U.S. Mortgage Defaults as Homeowners Struggle Financially... Bailouts Coming?
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- Опубликовано: 1 июн 2024
- Mortgage defaults nationwide as delinquent homeowners struggle financially. Next round of bailouts for homeowners? Interview with @m3_melody
#useconomy #usrecession #realestatenews
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![Darren Waller - Who Knew (Her Perspective) [Official Video]](http://i.ytimg.com/vi/GytDjB8u6bM/mqdefault.jpg)
Melody is so genuine and brilliant. A truth teller. ❤
Maybe. But MORE INFO on the Rackets should have been given. More Inquiry IS A MUST. Ignorance WILL allow Colossal Govt and Banks get Away with ALL $$$ in BankS.
Why are we paying PMI if it is not serving the purpose they say it’s serving. Absolutely fraudulent. There should be a class action lawsuit
The financial institutions have a motto....Heads I win, Tails you lose. This means that they reap all the benefits on an upswing and when things go south the tax payer is on the hook through the fed bail-outs and further increasing inflation to the citizen.
100%. Every single government regulation written has 10-100x the resources and brainpower going towards undermining and arbitraging it then went towards writing it. Learn the lesson. Your $100k earning government economists are never going to outthink $1mm earning whiz kids at Goldman. Stop trying to legislate finance. it just transfers taxpayer dollars to bankers.
I say we occupy #Banks and #VacantHomes. Pick one. Move in.
The best summary I saw on the Banksters.
I've also heard it stated as "socialized loses, privatized profits" This is what has been written in the closed door deals the banks, lenders and hedge funds have been writing with the governments.
Some quote that!
She's a great guest on your channel & Travis too, always 5 stars, we viewers appreciate your boots on the ground information.
18:04 "There is so much fraud!" Best statement in this interview!
WORD
This is true for the stock market too IMO. Way too many passive investors in stock weighted funds (ETFs). This misallocation has caused bubbles in everything and have made true "price / value" discovery difficult. Does NVDA actually warrant selling at 34 forward price to earnings. I don't think so. If these passive funds have pushed up price in Real Estate just like NVDA is a 750k house really worth that. I don't think so. I think everything is worth half of what folks think it is. So folks IMO should look at their net worth and divide it by 2 ... that is what we are really worth. Could prices go higher? Of course, but that should be triggering all of our spider senses. We all know how this ended for the Dot Com and GFC. This time the bubble is 5 times a big. Could get intersting.
Everything is fraud.
You owed nothing be happy.
You believe you own something.
But you don't.
Let’s come together with our choices and protest. 😊
My title insurance claim was paid, but… it took 18 months for them to pay the claimant 1/10th of their claim against the judgement. We couldn’t sell the house so we lost on that and there was no compensation for us. Title company was at fault for not filing our deed of sale for 3 months after closing allowing a claim against the previous owner to attach to our new property. We didn’t find out about the judgment until 4 years later when we went to sell the house. Well, the Title company went out of business during that time and even the owner had gone bankrupt so we were truly at the mercy of the title company to pay on their issuers mistake. The jerked us around for 18 months spending who knows how much hiring a lawyer for fight it for “us”… they just wasted our time and their money avoiding paying the claim. Knowing that they only pay out on 3% of claims makes me feel “lucky?”, but I didn’t feel that way at the time…
What a nightmare! I've learned a Lot today.
If I were a lawyer and looking to get some business, it seems that it would be very lucrative to help clients settle with these nefarious title insurance companies who do not want to pay anything out.
PMI premium payments are made part of the mortgage payment. If someone doesn't pay insurance premium because they are not sending in a payment, how long before the insurance policy is no longer good? Technically, if the policy only pays when someone is in technical default after 3 months, but the policy is not in effect after missing one payment, the policy is useless. I guess the servicers are paying the premium as a pass through. \{%}/
Technically, you are incorrect.
If I don't pay my Auto Insurance it's null at 0001. @texdevildog9174
@@texdevildog9174to protect their business. To protect their credit so they can refinance. Everything is leveraged on Everything else. And it All on the backs of the citizens. #F'dUp Lease to Own Communities with #Transparency.
I worked in the Loss Mitigation side of Mortgage Servicing up until last month. I specifically worked GNMA loans which is the investor for FHA, while I didn’t have access to statistics such as 10% of them are 30+ days past due I can confirm too many FHA homeowner are maxing out their Partial Claims within the 1st 5 years since origination a lot of them are also becoming delinquent again within 12 months after the PC.
Are the loans assumable?
Melody is absolutely fantastic. As a former loan originator it's amazingly refreshing to listen to her.
This is hard to listen to,since we the little people can not do anything about the problem. We're screwed
I understand the frustration but I honestly don’t think we are screwed. Awareness first and then small decisions daily so we don’t become debt slaves…I believe we have more power than we think imho.
STOP playing
You can't paid for something. If is backed up with nothing. Soon as you register. You don't own it anymore. To own something you have to get patent. From the Supreme Court. Guess what? What you believe is your property. Is already patented from other person. That why you pay taxes. From that money is goes 10% from it to the patent holder. You just became lease or tenant holder.
@@m3_melodyagreed. And diversify. A tiny slice into something else.
@@arifedickerson8511huh...hm. I didn't know that! So, how Much of that 10% go to the Patent holder? And what does the State tske?
This is all by design, they are making a glut of housing so that when they collapse the economy and bring in a communist system there is enough housing to house all the plebeians.
The Great Taking documentary talks about the most important issue. default insurance and bankruptcy selectivity!
I just looked up the two relevant zip codes around my rental house. In those two different zip codes, there are only 23 single family homes for sale. They range in price from $475k to $1.45 million. I don't see any excess inventory any time soon. I would guess there are 35k-50k people living in those areas.
Nice to hear a voice reason from the both of you
Thank you so much and thank you for watching!
FHA is Scam. The insurance on the loan was almost $500 a month. When my house got up 20% of equity, when you can usually drop your insurance, the bank bank told me you had to be at 20 of loan amount. Luckily I was able to refinance at 3.5% and drop the insurance 😂. People are not that lucky now when you can't refinance.
Good move! Happy for you.
Smart.
Awesome show! In Florida it’s the same. Several new developments are pretending to be sold out just to keep the prices inflated.
That's eye opening on PMI. Disgusting.
It’s wild how few lessons we learned.
@repKatiePorter @senWarren #Default #CBRE #Residencial #Foreclosures #BankFailures
What part? That PMI is for the lender and not you? Maybe I missed something.
@@Shadow_Banned_Conservative The entire part. PMI is "insurance" that you have to pay for not having 20% down. It is supposed to "protect" the lender because you're a riskier loan since you don't have significant equity and could not pay 20%. They pocket the money and tell the lender to kick rocks when they file a claim. Bigger scam than social security.
@@Shadow_Banned_Conservative yeah you missed the whole thing apparently.
The buyer pays for it, and the insurer doesn't even pay the lender if you default. So everyone is getting ripped off here.
I live in FL, just a few miles south of Disney World/192 on the HWY27 corridor- a huge Airbnb and vacation rental area. The number of vacation homes on the market is staggering! ALL of them are cutting prices and it is of course affecting the adjacent residential areas as well. It’s going to be like 2009-2012 again: you’ll be able to ‘steal’ great homes at -50% of peak pricing
No it definitely wont.
Is that the highway where you need an "alligator watch" if you change a tire?
One of the issues of the GFC was folks buying houses that had no buisness buying. Now is no different it is just rich boomers and coporations. It will not end well for most.
Excellent content, thank you both!
Great guest!!!
The bubble is not just in housing anymore, Its in the currency. It is a Soverign Debt Crisis coupled with a currency crisis.
Masquerading as a housing comml re crash
Agree. Super bubble in everything. Dot Com and GFC with debt (leverage) higher than what caused the Great Depression. But hey the stock market and our housing values just keep going up. Nothing to see here. Well until the younger generations burn everything to the groud because they got so screwed.
Dow is 1.3% away from the 4.638 fib, just like in 1929
Great interview!!!
Wooow, its really rare i hear someone mentioning Basel 3 compliance! Thank U Melody!
Brilliant interview!!
Thank you!!
I see the same in my area, Some have been there for 6 to 8 months and have not sold. No price drops though.
Wow....super insightful. I had no idea that's how originations worked and mortgage insurance.
Wow this was truly amazing content. Thank you.
I should also say you put out great info!!
You two rock plain and simple! Thanks for the platform you provide and the knowledge shared.
Great job Melody! Crazy insight into defaults incoming
I watched the movie
"Too Big to fail." On HBO Max. Everything this lady said was spot on.
this interview was so full of info I will probably need to watch it again. The Basel III comment made me realize the scope of it's changes were broader than I'd previously thought.
Does Melody ever do deep dives on existing housing markets (not the new build stuff)? For those of us living in metro areas with no un-built land the majority of new builds involve tearing down an older structure and putting up multi-family units. I've seen a few instances where previously undesirable locations, e.g. along commuter rail lines, have been built out as well in order to add "affordable" housing. Ironically all these town-homes leased for 3k-5k /mo when I last checked several years ago. This is a different ball of wax but would be fascinating to get her take.
I was there during the 2008 FC. the worse conversation i had was foreclosure, people who passed away from the stress, and people who unalived themselves from desperation. those conversations will always stick with me. everyone is angry, frustrated, hopeless. i transitioned from sales, customer service, front to back end collections for a sub prime mortgage company.
Just let the market correct. Imo
Yes! Please.
That’s not part of the “you will own nothing and be happy” plan.
Not going to happen this time
I watch foreclosures in my area daily. 2 years ago we had maybe one a month. Recently have gone to 12-15 a week. Some are repeats as they have to advertise four times before selling on the courthouse steps.
Get a round table. Appreciate your show, thanks.
Great channel, host, and guest.
Excellent guest, well informed. When you think about it, its amazing we got these great terms (USA) for loans after 2012. Market was dead from 2008-2012. I can see us going back to pre-1934(fha created) loan standards 10-15 yr with 30-50% down payments
If you have a VA, or FHA loan the bank is required to work with you without foreclosing. If you have a conventional or commercial loan you will lose your equity and the asset. I would never buy a home that isn’t already completed.
Excellent guest Tod take care🖐️
0’bama put some of the biggest mortgage 💸 thieves in high positions
Correction: the capitalist system did that. Obama was just a lackey. Like all politicians. Just lackeys for the bourgeoisie state. Everyone wants to blame government when the government is run by capitalists and the problems are created by out of control capitalism.
@@joshl6275 o is social ist so don’t blame fee capitalism. U May be there fighting soon junior
So that's why back in the 1930's one would buy the house with cash. Eliminate the middleman and you solved your own problem. Then buy house insurance just like any insurance policy.
Maybe this crash will offer that opportunity?
WT***, she telling almost the same story of 2008. There is a trackability and "not my problem buddy." Melody is awesome.
#HotPotatoe @senWarren @senSanders @repKatiePorter
FHA foreclosures in my area are out of control.
And VA. Both saying will triple in coming months.
What area?
@@TubeTorte PA
Great episode! Melody is incredible. Thanks
when they say, you will own nothing, believe them
who says that?
Naaahhh
These days you almost have to write up a "pre nup" with your mortgage company, written by you, and not them, to make sure you don't get screwed ! And the Title scam is mind blowing, virtual money grab monopoly !
Been watching since the beginning. You’re my #1 show for info.
🙏 Thank you so much
What was not reported. The banks invested in bonds when interest rates were artificially low . They had money in 3% bonds, then the feds tried to kill inflation and raised rates to 7 % or 8% very quickly (weeks). This left the banks losing money when the were forced to sell the 3% bonds. It was really mismanagement by the feds more than the banks.
wonderful analysis. I guess many chose Misery and Pain in the name of home ownership. Many will fight and will be in even more pain.
"I should be suspicious of what I want."
-Rumi
With what landlords have been doing, I can’t blame them. Some apartments are charging more than what mortgages were in 2020. Taxes and insurance included.
@@Francisco-po1cfwhere is that?
Come out to Sacramento County CA. I’d be curious as to what you uncover here.
super cool background/studio! Great video per the usual!
Appreciate you 🙏
Yes and I live in one of these giant comunities in austin actually georgetown with new builds and its now going to bring down the property value for anyone who bought within the past 2-3 years. I'm angry. There are alreay advertising on the HOA page. There are already many rentals. I wish I would not have purchased here but the company I work for transfer an entire group here and now corporate from Silicon Valley. I thoughtit was a good opportunity. The house is at a very low pricepoint and will screw everyone no matter if they have a low pricepoint also. I'm still going to be working for a few more years but now I feel stuck here. And they are still building down hwy 29. We even have the 3d printed homes.
Not to worry. If it's a good house you'll be good for a few years. Then rent it out and buy where you want. You are safe.
Wow....minute 27:00
Well, you two are awesome. Too bad the truth is profoundly nauseating.
Mortgage securitization in and of itself caused way more loans than what would have been allowed previously. Unfortunately, this pumps demand and rewards the original asset holder. It’s a way for the rich to get richer. Oh, you can have this house just pay me back over 30 years. What a sham. Unfortunately we have a lot of “homeowners” that are really indentured servants to the banks. If we go back to more restrictive credit then savers will on e again have the upper hand. Too bad we won’t let that happen.
How do we do that?
Flip fast in the MD DE Pa corner area , priced up
Interesting interview Todd and Melody. I had never heard this about PMI.
Nice new studio. Congrats!
Thanks!
It’s beautiful!
I always wondered if title insurance and mortgage insurance was bogus. Thank you Melody.
Great video with great insight into the post closing world!
Seems to me like there's an issue with UW just signing off on loans they shouldn't, but I can see where on the otherside they're demanding loans to be sold in the secondary market and so it just becomes a situation where UW are forced to sign off cause investors needs to buy.
No. Where's the Integrity? The Investor Speculator is Gambling. And it's Not Their Money-Labor.
❤❤❤❤ Melody!!
❤❤ Thank you!
Sold my house after the pandemic and took the Covid relief, at the closing 18k was taken out to pay the Lien I had from HUD that I never knew about. Whoever had Covid relief and did not pay fully or even if they did pay fully more than likely they have a lien and don’t even know it!
Wow!
Love this
I’m noticing a lot more listings in Cle suburbs. Hard to know if they are trying to sell before prices crash or if they are distressed sales.
Listing prices are more down to earth, so maybe they are distressed.
There is a lot behind the door in mortgage industry that she revealed. If Fannie Mae and Freddie Mac are dictating terms of mortgage, how can we still see as low as 1% down mortgages advertised?
NO BAILOUTSSSSSSSSS!!!!!
I work for a title company and I know that our company is very careful to make sure the property is insurable and we can ensure clear title.
WOW!
That’s great. It is totally the lender’s responsibility to understand the nature of whom that are lending to -especially if they purchased those loan terms. Boots on the ground is so important; the fact that the lenders don't put boots on the ground is why they are so out of touch with the working class.
I'd like to hear more about California.
Melody is the best ever.
Great show. Remember, it is not a delinquency if the government puts it into forbearance. No forced selling, no inventory, no price discovery, no decrease in property taxes…no meaningful decline in home comp prices…Forbear, forgive, inflate. This is the plan and it is keeping home prices “higher for longer”. IMO, state and federal governments will eventually “forgive” mortgage debt for their votes just as they are doing with student loans🤡
What does forbearance do?
MBS is bundled up and sold as UST to other nations, so till they forgive which means they won;t Americans are stuck with the worthless asset.
@@BREEZYM6015 you dont have to pay your mortgage each month. Then down the road the unpaid balance gets put onto the back of your 40 year loan. Sweet!
I don’t know if bailouts will come. It depends on who is in office. This time we have been told there’s no subprime mortgages so there will be no reason to bailout homeowners.
@@MasterRoss-sn7dl 😂totally disagree. Both parties have been doing mortgage forbearance, free $, etc. It does not matter. They are both the same with spending $
Melody Wright is an amazing wealth of knowledge!! She is a gift to everyone looking for info and insights on the housing market.
If 1 in 10 FHA mortgages are delinquent that is not in foreclosure. It takes up to 3 years of non payment of taxes in New York before they will foreclose. I don’t see a crisis.
Todd figured out title insurance is a scam? Read the title insurance so called exclusions.
Economic investigator Frank G Melbourne Australia is following this very informative content cheers Frank 😊
G'day mate. I send love to Uluru and the GBR.
So what I'm seeing is some assumable loans on the horizon? I can either do 250k on a 6% or a 350k at 3%. It costs the same.
350k purchase price has higher propert tax than 250k purchase price all things being equal
27:52 active in only the “blue areas”?
No bailout for student loans; have the same energy; No bailout for home “owners”…
Melody is awesome and she's skyrocketing bc she's a TRUTH teller. Truth is a higher frequency and it draws you to it. People are starved for the truth today and they are waking up in record numbers every day.
No wonder buffet backs insurance companies..
I love the point of pushing the dollar around and just praying that nothing bad happens
This is not 3 Card Monte it is more like 50 Card Monte. The government saw a way to make a profit and to pass the loss on to other companies....WOW!
And yet it still ends up in the Taxpayers lap!
I am hoping for a 90% crash so that housing can be purchased for cash, not a 30-year mortgage.
YES!!❤❤
This is the start of the sad reality, see the NBC 7 San Diego recent news story: "Why are so many seniors in San Diego aging without a home?"
Intersting. I think if you are old. You should own a house outright. If you don't you had poor financial discipline and that is your fault. I mean for them loans were 30 years. If they just paid their mortage for 30 years they should own their house. Boomers have had it the best for wealth building of all the generations. When this Bubble of all Bubble pop because of the insterments (derivatives) don't work out well ... they are going to want a bail out. The younger generation is not going to bail the Boomers out. They couldn't if they wanted too. The boomers are pulling not producing. The boomers are the biggest demographic. The generations after them are smaller. This is why Social Security math does not work and will just continue to get worse until it no longer exists. Last thing ... all that free money that got sent out. We have to pay that back, with interest. How are we going to do that. Taxes will have to go up ... MASSIVLY. We already pay about 50% of what we make in taxes. America was founded on two things... freedom of religion, and taxes. At some point Americans are not going to just sit idle by watching big government steal all their money to just make the rich richer.
Those empty new houses are not selling because they are wayyyyy over priced.
How fair is another bail out? For those of us who can't afford to purchase a home, middle-class, paying middle-class taxes, pay rent, which is much more than a lot of people pay in house payments, and people continue to buy what they can't afford and we continue to bail them out. I'm sorry, but this is totally upside down. And unfair, I'm really over it.
Cmonnnnnnnn foreclosures
Something must happen because this is not okay for these loan companies to get away with these types of practices.
Debt slavery - few understand this
Thank you both. You said it... we are going to have a collateral crisis. We are already seeing it in Comercial Real Estate. Things are actually worth 1/2 of what folks think. This is true for Car, Stocks, Bonds, all of it. Could get intersting really quick especially with the Emergency banking fund runs out of money in about 1 to 2 months.
I am not sure this is accurate. AUS was available during and before the GFC
The parameters are new and more people use it now than historically as there was more private lending pre GFC.
He who sells what isn’t his’n; must buy it back or go to prison. -Daniel Drew
I was very interested to hear Melody's thoughts on the mortgage finance and housing market outlook in the coming 12-24 months. I was disappointed. 😢
Government regulations aren't perfect, but my god the wrecklessness is astounding and needs more oversight. I would totally make it illegal to sell loans so they can't play "hot potato" with these bad loans. This is why The People (especially me) did NOT want to bail out Wall Street - and just as I predicted in 2008, we are repeating the same mistakes.
I’m excited for some sub2 but at the same time bless their souls
All by design.
With AI and automated underwriting, it would look at every instance of a borrower and come back whether to approve or deny but like with anything... someone would find a way to call out discrimination cause they were not approved on a loan that they do not qualify for.
Those who don't know history you are doing to repeat it
those who purchased homes 2021-2023 did not learn from the mid 2000’s thru 2012 housing market debacle
Yes!
Thanks. 101 for me.