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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 Jan 14
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      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."

      26 replies 27 retweets 327 likes
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    2. Paul Roales‏ @PaulRoales Jan 14
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      Replying to @patio11

      honestly it is the opposite of the product I want today though. I want a product that is like "you are only borrowing 20-30% of the value of the home so we are going to loan you money at 2% instead of 4% because damn thats a good risk profile here"

      1 reply 0 retweets 6 likes
    3. Cameron Norgate‏ @camnorgate Jan 14
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      Replying to @PaulRoales @patio11

      This! I’ve thought about it a lot. As close to a risk free asset as you can get. Seems like there’s room for something with lower rates than a home at 70-80% LTV. If you find a lender... LMK!

      1 reply 0 retweets 1 like
    4. Patrick McKenzie‏ @patio11 Jan 14
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      Replying to @camnorgate @PaulRoales

      If it helps: credit risk isn't the only risk which accounts for the difference between the risk free rate and mortgage rates. Interest rate risk, pre-payment risk, etc are still things. I don't think you could find a 30 year fixed at 2.00% even in Japan.

      1 reply 0 retweets 3 likes
    5. Paul Roales‏ @PaulRoales Jan 14
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      Replying to @patio11 @camnorgate

      What’s funny is that I can borrow 50% of a stocks value on margin at 2% with three clicks but if I want to borrow 10% of a homes value it costs 4% and 400 pages of forms. Meanwhile I’m the same credit risk in the end - makes no sense to me really.

      2 replies 0 retweets 0 likes
    6. Patrick McKenzie‏ @patio11 Jan 14
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      Replying to @PaulRoales @camnorgate

      You're not the same credit risk in both scenarios, because your brokerage can liquidate all of the stock if the market sneezes and your bank (or the ultimate owner of the mortgage) doesn't have nearly that level of ability to unwind their position with you.

      2 replies 0 retweets 7 likes
      Patrick McKenzie‏ @patio11 Jan 14
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      Replying to @patio11 @PaulRoales @camnorgate

      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

      10:25 PM - 14 Jan 2020
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      • Kieran Tully
      1 reply 0 retweets 2 likes
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        2. Paul Roales‏ @PaulRoales Jan 14
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          Replying to @patio11 @camnorgate

          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

          1 reply 0 retweets 1 like
        3. Paul Roales‏ @PaulRoales Jan 14
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          Replying to @PaulRoales @patio11 @camnorgate

          Like if my income is 80% of my home value and I want a finance product that is not about buying the house but about managing my equity allocation - nothing seems to exist for that today

          1 reply 0 retweets 1 like
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