Did you watch Bloomberg this weekend?
A defender of housing/housing markets/housing stocks was given the floor. I was dumbfounded a one of his answers.
Lane pointed out the 20% Down Payment norm of the early '80's & questioned him about the 'little to none' (and the risk associated with that type of loan for the lender) down payments currently be made.
His answer? Paraphrased, it was that Boomers (sic: who have a great deal of equity in their primary home) are pulling out that equity & putting 20-30% down on a second home. That's a solid loan!
GIVE ME A BREAK! A 30-yr loan to a Thirty-something is a LOT different than a 30-yr loan too a Fifty-something!!! That (in itself) is a risk! And, it only takes a fowled Aeorta, or a bad case of liver problems, or...... 'name that ailment'.... and the 'solid loan' is ***PUFFFF**** --> High Risk!
I came off of the couch screaming at the television
!!! Get this--> for about the next ten minutes! Hubby let me roll... what more could he do???
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