Banks giving out NINJA loans

ninja loans were going out a couple years before the market totally dumped though. honestly to me it feels like this thing has until the end of 2023.

ya, everyone got out as soon as the saw the chart. By then everyone was running for cover; unless, that is, your wife was friends with Suzzane, who helped her con you into buying a home you couldn't afford.

youtube.com/watch?v=20n-cD8ERgs

Yeah I have no idea on the timeline
WHO'S GETTING MARGIN CALLERINOED AND WHEN. That'll be the story

Wow this is a great time to buy a homeless persons identity and give him 40% of the loan.

As someone who lives near Yellowstone, I cannot wait for the punishment

You joke. But rehabs and hospitals have been getting caught out recently for having workers stealing people's identities and doing SBA fraud.
The tide is coming.

Most of it was caused by well-meaning but foolish policy
> goal is to have more people in homes
> but they can't afford the loan
> so lower standards so they can afford, with an implied backstop from a federal agency.
> until they took the paper on every bad loan in the country, and the federal agency failed too.
> side note... never saw that one coming, personally.

>BrightPath
Luciferians dude.

also enjoyed the "real homes of genius" columns from this site, where they would show people paying $900k for 400 square feet, etc.

doctorhousingbubble.com/

The housing market will go to shit, all of the rental investors will get btfo, the banks collect the collateral, and the government will subsidize the banks by creating massive welfare programs to house the population in these homes. Rampant inflation coupled with supply shortages will make it extremely difficult for people trying to buy homes to live in. Rent forever. You will own nothing and you will be happy.

Finance is a really obnoxious industry, which I say from inside of it. There's always a catchy new acronym that says it's the sexy new thing, totally original, and at root you always find out that if it's less complicated than traditional lending, it's because someone's gambling on riskier odds, usually with someone else's money.
Yup, there it is. Nothing new under the sun. All that bullshit talk and it's just the same gambling everyone else is doing, except with worse odds.

i work with homeless people and addicts and this happened to one of my clients. they got a call one day and were informed they owed like 8 months of payments on a house in North Carolina or something

The weak should fear the greedy.

Oh well, at least the stock market is the highest it’s ever been.

>doctorhousingbubble.com/
That's some good shit
Bookmarked

if you want good reading, go back to the 2006-2008 columns. This guy was WAY head of the curve, and was the first warning I had (around 2006) of what was happening.

housingpanic.blogspot.com/

taking out a commercial loan on a residential property is maximum retardation.

Yup
Shit's being kept real hush hush whenever Laquanda, working as a CNA or pysch/substance abuse floor babysitter for two months steals 2k identities from the hospitals electronic records.
Shit is becoming more and more common.

>People will be punished for this one day.
We've been punished for similar shit before and never learned our lesson. America is the land of Get Rich Quick, and whenever someone figures out a new scam, that scam is at saturation within a few years; and then it rips the towel.

Everyone here is always trying to figure out how to get a lot of money for not much effort, with no value put into hard work for its own sake, so it's not surprising that a bunch of people want to get into renting.
>What, you just own something and people have to pay you to stay in it? Fucking sweet!
AirBnB/VRBO are great examples of the destructive nature of those kinds of tendencies. A landlord may be a rent seeker, but at least a local gets a place to stay out of it. The AirBnB landlords don't even do that, they take what could be a home for someone and make it a time-share for foreigners.

It's just so god damn tiresome. This HELOC shit is going to be a nightmare to unwind, once it's all said and done.

Ultimately the worst part is it will be another transfer of wealth into the hands of trillion dollar asset companies, as they buy up property on the cheap.

Oh my fucking god
realty411.com/short-term-rentals-and-dscr-loans/

>Today, many investors are qualifying to purchase short-term and long-term rentals by way of non-QM or DSCR (Debt Service Coverage Ratio) programs which don’t require borrower applicants’ tax returns, W-2s, or other formal income documents to qualify. Now, some lending programs take the closest look at the subject property before determining if the rental property can at least break-even at a 1.0 DSCR number where 100% of the gross monthly rents are at least equal to the proposed mortgage payment. In these underwriting scenarios, 100% of the gross rents are used to qualify instead of just 75% like was more the norm in years past.
>For a DSCR loan, it allows borrower applicants to use the market rent (actual or future, in some cases) of the property to qualify rather than the borrower’s business income. This is especially beneficial for self-employed business owners or investors who have a lot of tax write-offs and minimal net income shown on their tax returns.
>Some of these DSCR program highlights include:
>640+ FICO
>Up to 80% LTV
>Available on investment properties only
>Finance up to 20 properties
>Loan amounts up to $2M per property
>Some of my other lender programs allow negative cash-flow for rental properties up to 70% LTV for cash-out or purchase transactions while not requiring any additional income from the borrower applicant.