Best essay I’ve ever read from you.
This essay is one of the most readable criticisms of US housing finance and policy I’ve ever seen:https://medium.com/@byrnehobart/the-30-year-mortgage-is-an-intrinsically-toxic-product-200c901746a …
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I thought it was good, but I think he's written even better!
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Recommendations appreciated! I have little to do next few days but read.
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Heaven! Sadly, I don't have a full mental index, merely a hash-by-quality. I enjoyed his recent homeschool one.
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I’m very sympathetic to the themes of the essay, but found it hard reading. Y’all must understand financialese much better than I do.
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When he drops “the Greeks” (gamma, etc) from options pricing just take it as writ that he’s saying “I’m performatively demonstrating that this transaction is too sophisticated to expect the median consumer to engage in it successfully.”
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Great reading. Do wish it had addressed non-financial reason for origin of policy too. Which isn't wholly unreasonable (but was very first order). To align people to the commons and investing in their community etc. But then people realized just how much money could be made froit
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It was literally to try to stop people from becoming communists, at one point.
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I'm always surprised by default rules and default insurance in the USA. In New Zealand you remain liable for any shortfall after a mortgagee sale: https://bankomb.org.nz/guides-and-cases/quick-guides/lending/mortgagee-sales/ …
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And refinancing to pay off sooner is prohibitively expensive to do.
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I thought this was really interesting. Thanks for sharing.
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Underappreciated benefit of smartphones: Constantly googling terms I've never heard of, like "Alchian-Allen effect".
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I wondered why in other countries mortgages are 5yr amortized over 20-30yr vs USian 30s. Also, if any Sentinelese are reading this via their futuristic hidden technology, kudos.pic.twitter.com/vfGuQgkQdH
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We have 30 year loans in Australia, but they won't do fixed rate for more than a few years. Vast majority are variable rate loans.
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