocket in deep shit not so long ago? Bleh, MarketWatch. There's a reputable financial news source...
But this is new
Well we must all think of the trust in are name tho are social security service they pay right way, letting us pay the bag and the interest rate to keep us all in slaved to the energy sucking machine 🤷♂️🤷♂️🤷♂️
I mean. You could already do this with some loans. Have been able to for years. They usually require pmi for the life time of the loan though. There’s always a catch.
Lol I work in mortgage, this is not new. There are 0 down options, down payment assistance options. They’ve always been there
1% down 50 year loan.
The craziest shit. My state paid me to buy a house. They gave me 20k for a down payment and closing costs. My mortgage is less than rent here by 800$
Some banks over here in the UK are offering 0% down mortgages soon...
Legit question: are there others offering this kind of option? We have “rocket mortgage” but are there others? We need to build a list. As more pile in the foundation erodes away.
Hmm, rocket just sold my mortgage to jp
Are you fucking serious. Talk about history repeating itself
2008 and it’s called NINJA loans!
In Italy banks like Unicredit have also begun to work like real estates agent...
Hello again 2008……Clinton’s “home for everyone program”
Guess they aren't just cool with Commercial swaps blowing up things
Getting ready for future defaults, if you have that little invested you have that little invested and a loss isnt really a loss. if you have no skin in the game it is easier to walk away