The Uber-SoftBank deal and the Dropbox IPO may cancel out any downward pressure on prices from changes to the mortgage interest deduction, which means that...https://www.nationalmortgagenews.com/articles/what-tax-hit-san-francisco-housing-heating-up-as-tech-ipos-loom …
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Replying to @kimmaicutler @adamnash
Why isn't someone responding by creating a new type of mortgage? Ex: bank forgoes normal diligence/etx that differentiates from all cash deal, charges a higher interest rate to the borrower than trad mortgage for the risk?
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Obviously doesn't solve the underlying problem, but the "all cash or no deal" economy itself seems like something that shouldn't exist.
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Replying to @DanHirschberg @adamnash
Are you in fact describing what is known as a "subprime mortgage"?
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Replying to @kimmaicutler @adamnash
I mean, no? Subprime loans are definitionally those made to people who are of greater credit risk than average mortgage holders. I'm saying someone who "only" has $1m cash $250k salary, 750+ credit rating.
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I think there are banks that are offering unusual services like this already: https://www.bloomberg.com/news/articles/2016-07-27/zero-down-on-a-2-million-house-is-no-problem-in-silicon-valley …
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