Fannie Mae, Freddie Mac ordered to consider crypto as an asset when buying mortgages
Fannie Mae, Freddie Mac ordered to consider crypto as an asset when buying mortgages
Now you can pay your McMansion with McDollars and help bring about the next subprime mortgage crisis.
Can the consideration be "this person makes poor financial decisions"?
The thing with cryptocurrencies is, if you create it out of thin air, mine it, hawk it or hoard it, you're a "crypto investor" - i.e. a swindler - and you can be said to be making good financial decisions - albeit not very moral ones - since you're probably making money out of the scam. However, if you buy or spend crypto and you think it's an honest alternative to traditional currencies, you're clearly a mark.
This mortgage thing puts anybody who goes for it squarely in the second category. Nobody who's in on the scam would do it.
Yes please I’d like to apply to take out a loan for $1 million using this picture of an ape.
It’s like they want to be scammed on purpose.
I have here a genuine, unique string of digits (I know it is, at least am nearly certain, it's a GUID).
You know what it's worth? Whatever some sucker will pay for it. Same as NFTs.
"The agencies were also instructed to consider other modern non-dollar assets such as Pokemon cards and Beanie Babies" /s
I'm going to qualify for a $2M mortgage with my pogs as collateral.
Nice humblebrag. You don't need to use the plural of pog in your post here when you only have a single mint condition Alf pog as your $2M asset.
Pretty soon I will be able to use my boardgame collection as collateral for a mortgage.
I'm sure that linking real estate assets to a volatile currency will totally work this time.
"25th time is the charm" they say.
Is anything stopping them at considering those assets, and valuing them at zero?
Well I’m urging them to do no such thing and I’m also urging whoever urged them to go ahead and fuck off.
Banks should consider anyone with heaps of crypto as easily duped.
Lmfao what the shit is happening this is wild. It’s like they just decided to find all the ideas that are dumber than what started the 08 recession, and use them.
I have a Trump trading card I want to use as collateral. Also, several old freezer burnt steaks in my freezer should cover all of the fees.
Hahaha all the people here who laughed at this stuff and told others not to buy it are now big mad. Other people are buying houses.
It's so silly guys. Silly silly goose's. You all were so right about everything. As always. What a silly thing. Crypto is so dumb. Who wants to make money like a silly goose. How many of you find advice in r/relationship too? That's another gem of online advice giving right along with people who told others crypto is a scam.
all the people here who laughed at this stuff and told others not to buy it are now big mad
Not really. The only people who profit from crypto are those who got in early and those who scam ordinary people looking to invest.
I tried mining bitcoins way back when, when one bitcoin was worth a fraction of a cent. I mined a few dozen coins until I decided it really wasn't worth the electricity bill, reformated the hard drive and repurposed the machine for serious CAD work that actually paid the bills. That's my only regret. Other than that, as far as I'm concerned, crypto can fuck right off - especially now that the orange utan in the White House and his retarded sons are doing it too.
Their comment is basically "we logged the whole forest and sold lumber for profit, now don't you feel stupid for not doing it when trees still existed?!" Most anti crypto people are more sad that crypto exists than upset that they didn't cash out big. A fascist government saying that everyone who engaged in ruining the forest was right isn't going to change how people actually feel about the fact the forest is now gone.
People like that would rather be "right" than good, and will side with whoever is declaring them "right".
I'm sure that back in the day, there were pillocks crowing the same way about the vast fortunes they made from tulip bulbs.
There was opportunity almost every year to profit. I've watched it dip almost cyclically and then rocket. Seems like November it would start to get really big again. So many opportunities over the past decade to jump in. Each time there was Reddit users and other telling others how dumb it all was.
Like any of these new things. I'm starting to embrace it more. I'm so tired of people calling every new thing silly. The worst part is in finding that it's actually starting to divided along political lines. People on the left seem like there the most adverse to change and adaptation.
2008 called and wants it's stupid fucking ideas back.
It is far worse. Like the end of the dollar having any value sort of economic destruction.
A cryptocurrency wet dream idea to make dollars worth zero and fuck everyone not in the ownership class…
I mean that's pretty much the entire current plan of this administration
How is that different from using dollars?
Capitalists are already doing this with dollars and other forms of currency. Crypto is just one more scam just like money.
Turn your fake money and turn it into valuable assets the poor can't afford with their real money. Then simply rent out the property too the poors for twice the average family income.
I remember liar's loans and how much they contributed to the 2008 crash.
Now Trump and his gang are mandating that kind of chicanery?