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lol https://www.wsj.com/articles/silicon-valley-explores-a-new-investment-your-home-1518955201 quote:Some well-funded startups have an unusual pitch for homeowners strapped for cash: Let’s own this house together.
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Feb 18, 2018 23:44
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How to lose a home in ten days
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Feb 18, 2018 23:48
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etalian posted:lol wait how exactly is this different from a mortgage
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Feb 18, 2018 23:49
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Shear Modulus posted:wait how exactly is this different from a mortgage *puts on turtleneck and glasses, stands up on a large stage with a powerpoint slide of happy white people looking at a smartphone in a brightly lit living room* apps
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Feb 18, 2018 23:52
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Also, blockchain.
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Feb 18, 2018 23:57
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Shear Modulus posted:wait how exactly is this different from a mortgage banks fail to disrupt the regulatory paradigm
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Feb 19, 2018 00:06
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Prav posted:banks fail to disrupt the regulatory paradigm lol no they don't
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Feb 19, 2018 00:07
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Shear Modulus posted:wait how exactly is this different from a mortgage i ain't paying for no wall street journal, but i'm guessing that this way there isn't even the pretext that you'll eventually own and control your house
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Feb 19, 2018 00:11
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dont be mean to me posted:i ain't paying for no wall street journal, but i'm guessing that this way there isn't even the pretext that you'll eventually own and control your house instead of wall street bankers kicking you out of your house it will Russ Hanneman
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Feb 19, 2018 00:13
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wrong drat thread again
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Feb 19, 2018 00:15
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Isn't there some way to implode all of this blockchain and mortgage backed securities and tesla batteries and rockets to mars into some kind of self-sustaining financial singularity? Like the kind of thing that powers a Romulan star ship? Has anyone been looking into that?
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Feb 19, 2018 00:25
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Does anyone know enough about the Open Banking directive in the EU to tell me what it will look like in practice? As in, it's the EU, I know the result will be an ultracapitalist hell. I want to know how to protect my self and my not tech-savvy parents.
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Feb 19, 2018 00:32
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Larry Parrish posted:Imo Gov. Brown should mobilize the CA NG to go burn all the almond plantations. Especially that one rear end in a top hat who owns so many he uses more water than LA And Gray Davis should have mobilized the CA NG to keep the power plants from shutting down for no reason. CA consistently turns down golden opportunities for socialism.
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Feb 19, 2018 01:07
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when Silicon Valley isn't reinventing the bus every week, they're going after mortgages
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Feb 19, 2018 01:12
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I thought their newest scam was pushing for a return of company towns
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Feb 19, 2018 01:37
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Cinnamon Bear posted:I thought their newest scam was pushing for a return of company towns they can multitask!
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Feb 19, 2018 01:39
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Over Easy posted:Isn't there some way to implode all of this blockchain and mortgage backed securities and tesla batteries and rockets to mars into some kind of self-sustaining financial singularity? Like the kind of thing that powers a Romulan star ship? Has anyone been looking into that? the fed continuing to raise rates basically does this, yeah
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Feb 19, 2018 05:37
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Shear Modulus posted:wait how exactly is this different from a mortgage you don't own the full percentage of the house even when it's paid off. the bank or whatever presumably will still have some percentage ownership of the house. if it's sold, they get a cut
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Feb 19, 2018 06:06
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Karl Barks posted:you don't own the full percentage of the house even when it's paid off. the bank or whatever presumably will still have some percentage ownership of the house. if it's sold, they get a cut lol that owns
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Feb 19, 2018 06:13
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mortgages, but worse
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Feb 19, 2018 06:15
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not sure how funding start ups that make financial products qualifies as philanthropic
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Feb 19, 2018 06:16
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They'll probably charge rent forever on their half as well, so basically you take out a mortgage, and you're still renting when you finish
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Feb 19, 2018 06:18
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Next up: kickstarter but its your landlord
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Feb 19, 2018 06:19
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Karl Barks posted:not sure how funding start ups that make financial products qualifies as philanthropic i mean they managed to make microloans come across as charitable so
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Feb 19, 2018 06:20
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maybe, i can't get the details because i won't give wsj a penny
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Feb 19, 2018 06:20
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Sheng-Ji Yang posted:i mean they managed to make microloans come across as charitable so lol i forgot about this
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Feb 19, 2018 06:25
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What are you talking about? The whole Zidashi thing or
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Feb 19, 2018 06:28
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Kiva I think. Although afaik everyone does 0% interest on kiva these days
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Feb 19, 2018 06:32
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Shear Modulus posted:wait how exactly is this different from a mortgage When you sell the house in a few decades you have to pay the bank/SV/whoever a chunk of your equity. Since home prices have probably appreciated a lot since you bought the house, you now owe many times the original loan amount and can't afford to buy another one. You are now trapped and can't move. VitalSigns fucked around with this message at 12:23 on Feb 19, 2018 |
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Feb 19, 2018 12:20
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Ruzihm posted:Kiva I think. Although afaik everyone does 0% interest on kiva these days The people contributing to kiva ask for 0%. Kiva takes 15-30% from the recipients.
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Feb 19, 2018 12:30
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VitalSigns posted:When you sell the house in a few decades you have to pay the bank/SV/whoever a chunk of your equity. Since home prices have probably appreciated a lot since you bought the house, you now owe many times the original loan amount and can't afford to buy another one. You are now trapped and can't move. wtf why in god's name would anybody do this helocs are one thing, but why would you effectively short your own house
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Feb 19, 2018 13:45
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Duscat posted:wtf why in god's name would anybody do this Someone who sounded very smart told you it would make you money.
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Feb 19, 2018 14:40
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Shared mortgages have been a thing in the UK for a while now and like a lot of financial products for certain specific circumstances* they make a lot of sense. The idea is that for a first time buyer on a leasehold property (ie. an apartment) paying off the principal and taking full ownership of the property is not the real objective; the objective is to get out of the rent trap and take advantage of a rising market so as to flip a ‘starter’ property into it into a family home etc. With a shared mortgage split 70:30 between some financial organisation and the occupier, the occupier makes the interest only payment on the 70% (the ‘rent’)* and then makes full capital repayment (or not as they choose) on the 30%. This set up therefore should* yield a considerably smaller monthly repayment on the same property than a ‘full’ mortgage. The other upside for the occupier is that they have a proportionally smaller mortgage deposit* (and therefore can get out of the rent trap much sooner) and can complete the capital repayment much faster both meaning that they then have much more capital/saving power available to flip into their next mortgage. The notional downsides for the occupier are minimal* as they are taking on the same risks (interest rate rise, market slowdown etc.) as any other mortgage holder; the hidden downside is that if you’re unable to leave the property for any reason you’re stuck paying ‘rent’ forever (likely at above market rates if the bottom falls out altogether). Most people are willing to chance the latter ‘market collapse’ risk in the UK as the bottom falling out of our housing market would be the end of civil society here; in the US where markets are both more volatile and more resilient you'd need to be much more wary. The whole thing only works for the occupier if they’re not planning on staying in the property for any significant length of time and if the ‘rent’ payment is managed and regulated in a way that is equitable. Without being extensively and aggressively regulated (!) it’s open to about a million possible avenues for abuse. *in a properly regulated market.
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Feb 19, 2018 14:49
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What I'm really saying is you can expect to see elderly widowed grandmothers being encouraged onto these products as a precursor to their bank accounts being cracked like an egg.
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Feb 19, 2018 14:52
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Dead cat bounce time y'all
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Feb 19, 2018 14:56
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Rex-Goliath posted:the fed continuing to raise rates basically does this, yeah So the "containment field" is the set of policies which keep money out of the hands of the working class?
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Feb 19, 2018 14:59
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Rustybear posted:Shared mortgages have been a thing in the UK for a while now and like a lot of financial products for certain specific circumstances* they make a lot of sense. Ah, the typical Ponzi scheme then
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Feb 19, 2018 15:11
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Its really funny how many financial products really only work for the early adopters and are a debt trap for anyone else. Hmm. Makes you think
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Feb 19, 2018 15:12
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MODS CURE JOKES posted:Dead cat bounce time y'all As has been pointed out a billion times, dead cat bounce refers to the small upward correction after losing all the value it's going to lose. As in even a dead cat will go up a bit if you drop it out a ten story window
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Feb 19, 2018 15:25
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