A report from the Washington Post. "Q: When we bought our house nearly 27 years…
This Post Has 21 Comments
From the first 2:19 video:
Home Flippers Lose 50% | Las Vegas Homes Crash | Flipper Foreclosures | How To Buy A Foreclosed Flip
Steve Hawks
Nov 9, 2022
Flippers Did Your Flip Flop?
Did You Invest With A Flipper?
We can help!
The Fed has just crushed your strategy that’s worked for the last 4 years.
Were you like most flippers, borrowing money from family and friends and taking money off your credit cards to get that 20% and then getting 80% financing with a hard money lender like kiava or others?
Using leverage and other peoples money when the market is going up is a great powerful strategy but when the market falls its a financial nuclear disaster.
Are your family and friends calling asking about their investment?
When are they getting their money back? What’s the plan? Unfortunately their 20% is gone.
What we do now is we negotiate a short sale with your hard money lender and we get the hard money lender to to pay off a portion of your investors money.
We have closed thousands of short sales, we know exactly how to do this and we can do short sales in all 50 states.
No matter where your hard money loans are we can help you.
Why would they want to short sell. Trust us, many hard đ° money lenders are in deep trouble,also they do not have time on their side.
The trend is definitely not hard money lenders friend.
Nobody is going to save them.
Many people are telling you how to recession proof your business but many of them have never been through a recession.
Many of your mentors don’t have the experience of the situation that is upon you.
We do.We know how to get you out of this situation like we’ve done for thousands of people in the past.
No matter where your property is in America we can help.
We can help and as always your call and your personal business is 100% confidential nobody will ever know.
The second 7:17 video:
đ¤Is the real estate market about to crash? | Montana Market Update | J Steele Realty
Jeannie Steele
Nov 8, 2022
Is the real estate market about to crash? Watch this Montana Market Update to find out! đ¤
đIn this video, you’ll learn about the current state of the real estate market in Broadwater, Jefferson, Lewis & Clark counties. You’ll also hear from Jeannie Steele and Ty Henry Steele with J Steele Real a local experts in Montana the recent data to see if we are headed for a market crash and what could happen in the near future.
The third 11 minute video:
Some Sellers Losing Big Money In Brampton, Mississauga & Durham Real Estate – Nov 2
Team Sessa Real Estate
Nov 9, 2022
Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate Market Report for the week of Oct 27 – Nov 2, 2022.
nobody will ever know
How about all the friends and family you borrowed money from?
Why purchase application data is below 2008 levels
HousingWire|12 hours ago
Traditionally, inventory levels have been between 2 million to 2.5 million. As we can see, the housing bubble crash was an abnormal historical period, just like what we are dealing with today. NAR Total Inventory data 1982-2022: Most Recent Report As we …
Foreclosure Activity Up Over 50% in October
Default Servicing News|10 hours ago
Foreclosure activity was up 56% in October 2022 according to ATTOM Data’s Foreclosure Market Report, which found that there were a total of 32,376 flings during the month, up 57% year-over-year or 2% month-over-month.
The top 10 major metros that saw the highest shares of newly-built homes were in:
El Paso, Texas (50%)
Oklahoma City, Oklahoma (43%)
Omaha, Nebraska (40%)
Raleigh, North Carolina (39%)
Houston, Texas (37%)
North Port-Sarasota, Florida (35%)
San Antonio, Texas (33%)
Greenville, South Carolina (33%)
Boise, Idaho (33%)
Charleston, South Carolina (32%)
Williams Corporation is offering redundancy to 10 to 30 per cent of its Kiwi staff, as well as those in Australia and Asia. Founder, Matthew Horncastle says at the peak of the market last year it sold 800 houses in 12 months, aiming for 16-hundred this year. He says it’s only sold 500 houses in the rolling 12-months, and are over-staffed.
Electric Vehicle Customers Are Least Satisfied Buyers, New Study Reveals
Results from the survey revealed that electric vehicle (EV) buyers are far less satisfied with the buying process than buyers of internal combustion engine vehicles. J.D. Power’s survey results put battery-electric vehicle (BEV) buyer satisfaction 56 points lower (791) than gas-powered vehicles (847). Premium BEV customers are even less happy, resulting in 831 points vs. the 864 their premium gas-powered vehicle buyer companions earn.
The lack of charging instruction directly impacted the satisfaction of the buyers who purchased an EV. There was of a 100 point difference in customer sentiment when they did not receive the instruction versus when they did.
What? Nobody told you that it wouldn’t work to charge it overnight with a lamp cord out your apartment window?
That’s what OneAgainstMany used to do. I’ve seen it elsewhere too.
And yet, we’re in the middle of what can only be described as a bloodbath, as the tech giants shed jobs by the thousands. This week, Meta (formerly Facebook) and Salesforce made major cuts, joining firms like Stripe, Snap, Netflix, and Oracle, which have all held their own layoffs recently.
Those are all very different companies, but they have one thing in common: They grew fast as the pandemic drove demand for digital products and services â and were caught flat-footed when the combination of a return to (relative) normalcy, rising interest rates, and inflation brought the good times to a halt.
“At the start of COVID-19 in early 2020, the world rapidly moved online and a surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended,” Zuckerberg wrote in a memo to employees on why he’s cutting 11,000 jobs at Meta.
“I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected,” he wrote.
Still, there have long been signs that the good times wouldn’t last forever. Almost a year ago, Zoom reported growth that was well below Wall Street expectations, in a sign that the availability of vaccines and a general reopening of the global economy was going to see the reliance on tech wane. Over the summer, Roblox said it expected to operate at a loss for the foreseeable future as its more youthful userbase spent more time outdoors. Tech still plays a critical role in daily life, but it’s no longer the center of the universe.
So it’s understandable, to some degree, that founders like Zuckerberg invested like the world had changed forever. But again, nothing lasts forever. And these gambles have ended up costing many thousands of people their livelihoods, if not put them at risk for deportation from the US in the case of immigrant tech workers.
It’s positive that Zuckerberg and other chief execs are taking accountability for their mistakes here. But these leaders also showed a startling display of naivety at best and a straight-up failure of imagination at worst when they say that they didn’t see it coming.
Zoom reported growth that was well below Wall Street expectations,
If I recall correctly, Zoom was at one time more highly valued than Exxon.
Looking at property listings is always fun to me because it shows you so many different ideas that you can create with your home, if you have the money to do so. Especially when I find homes that arenât far from where I live. This home in Flint, Texas is just down the road from where I live in a much more exclusive neighborhood situated on Lake Palestine.
According to the real estate listing this beautiful home recently dropped in price by $300k, the current list price is $2.8 million dollars.
many different ideas that you can create with your home
In this case, many ideas of what not to do. What a collection of bad taste and conflicting patterns.
Nothing says “let’s party!” like white wall to wall carpet.
The cryptocurrency market has been rocked by the FTX exchange crisis, which has resulted in a significant capital outflow from most digital assets. With assets like Bitcoin (BTC) correcting to a new yearly low, analysts are now projecting that the current market conditions might spill over to other sectors.
Indeed, commodity strategist at Bloomberg Intelligence Mike McGlone has stated that the crypto market slump can trigger a capitulation in other markets in what he termed as âmacroeconomic dominoesâ, he said in a tweet on November 9.
âThis Bitcoin, Crypto Slump May Trigger Macroeconomic Dominoes â The breakdown of Bitcoin and crypto assets may trigger capitulation sell stops in most markets that have been under pressure this year,â said McGlone.
Binance stepped away Wednesday from plans to purchase FTX, unable to overcome issues surrounding the rival crypto exchange founded by Sam Bankman-Fried.
“As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com,” Binance said in a statement.
“In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help,” Binance said.
“Indeed, commodity strategist at Bloomberg Intelligence Mike McGlone has stated that the crypto market slump can trigger a capitulation in other markets in what he termed as âmacroeconomic dominoesâ,…”
Seems unlikely, given that most people have the common sense to avoid speculation in imaginary currencies. Other financial markets barely budged on news of the FTX collapse.
But if he is lobbying for bailouts, then I understand his remark.
Beleaguered Billionaire Hui Ka Yan Struggles To Hold Onto His Crumbling Empire
Forbes|6 hours ago
Hui Ka Yan, the founder of real estate firm China Evergrande Group, has lost nearly all of his once massive fortune. Worth $42.5 billion and ranked the richest person in Asia at his peak in 2017, his wealth has been drastically diminished as debt woes plague the embattled developer.
CARROLL Credit Gets Ready for Multifamily Distress in the Sunbelt
GlobeSt.com|12 hours ago
The bet is that the promised land of demographic shifts and lower costs of living isn’t immune to the fiscal and systemic pressures hitting CRE.
Homebuilder Taylor Morrison and developer Christopher Todd Communities have cut ties, ending a partnership that would have brought six co-branded build-to-rent communities to North Texas.
The three-year contract between the firms ended and was not renewed following lengthy negotiations, Martha Moyer Wagoner, who handles media relations for Christopher Todd Communities, told Bisnow. A reason for the termination was not disclosed.
Real estate investment trust Hudson Pacific Properties is feeling the effects of a combined economic slowdown and a sluggish return-to-office movement that has kept office leasing depressed for more than two years.
The Los Angeles-based company reported net losses of $6.8M in the third quarter and $10.9M year-to-date in its latest earnings release, although leasing velocity improved and it divested some assets, boosting third-quarter revenue by 14.4% to $260.4M.
Hudson Pacific’s in-service office portfolio was 87.8% occupied and 89.3% leased at the end of the third quarter, according to financial filings. A large tenant move-out in San Jose â Qualcomm left behind 377K SF â pushed that figure down.
A mezzanine lender that loaned $72M to Relevant Group to fund the completion of the Tommie and Thompson hotels in Hollywood has initiated a UCC foreclosure to get repaid.
The 190-key Thompson hotel and the 212-key Tommie hotel are headed for auction on Dec. 21, according to Eastdil Secured marketing materials for the auction obtained by The Real Deal. The lender, Machine Investment Group, loaned Relevant Group money for the properties in April 2021.
âRelevant has engaged counsel and advisors and are currently working to determine the most prudent path forward,â Relevant co-founder Grant King told TRD.
The hotels have encountered trouble since the start of the pandemic, when the projects racked up bills with contractors that allegedly went unpaid, the Hollywood Reporter reported in 2021. Opening dates were pushed back multiple times and both hotels ended up opening in the second half of 2021.
A shrinking loanDepot reports $137.5M loss in Q3
HousingWire|12 hours ago
Depot says it expects origination volumes to fall to between $4 billion and $7 billion in the fourth quarter, a sharp decline.
FoA suffers $302M loss in Q3 amid forward mortgages shutdown
HousingWire|19 hours ago
Finance of America Companies registered a $302 million loss in Q3 â nearly double its Q2 losses â which was mainly due to non-cash transactions.
“Last night, my Uber driver was a loan officer.”
HousingWire|18 hours ago
Nonbank mortgage lenders in September alone slashed some 8,200 jobs. The cutting is hitting bone now, with loan officers’ jobs increasingly on the chopping block.
Flyhomes conducts second round of layoffs this year
The Business Journals|9 hours ago
The Seattle-based real estate tech startup cited a housing sector recession in its post announcing the job cuts.
Ashland, MA Housing Prices Crater 29% YOY As Massachusetts Housing Demand Tanks
From the first 2:19 video:
Home Flippers Lose 50% | Las Vegas Homes Crash | Flipper Foreclosures | How To Buy A Foreclosed Flip
Steve Hawks
Nov 9, 2022
Flippers Did Your Flip Flop?
Did You Invest With A Flipper?
We can help!
The Fed has just crushed your strategy that’s worked for the last 4 years.
Were you like most flippers, borrowing money from family and friends and taking money off your credit cards to get that 20% and then getting 80% financing with a hard money lender like kiava or others?
Using leverage and other peoples money when the market is going up is a great powerful strategy but when the market falls its a financial nuclear disaster.
Are your family and friends calling asking about their investment?
When are they getting their money back? What’s the plan? Unfortunately their 20% is gone.
What we do now is we negotiate a short sale with your hard money lender and we get the hard money lender to to pay off a portion of your investors money.
We have closed thousands of short sales, we know exactly how to do this and we can do short sales in all 50 states.
No matter where your hard money loans are we can help you.
Why would they want to short sell. Trust us, many hard đ° money lenders are in deep trouble,also they do not have time on their side.
The trend is definitely not hard money lenders friend.
Nobody is going to save them.
Many people are telling you how to recession proof your business but many of them have never been through a recession.
Many of your mentors don’t have the experience of the situation that is upon you.
We do.We know how to get you out of this situation like we’ve done for thousands of people in the past.
No matter where your property is in America we can help.
We can help and as always your call and your personal business is 100% confidential nobody will ever know.
The second 7:17 video:
đ¤Is the real estate market about to crash? | Montana Market Update | J Steele Realty
Jeannie Steele
Nov 8, 2022
Is the real estate market about to crash? Watch this Montana Market Update to find out! đ¤
đIn this video, you’ll learn about the current state of the real estate market in Broadwater, Jefferson, Lewis & Clark counties. You’ll also hear from Jeannie Steele and Ty Henry Steele with J Steele Real a local experts in Montana the recent data to see if we are headed for a market crash and what could happen in the near future.
The third 11 minute video:
Some Sellers Losing Big Money In Brampton, Mississauga & Durham Real Estate – Nov 2
Team Sessa Real Estate
Nov 9, 2022
Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate Market Report for the week of Oct 27 – Nov 2, 2022.
nobody will ever know
How about all the friends and family you borrowed money from?
Why purchase application data is below 2008 levels
HousingWire|12 hours ago
Traditionally, inventory levels have been between 2 million to 2.5 million. As we can see, the housing bubble crash was an abnormal historical period, just like what we are dealing with today. NAR Total Inventory data 1982-2022: Most Recent Report As we …
Foreclosure Activity Up Over 50% in October
Default Servicing News|10 hours ago
Foreclosure activity was up 56% in October 2022 according to ATTOM Data’s Foreclosure Market Report, which found that there were a total of 32,376 flings during the month, up 57% year-over-year or 2% month-over-month.
The top 10 major metros that saw the highest shares of newly-built homes were in:
El Paso, Texas (50%)
Oklahoma City, Oklahoma (43%)
Omaha, Nebraska (40%)
Raleigh, North Carolina (39%)
Houston, Texas (37%)
North Port-Sarasota, Florida (35%)
San Antonio, Texas (33%)
Greenville, South Carolina (33%)
Boise, Idaho (33%)
Charleston, South Carolina (32%)
https://dsnews.com/news/11-08-2022/new-homes-record-high
Williams Corporation is offering redundancy to 10 to 30 per cent of its Kiwi staff, as well as those in Australia and Asia. Founder, Matthew Horncastle says at the peak of the market last year it sold 800 houses in 12 months, aiming for 16-hundred this year. He says it’s only sold 500 houses in the rolling 12-months, and are over-staffed.
https://home.nzcity.co.nz/news/article.aspx?id=365464&tst
Electric Vehicle Customers Are Least Satisfied Buyers, New Study Reveals
Results from the survey revealed that electric vehicle (EV) buyers are far less satisfied with the buying process than buyers of internal combustion engine vehicles. J.D. Power’s survey results put battery-electric vehicle (BEV) buyer satisfaction 56 points lower (791) than gas-powered vehicles (847). Premium BEV customers are even less happy, resulting in 831 points vs. the 864 their premium gas-powered vehicle buyer companions earn.
The lack of charging instruction directly impacted the satisfaction of the buyers who purchased an EV. There was of a 100 point difference in customer sentiment when they did not receive the instruction versus when they did.
https://www.msn.com/en-us/money/companies/electric-vehicle-customers-are-least-satisfied-buyers-new-study-reveals/ar-AA13Wfva
The lack of charging instruction
What? Nobody told you that it wouldn’t work to charge it overnight with a lamp cord out your apartment window?
That’s what OneAgainstMany used to do. I’ve seen it elsewhere too.
And yet, we’re in the middle of what can only be described as a bloodbath, as the tech giants shed jobs by the thousands. This week, Meta (formerly Facebook) and Salesforce made major cuts, joining firms like Stripe, Snap, Netflix, and Oracle, which have all held their own layoffs recently.
Those are all very different companies, but they have one thing in common: They grew fast as the pandemic drove demand for digital products and services â and were caught flat-footed when the combination of a return to (relative) normalcy, rising interest rates, and inflation brought the good times to a halt.
“At the start of COVID-19 in early 2020, the world rapidly moved online and a surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended,” Zuckerberg wrote in a memo to employees on why he’s cutting 11,000 jobs at Meta.
“I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected,” he wrote.
Still, there have long been signs that the good times wouldn’t last forever. Almost a year ago, Zoom reported growth that was well below Wall Street expectations, in a sign that the availability of vaccines and a general reopening of the global economy was going to see the reliance on tech wane. Over the summer, Roblox said it expected to operate at a loss for the foreseeable future as its more youthful userbase spent more time outdoors. Tech still plays a critical role in daily life, but it’s no longer the center of the universe.
So it’s understandable, to some degree, that founders like Zuckerberg invested like the world had changed forever. But again, nothing lasts forever. And these gambles have ended up costing many thousands of people their livelihoods, if not put them at risk for deportation from the US in the case of immigrant tech workers.
It’s positive that Zuckerberg and other chief execs are taking accountability for their mistakes here. But these leaders also showed a startling display of naivety at best and a straight-up failure of imagination at worst when they say that they didn’t see it coming.
https://www.msn.com/en-us/money/careersandeducation/tech-ceos-all-made-the-same-dumb-mistake-thinking-the-pandemic-boom-would-last-forever-now-employees-are-paying-the-price-with-massive-layoffs/ar-AA13VZBG#image=AA13VO90|2
Zoom reported growth that was well below Wall Street expectations,
If I recall correctly, Zoom was at one time more highly valued than Exxon.
Looking at property listings is always fun to me because it shows you so many different ideas that you can create with your home, if you have the money to do so. Especially when I find homes that arenât far from where I live. This home in Flint, Texas is just down the road from where I live in a much more exclusive neighborhood situated on Lake Palestine.
According to the real estate listing this beautiful home recently dropped in price by $300k, the current list price is $2.8 million dollars.
https://knue.com/home-lake-palestine-flint-texas/
many different ideas that you can create with your home
In this case, many ideas of what not to do. What a collection of bad taste and conflicting patterns.
Nothing says “let’s party!” like white wall to wall carpet.
The cryptocurrency market has been rocked by the FTX exchange crisis, which has resulted in a significant capital outflow from most digital assets. With assets like Bitcoin (BTC) correcting to a new yearly low, analysts are now projecting that the current market conditions might spill over to other sectors.
Indeed, commodity strategist at Bloomberg Intelligence Mike McGlone has stated that the crypto market slump can trigger a capitulation in other markets in what he termed as âmacroeconomic dominoesâ, he said in a tweet on November 9.
âThis Bitcoin, Crypto Slump May Trigger Macroeconomic Dominoes â The breakdown of Bitcoin and crypto assets may trigger capitulation sell stops in most markets that have been under pressure this year,â said McGlone.
https://finbold.com/commodities-veteran-suggests-bitcoin-price-slump-can-trigger-macroeconomic-dominoes/
Oh dear…
Binance stepped away Wednesday from plans to purchase FTX, unable to overcome issues surrounding the rival crypto exchange founded by Sam Bankman-Fried.
“As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com,” Binance said in a statement.
“In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help,” Binance said.
https://www.msn.com/en-us/money/companies/binance-is-walking-away-from-its-deal-to-rescue-sam-bankman-frieds-collapsed-ftx-crypto-exchange-citing-issues-beyond-our-ability-or-control-to-help/ar-AA13VBzl
Macroeconomic Dominoes
We know them as cascading defaults.
“Indeed, commodity strategist at Bloomberg Intelligence Mike McGlone has stated that the crypto market slump can trigger a capitulation in other markets in what he termed as âmacroeconomic dominoesâ,…”
Seems unlikely, given that most people have the common sense to avoid speculation in imaginary currencies. Other financial markets barely budged on news of the FTX collapse.
But if he is lobbying for bailouts, then I understand his remark.
Beleaguered Billionaire Hui Ka Yan Struggles To Hold Onto His Crumbling Empire
Forbes|6 hours ago
Hui Ka Yan, the founder of real estate firm China Evergrande Group, has lost nearly all of his once massive fortune. Worth $42.5 billion and ranked the richest person in Asia at his peak in 2017, his wealth has been drastically diminished as debt woes plague the embattled developer.
CARROLL Credit Gets Ready for Multifamily Distress in the Sunbelt
GlobeSt.com|12 hours ago
The bet is that the promised land of demographic shifts and lower costs of living isn’t immune to the fiscal and systemic pressures hitting CRE.
Homebuilder Taylor Morrison and developer Christopher Todd Communities have cut ties, ending a partnership that would have brought six co-branded build-to-rent communities to North Texas.
The three-year contract between the firms ended and was not renewed following lengthy negotiations, Martha Moyer Wagoner, who handles media relations for Christopher Todd Communities, told Bisnow. A reason for the termination was not disclosed.
https://www.bisnow.com/dallas-ft-worth/news/build-to-rent/christopher-todd-communities-taylor-morrison-sever-ties-amid-plans-to-bring-six-btr-communities-to-north-texas-116206
Real estate investment trust Hudson Pacific Properties is feeling the effects of a combined economic slowdown and a sluggish return-to-office movement that has kept office leasing depressed for more than two years.
The Los Angeles-based company reported net losses of $6.8M in the third quarter and $10.9M year-to-date in its latest earnings release, although leasing velocity improved and it divested some assets, boosting third-quarter revenue by 14.4% to $260.4M.
Hudson Pacific’s in-service office portfolio was 87.8% occupied and 89.3% leased at the end of the third quarter, according to financial filings. A large tenant move-out in San Jose â Qualcomm left behind 377K SF â pushed that figure down.
https://www.bisnow.com/los-angeles/news/commercial-real-estate/hudson-pacific-properties-q3-2022-116191
A mezzanine lender that loaned $72M to Relevant Group to fund the completion of the Tommie and Thompson hotels in Hollywood has initiated a UCC foreclosure to get repaid.
The 190-key Thompson hotel and the 212-key Tommie hotel are headed for auction on Dec. 21, according to Eastdil Secured marketing materials for the auction obtained by The Real Deal. The lender, Machine Investment Group, loaned Relevant Group money for the properties in April 2021.
âRelevant has engaged counsel and advisors and are currently working to determine the most prudent path forward,â Relevant co-founder Grant King told TRD.
The hotels have encountered trouble since the start of the pandemic, when the projects racked up bills with contractors that allegedly went unpaid, the Hollywood Reporter reported in 2021. Opening dates were pushed back multiple times and both hotels ended up opening in the second half of 2021.
https://www.bisnow.com/los-angeles/news/hotel/relevants-tommie-thompson-hotels-to-be-sold-in-foreclosure-auction-116215
A shrinking loanDepot reports $137.5M loss in Q3
HousingWire|12 hours ago
Depot says it expects origination volumes to fall to between $4 billion and $7 billion in the fourth quarter, a sharp decline.
FoA suffers $302M loss in Q3 amid forward mortgages shutdown
HousingWire|19 hours ago
Finance of America Companies registered a $302 million loss in Q3 â nearly double its Q2 losses â which was mainly due to non-cash transactions.
“Last night, my Uber driver was a loan officer.”
HousingWire|18 hours ago
Nonbank mortgage lenders in September alone slashed some 8,200 jobs. The cutting is hitting bone now, with loan officers’ jobs increasingly on the chopping block.
Flyhomes conducts second round of layoffs this year
The Business Journals|9 hours ago
The Seattle-based real estate tech startup cited a housing sector recession in its post announcing the job cuts.
Ashland, MA Housing Prices Crater 29% YOY As Massachusetts Housing Demand Tanks
https://www.movoto.com/ashland-ma/market-trends/
As one Boston broker conceded, âWe have a reputation as liars. Iâd say itâs accurate.â