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The Banks And Lenders Are Lying To Us

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  1. From the first 11 minute video:

    Kitsap County Real Estate House Prices Drop Again – Homes Fail To Close
    Sep 16, 2022 This is a great opportunity for buyers who now have motivated sellers or who can wait a bit…and Sellers…look at these stats; Silverdale homes for sale are still selling and selling for strong amounts although buyer demand is slowing – by how much?

    The second 8:21 video:

    Is The Maui Real Estate Market Going to Crash?
    Sep 16, 2022 Aloha! Here is a recap of the South Maui Real Estate update for August 2022.

    The third 5:30 video:

    St. Petersburg Florida Housing Market Update August 2022
    Sep 16, 2022 St. Petersburg, Florida housing market is seeing a lot more active inventory! In this video I look at the year to date numbers for St. Petersburg single family homes along with median prices, pending inventory, and more.

    The fourth 13:17 video:

    Boise Housing Market Crash: Here’s the Latest [Sept 2022]
    Sep 16, 2022 The median house price is down again in Ada county. We’ll continue to see price drops through the end of the year, probably totaling about 10% overall (NOT 40%!)

    The fifth 16:41 video:

    How Far Will Canadian Real Estate Prices Drop?
    Steve Saretsky
    Sep 17, 2022 Canadian Real Estate prices as reported by CREA show another 1.7% monthly decline. Year to date the total national house price drop comes in at 12%. This is the largest decline since the index was created in 2005. How much lower will prices go? That likely depends on what area you are living in. So far the largest declines are in Toronto and Ottawa, followed by Vancouver and Montreal.

    The sixth 8:30 video:

    Rents are Rolling Over | Wall Street Landlord’s Warning
    Ethan Flynn, CPA | Real Estate
    Sep 17, 2022 Barry Sternlicht, Starwood Capital Group is calling out Fed on astronomical increase in interest rates. The housing market is crashing and rents are rolling over.

    The seventh 8 minute video:

    Reno Housing Market Report September 2022 – Signs of Stabilizing
    Garrett Stewart
    Sep 17, 2022 We are starting to see the price reductions slow and inventory drop. Is this early signs of the market balancing out?

    The last 13:26 video:

    The Banks and Lenders are Lying To Us, I’ve Seen This Movie Before
    Bill Gross
    Sep 16, 2022 I HATE being lied to, especially by someone who lied to me before. It’s happening again, and I have seen this movie already.

    Rates this week increased again, closing at 6.35% which is the highest since 2008. They had gone over 6% in June, returned below that market, but this week again jumped up to 6% then closed at this new period high.

    Yet, the news is reporting that mortgage rates cross 6% for the 1st time since 2008 this week. Not just some news, but the New York Times, CNN, Forbes, CBS News, Axios, Bloomberg, NBC, and more.


    As I have reported previously, the real estate industry news ALL reports on a fake number which si the Freddie Mac survey. This number is the result of a weekly survey done by Freddie Mac lenders. Those that respond to the survey report their numbers from one Wednesday to the next Tuesday are totaled and reported the next Wednesday, so some of the data is a week old, some lenders don’t respond to the survey causing other variances, yet this is reported by the news as the market rather than the actual rate. It would be as if you survey stock brokers every Tuesday on the price they bought customers’ Apple stock and then on Wednesday report THAT as the price. Ridiculous, who would pay attention?

    The difference can be 0.25% or more.

    In illegal gambling, this is called past posting. It was made famous in the classic movie “The Sting” where two scam artists got a victim to gamble on races that had already been run to trick him into betting.

    So, why does the mortgage industry mislead its clients? I don’t know, and I am NOT a conspiracy nut, but the facts are clear.

    Here’s another example.

    Bank of America got a lot of free press a few weeks ago when they announced their new zero down payment zero closing cost loan targeting minority communities.

    Targeting is the correct term. I mean, how can this go wrong? Bank of America is making loans to people who so barely can afford their current life that they cannot save even 3% for a down payment, they are going to encourage them to move into their new home which is typically more expensive than the rental, take on the added costs of home ownership, and they have little to no savings as a cushion. Additionally, they are targeting minorities that have little or no credit history, meaning they are typically less educated in our financial system and will not be able to borrow money in an emergency, leaving them with alternatives but a foreclosure or short sale. And BofA’s partner in this is the high-brow-sounding Neighborhood Assistance Corporation of America (NACA), the same organization that Bank of Ameria used to high behind when they foreclosed and did short sales in the last cycle.

    Also back in 2008? Hmmm. 10 years ago Rolling Stone Magazine calls Bank of America “Too Crooked to Fail.”

    In truth, Bank of America is no more crooked than the other banks or the regulators that allow this to happen. Just make sure when you see them cheating others you understand that they are also attempting to or actually are cheating you, too.

    1. Little unfair of a tweet. When you dig deep into the comments. the person finally admits 25% down, 1% fee but that they are a early retiree with no income just a lot of investments (4 to 5x size of mortgage they say). 1. who is taking out a mortgage when retired?? and 2. who the hell lends to someone with no income? Sorry the bank is not wrong in this case. Pretty high risk if you ask me.

  2. Cheap Russian energy helped to turn Germany into Europe’s greatest industrial power, and one of the world’s top three exporters. Today, that same energy – or lack of it – threatens to unravel decades of German industrial progress and push the country into recession.

    Germany’s energy-intensive industries are getting hit the hardest. Some companies are paying as much for electricity and natural gas in a single month, post-Russian-invasion, as they did for all of last year. The glass-making sector is but one example of a German industry in trouble.

    “There is currently a serious market failure,” Hans Rebhan, vice-president of the German Chambers of Commerce, said in the video. “Our entire economy is breaking apart,” Heinz-Glas chief executive Carletta Heinz said. “Prices are no longer bearable. We can no longer produce economically.”

    A smaller rival with a plant near Dresden, Glashutte Freital, whose products include maple syrup bottles shipped to Canada, has had to shut a production line to save costs.

    The company’s managing director, Andreas Schnelle, told The Globe and Mail he believes Berlin had no backup scenario to support German industries when it was rolling out the sanctions that angered Russian President Vladimir Putin, who retaliated by cutting gas exports. “It is like a game of chicken,” he said. “We took away Putin’s food and he took away our water, then we wait and see who folds first,” he said. “If you propose such as sanctions, you should have a plan to see them through, but it seems there wasn’t one.”

    Germany cannot blame Mr. Putin’s war for all of its energy woes. The roots of the crisis go back decades. Today, Germany’s energy policy is widely viewed as a failure. Only a year or so ago, it was considered the model for a wealthy country’s transformation from grubby to clean energy. “Germany’s energy policy didn’t start as a mistake but it became one,” said Pieter de Pous, the program head for the fossil fuels transition program at E3G, a climate-change think tank.

    Today, Germany, every other EU country and the European Commission (the EU’s executive arm) are frantically trying to devise plans – all of them expensive, some apparently unworkable – to take the sting out of energy bills and keep companies and families from going broke.

    1. “Germany’s energy policy didn’t start as a mistake but it became one,”

      N0, dummy, it DID start out as a mistake.

      “Today, Germany, every other EU country and the European Commission (the EU’s executive arm) are frantically trying to devise plans – all of them expensive, some apparently unworkable – to take the sting out of energy bills and keep companies and families from going broke.”

      So the same ignorant pukes that made the stupid decisions that got them in the mess they are now in are the same ones who will be called on to get them out.

      A nation of dummies.

      1. A nation of dummies.

        A continent of easily scared dummies, who will obey without question the mandates from their Commissars.

    2. The Netherlands are Europe’s next largest industrial supplier, e.g., Philips is headquartered in Amsterdam and employs over 11,000 people across the country.

      1. The Port of Rotterdam is the largest seaport in Europe, and the world’s largest seaport outside of East Asia, located in and near the city of Rotterdam, in the province of South Holland in the Netherlands.

        1. And speaking of East Asia, China was recently barred technology imports from the U.S., and they don’t have the know-how to produce fancy semiconductors. Poof. Apple might have their investments nationalized. Poof^2.

  3. New Boosters Test Covid-Weary Nation. Shots Are Here. Do Americans Care?
    The New York Times|3 hours ago
    The new vaccine campaign is one of the country’s last remaining strategies, as masks have fallen away and quarantines have diminished. So far, the rollout is methodical but muted.

        1. Really? I’m not being critical, it just better be a super duper mask. I rarely wore one unless told I’d have to leave (Trader Joe’s, doctors’ offices, imaging centers). I’ve been in the hospital at least three times in the past two years, never wore one and nobody bothered me about it. No vax, no Covid. (I’ll prob get it now 🙄)

          Did you avoid getting COVID? Please tell me how you did it!
          If you’ve avoided getting COVID entirely, please share the method(s) you used by filling out my short survey. Thanks!
          Steve Kirsch | 8 hr ago

          1. IIRC, his jabbed kids were quite sick with it after visiting grandma in CA over Fourth of July weekend.

          2. Yep, they caught the BA.5 variant. I thought my daughter might have long covid, but the fatigue has been receding. However, she lost her job, but the state’s L&I (workman’s comp) issued a couple hefty checks, and she has several interviews lined up. All that for a 4th of July party.

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