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From the Orange County [CA] Register:

Hispennials? Hispanic millennials called the future of home buying

By MARGOT ROOSEVELT | mroosevelt@scng.com | Orange County Register
PUBLISHED: December 22, 2017 at 5:45 am | UPDATED: December 29, 2017 at 12:23 pm

… Real estate professionals call them “Hispennials.” The label, a mash-up of Hispanics and millennials, defines a group of consumers, aged 20 to 36, which the housing industry is eagerly courting.

“If you look at the Latino population, their demographic is younger and they are just starting to buy homes,” said Rick Arvielo, CEO of Tustin-based New American Funding, a fast-growing lender with 35 offices in Southern California.

“Millennials and Hispennials are the biggest waves in home buying.”

Today, just 45 percent of Latinos in the U.S. own homes, 20 percentage points lower than the home ownership rate of non-Hispanic whites.

But that’s changing quickly. Last year, Latinos accounted for 75 percent of the net growth in overall home ownership. Their numbers grew by 209,000 to a total of 7.3 million, according to the National Association of Hispanic Real Estate Professionals.

“The Hispanic market has outgrown the ‘niche’ segment designation,” the San Diego-based trade group asserted in its annual report.

And a study by the Housing Policy Finance Center of the Urban Institute, a Washington, D.C.-based think tank, makes this prediction: By 2030, Latino families will comprise 56 percent of all new homeowners.

For Hispennials, who generally have lower credit scores than non-Hispanic whites, and less help from prosperous relatives for down payments, buying a home is far from easy. And the Urban Institute warns that for the overall housing market to remain prosperous, Latinos must gain more access to credit.

“The face of the nation is changing, and our housing market will inevitably change with it,” they wrote.

“It will either do so by contracting, because it cannot accommodate a larger and larger percentage of our citizens, or it will do so by becoming more inclusive because we have found ways to bring a more diverse profile of borrower into the system.”

Big banks are stepping up.

In 2015, Wells Fargo, the nation’s largest mortgage originator, pledged to lend $125 billion to Latinos over 10 years and grow the number of Hispanics on its sales teams.

This is exactly what George W. Bush, Henry Cisneros, Angelo Mozilo of Countrywide Financial, and Kerry Killinger of Washington Mutual were exulting about Hispanics and homebuying fifteen years ago.

How’d that work out anyway?

But who can remember back that far?

Remembering is racist.

 
• Tags: Mortgage, Real Estate 
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  1. anonymous • Disclaimer says:

    No home buyer left behind.

    Read More
    • Replies: @Colleen Pater
    The condo's are rotting in the fields.

    we need them to buy the houses americans just wont buy -( because they were displaced in the labor market)
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  2. Maj. Kong says:

    And I thought that Richard Florida told us that everyone wants to cram themselves into a “vibrant” urban environment.

    Can YT have some endless suburbia too?

    Cheap desalination, rows upon rows of tract housing in the desert. Might make California a GOP leaning state again.

    Read More
    • Replies: @J.Ross
    I want to see Richard Florida fight Geoffrey Canada.
    , @Clifford Brown

    And I thought that Richard Florida told us that everyone wants to cram themselves into a “vibrant” urban environment.
     
    Actually, Richard Florida has changed his tune and has issued a partial mea culpa. His extensive consulting business premised on turning rust belt cities into Palo Alto by promoting cappuccino shops and polyamory has finally run its course. He admits now that maybe decadent coffee shops are the result of excess wealth and actually not the cause of said wealth. The man is a genius.

    He is busy looking for the next wave/ pseudo intellectual trend to ride into a steady consulting gig. Stay tuned.

    , @Barnard
    I read an article yesterday about the new trend being called surban. These are millenials who have left the city but moved to suburbs that still have the feel of downtown. It didn't mention these suburbs are lacking in glorious diversity but I figured that was just understood.

    http://www.washingtonpost.com/sf/brand-connect/nar/millennials-go-surban/
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  3. In 2015, Wells Fargo, the nation’s largest mortgage originator, pledged to lend $125 billion to Latinos over 10 years and grow the number of Hispanics on its sales teams.

    Not to worry, anyone on here who may be Wells Fargo upper management. The taxpayers , I mean, Big Gov. has got your back.

    Read More
    • Replies: @Bubba
    Well at least Iceland's banks will fall for this Ponzi scheme again. But too bad for American taxpayers, we're screwed again! Ironic that Neil Bush was at the center of Silverado S&L bankruptcy tagging Americans for $1.8 billion in 1988. Then his brother George fell for it on a much grander scale 15 years later (thanks to Barney Frank and the incestuous Ivy League elitists in government, banking & Wall Street) costing Americans $12.8 trillion.
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  4. J.Ross says: • Website
    @Maj. Kong
    And I thought that Richard Florida told us that everyone wants to cram themselves into a "vibrant" urban environment.

    Can YT have some endless suburbia too?

    Cheap desalination, rows upon rows of tract housing in the desert. Might make California a GOP leaning state again.

    I want to see Richard Florida fight Geoffrey Canada.

    Read More
    • LOL: Maj. Kong
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  5. bomag says:

    “The face of the nation is changing, and our housing market will inevitably change with it”

    Translation: ghetto time.

    “It will either do so by contracting, because it cannot accommodate a larger and larger percentage of our citizens…

    “because it cannot”. Heh. At least they didn’t use “will not”.

    …or it will do so by becoming more inclusive because we have found ways to bring a more diverse profile of borrower into the system.”

    Yeah, you’re bringing in a more “diverse profile”, but you’re not bringing in more money.

    Read More
    • Replies: @Bubba
    Amen to that brother! Well said. Unless, of course, you are bringing in billions of laundered "diverse" drug money of the kind that built Miami accompanied by the commonplace daylight machine gun multiple murders in shopping malls (during the peak cocaine drug years) turning that city in to a 3rd world sh&thole.
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  6. Anonymous • Disclaimer says:

    Hispanic societies are largely incapable of First World civilization. Second World, yes. IF they have a very large majority of whites as opposed to mestizos.

    Rickety Second World civilization is the best outcome. No math or science achievers, constant currency crises, low social trust, chronic low household net worth etc. With a lot of mestizos even this level does not hold.

    Relying on a Hispanic/mestizo demographic to drive your housing industry is a TRANSITIONAL PHASE. They don’t have the education or earning power to support a solvent mortgage industry. Therefore the industry goes to hell and the taxpayers bail it out. Of course this is not sustainable therefore it’s a transition to less than Second World civilization.

    Read More
    • Replies: @Anonymous
    "Second World" refers to the old Communist Bloc.
    , @unpc downunder
    And kidnapping culture. I wouldn't if many white liberals in the US are aware of Latin American kidnapping rates:

    https://www.economist.com/news/americas/21653636-abductions-get-faster-poor-are-being-targeted-along-rich-quickie-kidnappings
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  7. One thing I don’t understand in these discussions is why higher rates of construction/homebuilding is always off the table. If you want housing to become affordable, why not build more houses and tackle the market from the supply-side? If you have to use government-incentives for developers, then go ahead, better than wasting it á la Bush in the 2000s by using government entities like Fannie and Freddie to push mortages on people who shouldn’t get them.

    Of course, lower amounts of immigration would also help with containing house price appreciation, but that is a verboten topic. Housing prices can decline structurally without the world coming to an end. Germany, has seen a large price decline(though this may reverse given recent immigration trends. Most people who came in the 2015 period and beyond are still housed in refugee baracks and the like. Once they move out on the housing market, it’ll be different).

    My own country has seen (very mild) price appreciation in nominal terms. Once adjusted for inflation and wage growth, it has either been stagnant or even slightly cheaper over the last 5-7 years. We’re still building record houses these two past years and the coming year will probably breach all records.

    I just don’t understand why endless debt and lowering credit scores – which enables the accumulation of private debt to weaker sections of society – is always the answer.

    Read More
    • Replies: @Achmed E. Newman
    That's because the whole F.I.R.E. economy needs churn, lots of transactions, to make the big bucks, P.P. That is Finance, Insurance, Real Estate, and Education. The 1st 3, at least, are nothing but middlemen, and yes middlewomen - especially in real estate where tight white pants and high heels can fetch 10 large extra on a house, excuse me, home (don't ask me how I know that.)

    No, it's no way to run a real economy. What can't go on, won't go on.
    , @Maj. Kong
    Geography is the limiting factor, along with local hostility to high-density development. In some cities, you have the additional factor of "historic preservation". West Coast cities also have nearby federal lands that must remain wilderness. These same restrictions also limit the ability to grow the mass transit system, which would lower cost of living by making car ownership superfluous.

    Housing is going up mainly in wealthy bicoastal cities. Interior cities with a good amount of Dirt aren't seeing the same inflation. And I doubt many Northeastern cities are prepared to welcome Hong Kong/Singapore style blocks of high rise tenements. The black underclass gave that building style a bad reputation. One area of rather cheap housing is Baltimore, which has seen gentrification blocked thanks to recent black rioting.

    The military age males that flooded into Germany probably are from a lower class background in their Third World homelands. They have little to offer except unskilled labor, and some reports I have seen show a slow growth in German language learning. They won't affect the housing prices until Mutti does something stupid and gives them something like U.S. Section 8.
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  8. Anonymous • Disclaimer says:

    Heading toward 25 years of widespread internet use and the Spanish Internet is a pathetic laggard. Free-riding, hitchhiking, pilot-fishing.

    Anyone here ever been to Spain? Even the northern tier (very white, very non-mediterranean) is not remotely Germanic i.e. Saxon or Anglo-Saxon. Meaning the culture is not math-science oriented or work-a-holic.

    It would be a headache to be in the mortgage industry even in Northern Spain. Southern Spain is high risk. But it’s a solid enterprise in Germany. It is what it is and no politician can change it.

    Read More
    ReplyAgree/Disagree/Etc. More... This Commenter Display All Comments
  9. @Polish Perspective
    One thing I don't understand in these discussions is why higher rates of construction/homebuilding is always off the table. If you want housing to become affordable, why not build more houses and tackle the market from the supply-side? If you have to use government-incentives for developers, then go ahead, better than wasting it á la Bush in the 2000s by using government entities like Fannie and Freddie to push mortages on people who shouldn't get them.

    Of course, lower amounts of immigration would also help with containing house price appreciation, but that is a verboten topic. Housing prices can decline structurally without the world coming to an end. Germany, has seen a large price decline(though this may reverse given recent immigration trends. Most people who came in the 2015 period and beyond are still housed in refugee baracks and the like. Once they move out on the housing market, it'll be different).

    My own country has seen (very mild) price appreciation in nominal terms. Once adjusted for inflation and wage growth, it has either been stagnant or even slightly cheaper over the last 5-7 years. We're still building record houses these two past years and the coming year will probably breach all records.

    I just don't understand why endless debt and lowering credit scores - which enables the accumulation of private debt to weaker sections of society - is always the answer.

    That’s because the whole F.I.R.E. economy needs churn, lots of transactions, to make the big bucks, P.P. That is Finance, Insurance, Real Estate, and Education. The 1st 3, at least, are nothing but middlemen, and yes middlewomen – especially in real estate where tight white pants and high heels can fetch 10 large extra on a house, excuse me, home (don’t ask me how I know that.)

    No, it’s no way to run a real economy. What can’t go on, won’t go on.

    Read More
    • Agree: Bubba
    • Replies: @Redneck farmer
    The large media centers have FIRE economies. If it works in New York, LA, Boston, Atlanta, San Francisco, and DC, why won't it work everywhere?
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  10. Time to short Wells Fargo, I think, as well as any mortgage backed security ETF exposed to this market.

    Read More
    • Replies: @Alfa158
    Who on earth buys ETF's backed by home mortgages anymore? I'm amazed they still exist. I thought after the '08 crash, the market for them had dried up.
    My investment guy would fall out of his chair laughing at even the suggestion of buying such instruments, and ask me if I wouldn't prefer Confederate war bonds instead. :-)
    , @Achmed E. Newman

    Time to short Wells Fargo, I think, ...
     
    Don't do it. They are too big to fail. What that means is we are confident that you, Mr. Bragadoplois, and the rest of you generous taxpayers, plus your unborn grandchildren, will be glad to pay the lost money back. Shorting Wells Fargo would be like shorting your own savings. Hey, not a bad idea ... but I'm not financial advisor though I often play one on the internet.

    Achmed E, H, and R Block, financial advisor, Master Bullshit Artiste, at your service.
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  11. Maj. Kong says:
    @Polish Perspective
    One thing I don't understand in these discussions is why higher rates of construction/homebuilding is always off the table. If you want housing to become affordable, why not build more houses and tackle the market from the supply-side? If you have to use government-incentives for developers, then go ahead, better than wasting it á la Bush in the 2000s by using government entities like Fannie and Freddie to push mortages on people who shouldn't get them.

    Of course, lower amounts of immigration would also help with containing house price appreciation, but that is a verboten topic. Housing prices can decline structurally without the world coming to an end. Germany, has seen a large price decline(though this may reverse given recent immigration trends. Most people who came in the 2015 period and beyond are still housed in refugee baracks and the like. Once they move out on the housing market, it'll be different).

    My own country has seen (very mild) price appreciation in nominal terms. Once adjusted for inflation and wage growth, it has either been stagnant or even slightly cheaper over the last 5-7 years. We're still building record houses these two past years and the coming year will probably breach all records.

    I just don't understand why endless debt and lowering credit scores - which enables the accumulation of private debt to weaker sections of society - is always the answer.

    Geography is the limiting factor, along with local hostility to high-density development. In some cities, you have the additional factor of “historic preservation”. West Coast cities also have nearby federal lands that must remain wilderness. These same restrictions also limit the ability to grow the mass transit system, which would lower cost of living by making car ownership superfluous.

    Housing is going up mainly in wealthy bicoastal cities. Interior cities with a good amount of Dirt aren’t seeing the same inflation. And I doubt many Northeastern cities are prepared to welcome Hong Kong/Singapore style blocks of high rise tenements. The black underclass gave that building style a bad reputation. One area of rather cheap housing is Baltimore, which has seen gentrification blocked thanks to recent black rioting.

    The military age males that flooded into Germany probably are from a lower class background in their Third World homelands. They have little to offer except unskilled labor, and some reports I have seen show a slow growth in German language learning. They won’t affect the housing prices until Mutti does something stupid and gives them something like U.S. Section 8.

    Read More
    • Replies: @Maj. Kong
    https://en.wikipedia.org/wiki/New_towns_of_Hong_Kong
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  12. Bubba says:
    @Achmed E. Newman

    In 2015, Wells Fargo, the nation’s largest mortgage originator, pledged to lend $125 billion to Latinos over 10 years and grow the number of Hispanics on its sales teams.
     
    Not to worry, anyone on here who may be Wells Fargo upper management. The taxpayers , I mean, Big Gov. has got your back.

    Well at least Iceland’s banks will fall for this Ponzi scheme again. But too bad for American taxpayers, we’re screwed again! Ironic that Neil Bush was at the center of Silverado S&L bankruptcy tagging Americans for $1.8 billion in 1988. Then his brother George fell for it on a much grander scale 15 years later (thanks to Barney Frank and the incestuous Ivy League elitists in government, banking & Wall Street) costing Americans $12.8 trillion.

    Read More
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  13. Maj. Kong says:
    @Maj. Kong
    Geography is the limiting factor, along with local hostility to high-density development. In some cities, you have the additional factor of "historic preservation". West Coast cities also have nearby federal lands that must remain wilderness. These same restrictions also limit the ability to grow the mass transit system, which would lower cost of living by making car ownership superfluous.

    Housing is going up mainly in wealthy bicoastal cities. Interior cities with a good amount of Dirt aren't seeing the same inflation. And I doubt many Northeastern cities are prepared to welcome Hong Kong/Singapore style blocks of high rise tenements. The black underclass gave that building style a bad reputation. One area of rather cheap housing is Baltimore, which has seen gentrification blocked thanks to recent black rioting.

    The military age males that flooded into Germany probably are from a lower class background in their Third World homelands. They have little to offer except unskilled labor, and some reports I have seen show a slow growth in German language learning. They won't affect the housing prices until Mutti does something stupid and gives them something like U.S. Section 8.
    Read More
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  14. Bubba says:
    @bomag

    “The face of the nation is changing, and our housing market will inevitably change with it”
     
    Translation: ghetto time.

    “It will either do so by contracting, because it cannot accommodate a larger and larger percentage of our citizens...
     
    "because it cannot". Heh. At least they didn't use "will not".

    ...or it will do so by becoming more inclusive because we have found ways to bring a more diverse profile of borrower into the system.”
     
    Yeah, you're bringing in a more "diverse profile", but you're not bringing in more money.

    Amen to that brother! Well said. Unless, of course, you are bringing in billions of laundered “diverse” drug money of the kind that built Miami accompanied by the commonplace daylight machine gun multiple murders in shopping malls (during the peak cocaine drug years) turning that city in to a 3rd world sh&thole.

    Read More
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  15. Alfa158 says:
    @Bragadocious
    Time to short Wells Fargo, I think, as well as any mortgage backed security ETF exposed to this market.

    Who on earth buys ETF’s backed by home mortgages anymore? I’m amazed they still exist. I thought after the ’08 crash, the market for them had dried up.
    My investment guy would fall out of his chair laughing at even the suggestion of buying such instruments, and ask me if I wouldn’t prefer Confederate war bonds instead. :-)

    Read More
    • Replies: @Not Raul
    There’s a lot of dumb money out there, especially with yields so low.

    Europe bought a lot of mortgage-backed securities last time around. Maybe this time around it will be OPEC, the former Soviet Union, and/or China.
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  16. @Maj. Kong
    And I thought that Richard Florida told us that everyone wants to cram themselves into a "vibrant" urban environment.

    Can YT have some endless suburbia too?

    Cheap desalination, rows upon rows of tract housing in the desert. Might make California a GOP leaning state again.

    And I thought that Richard Florida told us that everyone wants to cram themselves into a “vibrant” urban environment.

    Actually, Richard Florida has changed his tune and has issued a partial mea culpa. His extensive consulting business premised on turning rust belt cities into Palo Alto by promoting cappuccino shops and polyamory has finally run its course. He admits now that maybe decadent coffee shops are the result of excess wealth and actually not the cause of said wealth. The man is a genius.

    He is busy looking for the next wave/ pseudo intellectual trend to ride into a steady consulting gig. Stay tuned.

    Read More
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  17. “Urban Institute warns that for the overall housing market to remain prosperous, Latinos must gain more access to credit.”

    “more access to credit”

    access = getting

    Ergo, more access to credit = getting more credit

    credit = money

    Ergo, more access to credit = get more money

    “Latinos must get more money.”

    Ergo, Urban Institute = racist shakedown racket.

    There are so many advantages to speaking clearly.

    Read More
    • Replies: @Bleuteaux
    Yes, you have to love the euphemisms.
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  18. Bleuteaux says:
    @Almost Missouri

    "Urban Institute warns that for the overall housing market to remain prosperous, Latinos must gain more access to credit."
     
    "more access to credit"

    access = getting

    Ergo, more access to credit = getting more credit

    credit = money

    Ergo, more access to credit = get more money

    "Latinos must get more money."

    Ergo, Urban Institute = racist shakedown racket.

    There are so many advantages to speaking clearly.

    Yes, you have to love the euphemisms.

    Read More
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  19. Bleuteaux says:

    Speaking of remembering/noticing, I’m going through Seinfeld’s show and at one moment he says that his entire career has been all about noticing. Quiet iSteve fan?

    Read More
    • Replies: @Anonymous
    In an alternate world that is not that far from the actual world, I can envision a Curb Your Enthusiasm where Larry gets "caught" lurking and then posting on iSteve.
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  20. Barnard says:
    @Maj. Kong
    And I thought that Richard Florida told us that everyone wants to cram themselves into a "vibrant" urban environment.

    Can YT have some endless suburbia too?

    Cheap desalination, rows upon rows of tract housing in the desert. Might make California a GOP leaning state again.

    I read an article yesterday about the new trend being called surban. These are millenials who have left the city but moved to suburbs that still have the feel of downtown. It didn’t mention these suburbs are lacking in glorious diversity but I figured that was just understood.

    http://www.washingtonpost.com/sf/brand-connect/nar/millennials-go-surban/

    Read More
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  21. Anonymous • Disclaimer says:
    @Anonymous
    Hispanic societies are largely incapable of First World civilization. Second World, yes. IF they have a very large majority of whites as opposed to mestizos.

    Rickety Second World civilization is the best outcome. No math or science achievers, constant currency crises, low social trust, chronic low household net worth etc. With a lot of mestizos even this level does not hold.

    Relying on a Hispanic/mestizo demographic to drive your housing industry is a TRANSITIONAL PHASE. They don't have the education or earning power to support a solvent mortgage industry. Therefore the industry goes to hell and the taxpayers bail it out. Of course this is not sustainable therefore it's a transition to less than Second World civilization.

    “Second World” refers to the old Communist Bloc.

    Read More
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  22. JimB says:

    Apparently Margot Roosevelt doesn’t know the word portmanteau.

    Read More
    ReplyAgree/Disagree/Etc. More... This Commenter Display All Comments
  23. Anon • Disclaimer says:

    They’re counting on the Hispanic buyers to move in their relatives/other illegals to help out with the mortgage payments. Turning legally-owned houses into immigration mills is a thing nowadays, because it’s private property which needs a warrant to be searched. These houses are also off in nice middle-class suburbs which are lightly policed, so they hope to escape scrutiny.

    Read More
    • Replies: @wrd9
    There are already mortgages for that very reason. Nice that they are bending backwards for foreigners who are making the US a 3rd world cesspool. As for suburbs who are "graced" with 20 crammed to a house. The number of cars is a giveaway. Zoning laws could crack down on it.
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  24. @anonymous
    No home buyer left behind.

    The condo’s are rotting in the fields.

    we need them to buy the houses americans just wont buy -( because they were displaced in the labor market)

    Read More
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  25. Coemgen says:

    How’d that work out anyway?

    It got the Federal Reserve to add an extra $1 billion to the economy–very fortuitously for the BHO administration.

    Read More
    • Replies: @Coemgen
    Correction: that's $1 trillion not $1 billion.

    Yeah, I'm stuck in the 70s.

    It was also very fortuitous for BHO that his Republican opponent in 2008 was such a gracious loser.

    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  26. Coemgen says:
    @Coemgen
    How’d that work out anyway?

    It got the Federal Reserve to add an extra $1 billion to the economy--very fortuitously for the BHO administration.

    Correction: that’s $1 trillion not $1 billion.

    Yeah, I’m stuck in the 70s.

    It was also very fortuitous for BHO that his Republican opponent in 2008 was such a gracious loser.

    Read More
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  27. wrd9 says:
    @Anon
    They're counting on the Hispanic buyers to move in their relatives/other illegals to help out with the mortgage payments. Turning legally-owned houses into immigration mills is a thing nowadays, because it's private property which needs a warrant to be searched. These houses are also off in nice middle-class suburbs which are lightly policed, so they hope to escape scrutiny.

    There are already mortgages for that very reason. Nice that they are bending backwards for foreigners who are making the US a 3rd world cesspool. As for suburbs who are “graced” with 20 crammed to a house. The number of cars is a giveaway. Zoning laws could crack down on it.

    Read More
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  28. Not Raul says:

    Hispergials — the future of home buying at the top of the market with other people’s money.

    Read More
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  29. Not Raul says:
    @Alfa158
    Who on earth buys ETF's backed by home mortgages anymore? I'm amazed they still exist. I thought after the '08 crash, the market for them had dried up.
    My investment guy would fall out of his chair laughing at even the suggestion of buying such instruments, and ask me if I wouldn't prefer Confederate war bonds instead. :-)

    There’s a lot of dumb money out there, especially with yields so low.

    Europe bought a lot of mortgage-backed securities last time around. Maybe this time around it will be OPEC, the former Soviet Union, and/or China.

    Read More
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  30. @Anonymous
    Hispanic societies are largely incapable of First World civilization. Second World, yes. IF they have a very large majority of whites as opposed to mestizos.

    Rickety Second World civilization is the best outcome. No math or science achievers, constant currency crises, low social trust, chronic low household net worth etc. With a lot of mestizos even this level does not hold.

    Relying on a Hispanic/mestizo demographic to drive your housing industry is a TRANSITIONAL PHASE. They don't have the education or earning power to support a solvent mortgage industry. Therefore the industry goes to hell and the taxpayers bail it out. Of course this is not sustainable therefore it's a transition to less than Second World civilization.

    And kidnapping culture. I wouldn’t if many white liberals in the US are aware of Latin American kidnapping rates:

    https://www.economist.com/news/americas/21653636-abductions-get-faster-poor-are-being-targeted-along-rich-quickie-kidnappings

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  31. Anonymous • Disclaimer says:
    @Bleuteaux
    Speaking of remembering/noticing, I'm going through Seinfeld's show and at one moment he says that his entire career has been all about noticing. Quiet iSteve fan?

    In an alternate world that is not that far from the actual world, I can envision a Curb Your Enthusiasm where Larry gets “caught” lurking and then posting on iSteve.

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  32. Anonymous • Disclaimer says:

    Since I have no money to give, I’ll throw Steve some respect by offering a link to his pretty good story relevant to the topic at hand:

    https://isteve.blogspot.com/2010/03/unreal-estate.html

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  33. @Achmed E. Newman
    That's because the whole F.I.R.E. economy needs churn, lots of transactions, to make the big bucks, P.P. That is Finance, Insurance, Real Estate, and Education. The 1st 3, at least, are nothing but middlemen, and yes middlewomen - especially in real estate where tight white pants and high heels can fetch 10 large extra on a house, excuse me, home (don't ask me how I know that.)

    No, it's no way to run a real economy. What can't go on, won't go on.

    The large media centers have FIRE economies. If it works in New York, LA, Boston, Atlanta, San Francisco, and DC, why won’t it work everywhere?

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    • Replies: @Achmed E. Newman
    I can't tell if you are being sarcastic. It won't work, Redneck, because all the "industries" produce nothing. It'd be like we all sold each other lattes and hamburgers for a living but nobody was involved in raising beef and coffee beans.
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  34. @Redneck farmer
    The large media centers have FIRE economies. If it works in New York, LA, Boston, Atlanta, San Francisco, and DC, why won't it work everywhere?

    I can’t tell if you are being sarcastic. It won’t work, Redneck, because all the “industries” produce nothing. It’d be like we all sold each other lattes and hamburgers for a living but nobody was involved in raising beef and coffee beans.

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  35. @Bragadocious
    Time to short Wells Fargo, I think, as well as any mortgage backed security ETF exposed to this market.

    Time to short Wells Fargo, I think, …

    Don’t do it. They are too big to fail. What that means is we are confident that you, Mr. Bragadoplois, and the rest of you generous taxpayers, plus your unborn grandchildren, will be glad to pay the lost money back. Shorting Wells Fargo would be like shorting your own savings. Hey, not a bad idea … but I’m not financial advisor though I often play one on the internet.

    Achmed E, H, and R Block, financial advisor, Master Bullshit Artiste, at your service.

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