12yrs old actually. The problem was two fold. First, too many were ALLOWED to buy a home that should not have. Second, too many people bought a second home using ARMs. When those mortgages adjusted up many could no longer afford that second home, and if they waited too long to afford their first home too. I have a few friends that did just that. I had a friend in real estate that tried to get me into the same thing and I said no way.
The housing crash this time will be even worse this time. Last time we didn't have an inflation problem so the fed could print money but this time the Fed is out of options. So it will be longer and more painful. The bubble is about to burst really hard so buckle up people!
@@jackiedane3408 Think about that for a minute. She was dumb enough to sign documents she had not read. Then agreed to go on a nationally televised program and let the world know how stupid she was, which was worse for her?
@@jackiedane3408 I had to listen to it again. She "bought about 6 properties in the last 5 year period." That is roughly one every ten months on average. She didn't have time? She could benefit from a time management seminar. Then some reading classes, a math class. Then throw in a probability exercise or two. Rates are historically low and you are offered a mortgage that adjusts if rates move. If they are currently almost zero, which way do you suppose they will move? 50/50 chance to win! The easiest question of the day. Drum Roll.... Ummmmmm.... Down? Buzzer. FAIL
@@fxsrider haha thats hilarious but its actually extremely sad how financially illiterate the majority of america is. i mean seriously, like you said, rates are at the bottom of lows, did they expect negative rates? and then she leveraged that 5x over? she deserves to lose all of her money. people view wall street as a greedy place, and it 100% is. but they can only take money from those who choose to be negligent with it. those who rely on financial advisors to manage their savings are no different.
@@jackiedane3408 I totally agree. My dad was tossing around reverse mortgage ideas in a conversation we had a year back. I told him to steer clear of those. They are engineered to take your home. I think he went for it. He's been on a shopping spree lately. He will never admit it to me though.
it's funny a first world country having high number of homeless while in "third world country" they own their own lands and home with no mortgage? fascinating
They are doing the same thing with student loans. The loans are federally secured and guaranteed. Loans are issued for worthless degree programs grossly overpriced and immune to bankruptcy. Meaning even if you declare bankruptcy, the debt does NOT get removed. Millions of people now have student debts that cost more per month than an auto loan except this time there is no "house" or physical asset the bank can repo to recover lost revenue.
The schools need skin in the game and take a loss when the graduates default or purchase credit default swaps on students in useless majors. We'll see how fast useless major degree programs disappear after that.
I do not feel sorry for a educated person who does not understand how important it is not to have an A.R.M. when dealing in property of any kind!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
It's March 14th 2023 and I'm trying not to worry that we are repeating a portion of this History. Why I say portion is because just a couple of days ago, we experienced the 2nd and 3rd largest Banks to collapse in History. Which concerns me in why I feel like these matters will put us on track to repeat History. 🥺 If you can prepare yourselves and your family financially, please do so. I'm not a 🎩 🔮 🪄 but a Real Estate Agent with a Heart and Love for others. Pay off what you can, protect your family, and research precious metals. 💝
Whitney Tilson has swindled investors throughout his entire career. He has modeled himself as a mini-Buffett. But he had no trouble diverging from Buffett in shorting stocks, and charging his investors high maintenance fees. He’s smart. And, he’s slick talking. But, at the end of the day; he’s primarily in it for himself.
How come YuTube doesn't put the fckng date this video was uploaded as they do for everyone else's uploads??? Why is CBS's channel treated special? WTF Man?
over the 2 months after this was posted, the stock market experienced its worst decline in history, and quickly made a rebound over the following 3 months.
This is at least 7 years old. The real problem is the mortgage insurance business. If you don’t pay your mortgage after 90 days, the bank can collect on mortgage insurance. They’ve got their money. The insurance companies assume there will be a default rate of 5%.
People should never purchase a house with an adjustable mortgage should always get a fixed rate that way you know what your payments will be the whole time no big surprises at the end of three or four years when your rates go up
7:10 there is your answer this is why this time around it's harder to get a mortgage YOU HAVE TO HAVE A full time job to be able to make payments YOU HAVE TO have a good credit So that you can be even considered for a mortgage. well at least in canada it;s like this
considering the S&P sunk another 200+ after this interview, he was pretty much right. Assuming, of course, the interview was done around the time of upload.
@4:51: IT'S A SAD SITUATION. I'D RATHER NOT MEET THE PEOPLE ~ I suspect this is because, as expressed by the individual stating the comment, the meeting of people creates a humanizing effect on the transaction that cannot be ignored nor denied...and...for better or for worse
@@parimabartender true, but Billy boy "forced" the banks to peddle loans to people who had NO BUSINESS owning a home. He said (and you can Google it), " it's an American right to own a home."
