I ran into ZeroDown ( https://zerodown.com/ ) on the YC podcast. What an interesting company. The problem they're attempting to solve is "Professionals who are good credit risks are priced out of homeownership by down payment requirements in SFBA/etc due to $$$ houses."
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But it is sort of fascinating, and ultimately dependent on where we "expect" to get capital for homes versus for stock purchases and in what scale. The paperwork for mortgages is downstream of securitization and necessary to manufacturer great heaping mounds of ~risk-free assets
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Oh I get the securitization aspects but I also find it weird that it’s basically impossible to get a mortgage that is not via that standard securitization model. No innovation at all here or other options in the market - it’s weird
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But if I’m only borrowing 10-20% of my total net worth here the real recourse is not liquidating the house but in suing me and grabbing some of my stocks or a savings account I have.
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"Recourse" has a specific meaning with regards to mortgages. I think, assuming you're in California, a bank writing a mortgage to you would have literally no possible recourse other than forcing a sale of the house (or dinging credit, asking nicely, etc). They can't sue you.
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