Posted on 02/07/2023 8:21:39 AM PST by Kaiser8408a
The Federal Reserve is doing Archie Bell and The Drells “Do The Tighten Up!”
Over the fourth quarter, significant net shares of banks reported having tightened standards on C&I loans to firms of all sizes.
Banks also reported having tightened all queried terms on C&I loans to firms of all sizes.
Actually, banks are tightening standards across the various credit boxes.
And as banks tighten up their credit box, we are seeing the median age of US homebuyers rising from 31 to 47 years.
This is reminding me of Germany where you save for your entire life to buy a home.
Somehow, I don’t think Biden will mention any of this is his State of the Union address tonight.
(Excerpt) Read more at confoundedinterest.net ...
We dance as good as we walk...
It’s obviously just more racist redlining.
I’m in the private mortgage biz and I’d be doing the same thing if I was originating any loans at this time (I’m standing pat with what I have for now).
Profligate loaning to weak buyers is not a good idea for anyone right now.
where people wake up one day and get told the house they bought for $500K is now worth $350K , simply because that's all they will loan on it, (and then the people who were robbed by the banking system get told on Faux Neuz it was just a natural market shift ......LOL (but not really funny)
it usually happens after every major socialist ratchet up ( Carter, Obama, Clinton etc)
So you don’t think a proud barrista working at starbucks deserves to buy a Million Dollar home on credit with no money down??
“Does this mean they are getting ready to “Pop the Bubble” or “kill the fattened cattle” again like they do on a regular basis”
No, it means we (I’m a private mortgage lender) are working to AVOID that situation by not making risky loans as we enter a weaker economic period.
“So you don’t think a proud barrista working at starbucks deserves to buy a Million Dollar home on credit with no money down??”
How much money does daddy have and will he co-sign?
That meme fits perfectly, because when you mortgage a property, you are renting money.
I’m sure you know that banks have been making liar loans again for a few years now, they are still running ads for alternative ways to document non existent incomes to qualify for a loan
Bell heard a comment after the Kennedy assassination in Dallas that “nothing good ever came out of Texas.” Bell wanted his listeners to know “we were from Texas and we were good.”
Gotta squeeze out the middle class because we can’t have a good class war with a middle class in the mix.
It wasnt too bad for me tho because the amount financed was so small, I only paid $2600 in mortgage usery interest last year.
So glad I went into retirement with no debt other than the "death till us part" agreement ( Mort-gage ) because inflation, (in effect) cut my income nearly in half.
The American People can't afford to be buying houses right now, they have to pay up (in inflation) to support Ukraine [/sarcasm]
No worries , you will soon see your town get federal funding for bee-hive collectives of “Affordable Housing” coming to turn your nice little suburb town into a Welfare Dump. They will need to house the millions of ungrateful ‘immigrants” flooding across the open borders.
Not anything like the old days. They haven’t been allowed to do the crazy stuff since the reforms instituted after the 2008 debacle.
Which was caused by Obama’s lawsuit against the lending industry, BTW.
From US Debt Clock
Median income 2022 - $35,705
Median icome 2000 - $31,641
Median New Home Price 2022 - $494,729
Median New Home Price 2000 - $161,845
And you wonder why Johnny can’t buy a house?
Let It All Burn
When rates drop enough (probably by early or mid 2024), get a home equity loan that’s interest only when such loans hit a lower rate than your current mortgage. Pay the mortgage dwon fast using the home equity loan and then whack away at the principal by paying extra on the HELOC loan. You can pay the loan off early using little or no extra money depending on the interest rate on the HELOC. The math will be simple. That’s how I paid off my last home mortgage about 13 years ago.
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