Today we basically blow up an article where USA Today blames non-banks for high defaults on FHA loans. Sometimes the “non-industry media” just needs to stick to what they know, like, what’s going on with the Kardashians…
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Great show! I have been saying this for years! Credit cards should be regulated just like mortgages. Most borrowers do qualify at closing (especially in today’s world.) It’s what happens after closing that is out of our control. Proof of income should be required on any debt, credit cards should consider DTI based on the maxed out balance, not just the credit score. There would be less credit card debt, less default and consumers will learn to live without in lieu of buy now, pay later.
Yeah, or people could just be responsible and not spend what they cant afford.
Great information as always guys. Who the heck is the clean-cut guy in this video and what have you done with Brian?
Totally agree with you on the point about on defaults being the fault of poor consumer decisions. I work for a listing broker for HUD, and part of our job is to inspect the properties that have been foreclosed. I pointed out to a coworker last week that nearly all of the properties have at least one satellite tv dish on them.
It’s just interesting to see the priorities.
Dudes! That’s down right thought provoking!