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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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    Patrick McKenzie‏ @patio11 20 May 2018
    • Report Tweet
    • Report NetzDG Violation

    In category of genuinely good questions, book asks (paraphrased): “Dodd-Frank adds $2k to cost of underwriting a mortgage. Typical first-time homeowner wants a $160k loan with 5% down = $8k. If you had to itemize the cost of regulation to them, would they ask for it or object?”

    1:31 AM - 20 May 2018
    • 5 Retweets
    • 42 Likes
    • Saku Panditharatne Mike McClurg Etienne Neveu Matt Silverlock Arlene Andrews Jonathan Paulson Eli Courtwright Jason Bucata free street parking in Manhattan is theft
    7 replies 5 retweets 42 likes
      1. Giacomo “Jack” Lacava‏ @toyg 20 May 2018
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        Replying to @patio11

        That’s a typical argument but rarely a good one. The average person has no practical way to assess impact of regulation on the overall system. If you itemised taxes, would any car owner pay for public transport? They do benefit from it (less traffic) but don’t realise it.

        0 replies 0 retweets 14 likes
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      1. New conversation
      2. Amy "Social Distancing" Hoy‏ @amyhoy 20 May 2018
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        Replying to @patio11

        do people think a flu shot is worth it before or after they’ve had the flu?

        1 reply 1 retweet 9 likes
      3. Lee Ourand‏ @leeourand 20 May 2018
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        Replying to @amyhoy @patio11

        👏

        0 replies 0 retweets 0 likes
      4. End of conversation
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      2. John Wyatt‏ @sageofredondo 20 May 2018
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        Replying to @patio11

        Simply having a line item saying "Dodd-Frank cost: $2k" is misleading. If you said "Fee because we can not sell your mortgage to speculative banks that may crash during the next recession and require a bailout: $2k" people would just to go a credit union.

        1 reply 0 retweets 8 likes
      3. stucchio‏ @stucchio 20 May 2018
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        Replying to @sageofredondo @patio11

        Dodd Frank doesn't prevent selling or securitizing a mortgage. Absent securitization, many people would just see "sorry, no loan for you."

        0 replies 0 retweets 0 likes
      4. End of conversation
      1. Peter Clay‏ @eyebrowsofpower 20 May 2018
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        Replying to @patio11

        if you put the cost of something on as a line item without itemising the benefit as well, of course people are going to object. Does that tell you anything about whether it's worthwhile?

        0 replies 0 retweets 4 likes
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      1. Colin Percival‏ @cperciva 20 May 2018
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        Replying to @patio11

        I'm curious, do you have a ballpark figure for the total "overhead cost" of a mortgage? i.e., the difference in an efficient market between what homeowners pay and what the securitized mortgage is sold for?

        0 replies 0 retweets 1 like
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      2. Kamil Choudhury‏ @kchoudhu 20 May 2018
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        Replying to @patio11

        I'm an unabashed supporter of Dodd Frank, so take this with a grain of salt: these people would be hurting a lot worse if they lost their jobs in another financial crisis. Also, rates are historically low, bitching about $20 in cash flow every month is ridiculous.

        1 reply 0 retweets 1 like
      3. Coxsackie Candy Co‏ @CoxsackieCandy 20 May 2018
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        Replying to @kchoudhu @patio11

        The back office is being automated

        1 reply 0 retweets 0 likes
      4. 3 more replies
      1. Andrew Roberts‏ @andspenrob 20 May 2018
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        Replying to @patio11

        Not sure if owning a home is enough of an obvious good at those income levels to make this problematic. Other hidden fees include "surprise, your roof is leaking" and "congrats on your busted plumbing". Maybe better to not buy a home with such a low margin of error?

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