No. Everything she said is fucking stupid.
1% down is a garbage loan? Why? Are 0% down USDA loans also garbage loans? She says Rocket is overinflating the price of the house to cover the 2%? How? Pure stupidity
Adjustable Rate Loan borrowers have to be qualified on the fully indexed rate, not the teaser. Saying people couldn’t afford them if rates go up is pure stupidity
We have some of the lowest delinquency rates in the history of mortgages. https://www.reuters.com/markets/us/us-mortgage-delinquency-rates-fall-all-time-low-2023-08-10/
Tons of layoffs in mortgage industry? No shit. Companies hired a ton of people for Boom cycle and now have to adjust for bust cycle. And no, most loan officers are not self employed. Some are, but retail lenders and banks are all W2.
There are zero similarities to the housing market in 2023 and 2008.
She said the Fed raising rates isn’t working? That might be one of the dumbest things she’s said so far. Like eating glue dumb. Inflation has come down from 9% to normal range of 3% in record time. And the economy hasn’t entered a recession (tbd). We have the best economy of the G7 right now
Student having to resume payments on student loans will constrict the economy, and throw us into a recession? THAT WOULD BE GOOD FOR THE HOUSING MARKET. Rates would drop faster and the people sitting pretty at 3% rates would sell.
You can’t qualify for a mortgage with 0% student loan payment unless you are on income based repayment plan. You have to include their student loan payments, and if they’re in forbearance, you have to input 0.5% or 1.0% of balance depending on loan program. No one is choosing between paying mortgage and student loans. It’s pure stupidity
that is the dumbest thing I’ve ever seen.