Thursday, April 6, 2023

In the #News #RealEstate #Debt #Crisis

“If you don't read the newspaper, you're uninformed. If you read the newspaper, you're misinformed.”

“Whenever you find yourself on the side of the majority, it is time to reform (or pause and reflect).”

― Mark Twain

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This week the Federal Housing Administration gave the OK to 40-year mortgages. It's a move designed to try and make it easier for first-time home buyers.

Infinite debt and spending. 40-year mortgages to replace the 30-year? The dollars that denominate the transaction won't exist at the end of the decade, so does it really matter? Banks will own a lot of real estate if they don't go under first. People making the payments won't survive the next Depression.

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