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Started By
Message
"oracle of wall street" with another great idea. Home equity loans for vacation
Posted on 5/6/24 at 3:07 pm
Posted on 5/6/24 at 3:07 pm
LINK
suggests letting freddie mac give out home equity loans for people to use for vacations, weddings etc all to stimulate the economy without gov'ment spending.
suggests letting freddie mac give out home equity loans for people to use for vacations, weddings etc all to stimulate the economy without gov'ment spending.
15
Posted on 5/6/24 at 3:10 pm to ks_nola
Great for the government, terrible for the people doing it 
Posted on 5/6/24 at 3:13 pm to ks_nola
You can already do that. What am I missing with this suggestion?
Posted on 5/6/24 at 3:14 pm to ks_nola
Those who do this are those that should not be doing this.
Posted on 5/6/24 at 4:06 pm to ks_nola
quote:
Meredith Whitney, the one-time “Oracle of Wall Street”
the CEO of Meredith Whitney Advisory Group
Banking on that title, she made a series of other “bold calls” after her one-hit wonder about 15 years ago, most notably the failure of the muni bond market (wah wah). They were all damp squibs. Last I heard, she folded her hedge fund back in 2015 or 2016, about a year after launching it, and has just been doing the talking head circuit since then.
No one is perfect. But she’s not someone whose opinion I’d put a lot of faith in.
Posted on 5/6/24 at 4:55 pm to ks_nola
Because consumers don't have enough debt already?
Posted on 5/6/24 at 5:14 pm to ks_nola
sounds like he wants to steal some homes
Posted on 5/6/24 at 6:40 pm to ks_nola
Holy shite, what a horrible idea. But hey, while you're at it, why not take a 401k loan to buy a boat and an ATV. If you're gonna live, live it up right!!!
Posted on 5/6/24 at 8:44 pm to ks_nola
Posted on 5/6/24 at 9:17 pm to ks_nola
quote:
suggests letting freddie mac give out home equity loans for people to use for vacations
I’ve done some dumb financial shite in my time, this is next level.
Posted on 5/6/24 at 10:17 pm to ks_nola
quote:
"oracle of wall street"
Wishes she was Buffett and is trying to profit off the comparison
Posted on 5/7/24 at 7:19 am to ks_nola
Not the only crazy person advocating stuff like this. FHFA currently has proposed rule change now under comment to allow Freddie and Fannie to get into the second mortgage game. So now you the taxpayer can back someone consolidating high interest (ie high risk) consumer loans into a second mortgage. And we know the treasury will back Fannie and Freddie if crap goes down.
Wall St. Journal quote:
“Housing godzillas Fannie Mae and Freddie Mac are threatening the countryside again, and better hide the children. It’s not enough that taxpayers stand behind their $7.5 trillion in mortgages. Now Freddie wants taxpayers to back second mortgages—i.e., de facto consumer loans. What could go wrong?”
Go here to FHFA to read the rule:
LINK
Wall St. Journal quote:
“Housing godzillas Fannie Mae and Freddie Mac are threatening the countryside again, and better hide the children. It’s not enough that taxpayers stand behind their $7.5 trillion in mortgages. Now Freddie wants taxpayers to back second mortgages—i.e., de facto consumer loans. What could go wrong?”
Go here to FHFA to read the rule:
LINK
Posted on 5/7/24 at 7:44 am to Uroblast
quote:
Not the only crazy person advocating stuff like this. FHFA currently has proposed rule change now under comment to allow Freddie and Fannie to get into the second mortgage game. So now you the taxpayer can back someone consolidating high interest (ie high risk) consumer loans into a second mortgage. And we know the treasury will back Fannie and Freddie if crap goes down.
Wall St. Journal quote:
“Housing godzillas Fannie Mae and Freddie Mac are threatening the countryside again, and better hide the children. It’s not enough that taxpayers stand behind their $7.5 trillion in mortgages. Now Freddie wants taxpayers to back second mortgages—i.e., de facto consumer loans. What could go wrong?”
Ah, yes. Because nothing bad ever happened when the banks gave ARM and balloon interest only mortgages out like candy during early-mid 2000s when rates were low then increased again to subprime borrowers on homes they otherwise could not afford with little to almost nothing down.
This post was edited on 5/7/24 at 7:46 am
Posted on 5/7/24 at 12:56 pm to ks_nola
Unlike the Federal Govt, we actually have to pay our loans back.
Posted on 5/7/24 at 2:05 pm to ks_nola
Sounds like a great way to increase foreclosures and distressed sales so private investors can snap up more single family homes.
Posted on 5/7/24 at 3:24 pm to ks_nola
Are they going to insure these home equity loans up to 100% LTV?
Or can we just stop being stupid and let consumption decline and normalize?
Or can we just stop being stupid and let consumption decline and normalize?
Posted on 5/7/24 at 7:33 pm to ks_nola
quote:
suggests letting freddie mac give out home equity loans for people to use for vacations
I’ve been doing this for the last 3 years. You just need a contractor friend that can draw up some bs plans.
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