Megan thinks low-to-no downpayment loans were the biggest mortgage fraud problem, with loans insured by the Federal Housing Administration leading the way.
Ordinary Dave foresees a bloody mess in commercial real estate.
Introducing the Jones Act Waiver Tracker
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A new Cato tool tracks every voyage completed under the Jones Act’s 2026
energy shipping waiver, drawing directly on government data. Five months
in, the d...
13 minutes ago
Ten years ago or so I was traveling for the US Air Force. I was in San Diego, taking a shuttle bus to get a rental car.
ReplyDeleteI remember the middle-aged driver saying she was saving up for a new home in San Diego and would be buying the house in the next year or so.
At the time I was making a fair amount of money (Air Force pay plus huge bonuses), probably four times what she was making, and I couldn't afford a house in San Diego, even then. I had no idea how she could afford such a house (now I do; she couldn't but that didn't stop the lender).
That was about ten years ago but I remember it distinctly because it was at that moment I knew something was greatly amiss. I never had any idea how bad it really was. (Of course, it appears no one did, not even Alan Greenspan or Tim Geithner [of course, he had trouble doing his own taxes, in addition to everything else].)
Absolutely incredible. I would assume the Donald is a bit worried about the coming bloody mess in commercial real estate.