1 00:00:00,160 --> 00:00:03,680 Speaker 1: Six one seven, two six six, sixty eight sixty eight 2 00:00:03,960 --> 00:00:04,600 Speaker 1: is the number? 3 00:00:05,000 --> 00:00:09,080 Speaker 2: Okay? Should we have fifty year mortgages? 4 00:00:09,920 --> 00:00:13,240 Speaker 1: Trump and his economic inner circle are now giving it 5 00:00:13,280 --> 00:00:17,440 Speaker 1: a serious hard look to deal with the affordability crisis. 6 00:00:17,840 --> 00:00:21,440 Speaker 1: It would clearly lower monthly payments by about two hundred, 7 00:00:21,560 --> 00:00:25,240 Speaker 1: maybe even two hundred and fifty dollars every month. But man, 8 00:00:25,280 --> 00:00:28,920 Speaker 1: you'd be paying for it much longer, obviously, and the 9 00:00:29,040 --> 00:00:34,360 Speaker 1: interest you'd be paying interest through the nose. So in 10 00:00:34,440 --> 00:00:37,400 Speaker 1: the end, is it really worth it. Let's go right 11 00:00:37,440 --> 00:00:41,520 Speaker 1: back to Tanya in Boston. She is talking about when 12 00:00:41,520 --> 00:00:45,360 Speaker 1: this was about maybe twenty years ago. She was a student, 13 00:00:45,800 --> 00:00:49,080 Speaker 1: had two hundred thousand dollars in debt, basically had about 14 00:00:49,080 --> 00:00:52,319 Speaker 1: one thousand dollars to her name. They said to her, 15 00:00:52,400 --> 00:00:55,360 Speaker 1: you've got to become a homeowner. That's the best way 16 00:00:55,400 --> 00:00:58,880 Speaker 1: for you to advance. So she took out a loan 17 00:00:59,600 --> 00:01:02,240 Speaker 1: and then we had to get we got a hard break, 18 00:01:02,280 --> 00:01:04,800 Speaker 1: We had to go can you please pick up where 19 00:01:04,800 --> 00:01:05,440 Speaker 1: you left off? 20 00:01:07,160 --> 00:01:09,880 Speaker 3: So I got the loan, I had a point to pay, 21 00:01:11,000 --> 00:01:14,319 Speaker 3: and prior to owning the house, I owed about thirteen 22 00:01:14,400 --> 00:01:18,600 Speaker 3: thousand dollars in taxes when the year went by and 23 00:01:18,680 --> 00:01:21,760 Speaker 3: I had this loan. It was like a break even 24 00:01:21,840 --> 00:01:24,880 Speaker 3: for me because when I did my taxes with the house, 25 00:01:24,959 --> 00:01:27,720 Speaker 3: now I had something to my name, and I got 26 00:01:27,800 --> 00:01:32,360 Speaker 3: about sixteen thousand dollars back from all the interests I 27 00:01:32,400 --> 00:01:35,680 Speaker 3: had paid with this loan. But the fine print of 28 00:01:35,720 --> 00:01:37,920 Speaker 3: this loan is what a lot of people didn't read. 29 00:01:38,000 --> 00:01:40,319 Speaker 3: You can't You couldn't stay in those loans. You had 30 00:01:40,319 --> 00:01:44,720 Speaker 3: to refinance. So I ended up refinancing three times. So 31 00:01:44,800 --> 00:01:48,120 Speaker 3: the second time I refinanced, I refinanced to get rid 32 00:01:48,160 --> 00:01:50,880 Speaker 3: of the points, and then the economy was, you know, 33 00:01:50,960 --> 00:01:54,800 Speaker 3: the bubble was bursting, the things were starting to settle down. 34 00:01:55,520 --> 00:01:59,040 Speaker 3: And then the following year for those taxes, I still 35 00:01:59,040 --> 00:02:02,280 Speaker 3: got about sixteen grand back. And then the third time 36 00:02:02,320 --> 00:02:05,040 Speaker 3: I refinanced was to get a better interest rate, and 37 00:02:05,080 --> 00:02:09,560 Speaker 3: then I stayed in that loan. But I can understand 38 00:02:10,000 --> 00:02:13,000 Speaker 3: why they want to do this fifty year mortgage because 39 00:02:13,040 --> 00:02:15,919 Speaker 3: I'm in the same predicament right now in a little 40 00:02:15,919 --> 00:02:20,000 Speaker 3: bit different scenario. We are currently in a house and 41 00:02:20,320 --> 00:02:23,400 Speaker 3: I have a seven to one year arm, and that 42 00:02:23,600 --> 00:02:27,160 Speaker 3: arm is going to expire this coming August. We're trying 43 00:02:27,200 --> 00:02:29,760 Speaker 3: to get a house edition we have not moved forward 44 00:02:29,840 --> 00:02:34,000 Speaker 3: yet because the interest rates are like six percent and 45 00:02:34,880 --> 00:02:37,200 Speaker 3: my seven to one year arm is at an interest 46 00:02:37,240 --> 00:02:41,519 Speaker 3: rate of three percent. So right there, once I refinance, 47 00:02:41,880 --> 00:02:46,120 Speaker 3: it's going to double my payments, my payment amount, and 48 00:02:46,160 --> 00:02:47,880 Speaker 3: then if I want to add the addition on top 49 00:02:47,960 --> 00:02:50,480 Speaker 3: of it, we're looking at like three times the amount 50 00:02:50,480 --> 00:02:53,440 Speaker 3: of money that we're spending per month. So for me, 51 00:02:53,760 --> 00:02:56,359 Speaker 3: I think if you thinking, if you're talking about the 52 00:02:56,440 --> 00:02:58,600 Speaker 3: fifty year I can put kind of a positive spin 53 00:02:58,680 --> 00:03:01,880 Speaker 3: on this. It's depends on the mentality that you're going 54 00:03:01,919 --> 00:03:04,960 Speaker 3: to use a fifty year loan. So when I heard 55 00:03:04,960 --> 00:03:07,320 Speaker 3: you say it on a radio today, I immediately text 56 00:03:07,400 --> 00:03:08,679 Speaker 3: my husband. I'm like, they're going to do a fifty 57 00:03:08,720 --> 00:03:12,079 Speaker 3: year alone. That's our win because we can get in it. 58 00:03:12,320 --> 00:03:16,200 Speaker 3: And it depends it really depends on what the what 59 00:03:16,400 --> 00:03:18,800 Speaker 3: the fine print of that fifty year loon Here. 60 00:03:18,639 --> 00:03:21,079 Speaker 1: You and Tanya, I think what you're saying is this, 61 00:03:22,160 --> 00:03:28,079 Speaker 1: use the lower monthly payments to your advantage, and obviously 62 00:03:28,160 --> 00:03:31,280 Speaker 1: don't stay in it for forty fifty years, right because 63 00:03:31,320 --> 00:03:33,800 Speaker 1: then the interest, you know, just kills you over the 64 00:03:33,800 --> 00:03:38,480 Speaker 1: long term. But if you're smart, use those lower monthly 65 00:03:38,560 --> 00:03:42,160 Speaker 1: payments add some equity to the home, let it build 66 00:03:42,240 --> 00:03:46,320 Speaker 1: up a little bit, and then get out and buy something, 67 00:03:46,520 --> 00:03:49,839 Speaker 1: say with a lower a thirty year or twenty five year, 68 00:03:50,040 --> 00:03:54,240 Speaker 1: or a better home or better interest rates. In other words, 69 00:03:54,920 --> 00:03:57,600 Speaker 1: use it as a means to an end correct, not 70 00:03:57,680 --> 00:03:58,880 Speaker 1: as an end in itself. 71 00:04:01,520 --> 00:04:04,240 Speaker 3: Plan on moving out of this house after we do 72 00:04:04,320 --> 00:04:07,840 Speaker 3: the addition we plan, so my goal would be to 73 00:04:08,120 --> 00:04:10,920 Speaker 3: keep the same monthly payment that we're paying right now, 74 00:04:11,480 --> 00:04:15,080 Speaker 3: and if we get into that fifty year it's literally 75 00:04:15,080 --> 00:04:18,240 Speaker 3: going to cut our payments into a third and just 76 00:04:18,440 --> 00:04:20,960 Speaker 3: pay three times the amount of that. But if you 77 00:04:21,000 --> 00:04:23,480 Speaker 3: get to a point where, oh my god, I can't 78 00:04:23,520 --> 00:04:26,560 Speaker 3: make that payment this month, then guess what. You're not 79 00:04:26,720 --> 00:04:30,080 Speaker 3: in the squeeze where you have a high interest and 80 00:04:30,160 --> 00:04:32,680 Speaker 3: a high monthly payment that you have to pay it, 81 00:04:33,240 --> 00:04:35,080 Speaker 3: you know what I mean. So, like, if you have 82 00:04:35,160 --> 00:04:37,240 Speaker 3: one month that it's like, Okay, I really can't afford 83 00:04:37,279 --> 00:04:39,640 Speaker 3: to pay three times the amount of the mortgage payment 84 00:04:39,680 --> 00:04:40,400 Speaker 3: that I'm paying. 85 00:04:41,240 --> 00:04:42,400 Speaker 4: You don't have to because. 86 00:04:42,200 --> 00:04:45,720 Speaker 3: Your payment now is only eighteen hundred dollars. But normally 87 00:04:45,760 --> 00:04:48,560 Speaker 3: my mentality is, no, we're going to pay four thousand 88 00:04:48,640 --> 00:04:50,640 Speaker 3: dollars a month on this and get this thing paid 89 00:04:50,640 --> 00:04:53,520 Speaker 3: off faster. But we now have a little bit of 90 00:04:53,560 --> 00:04:54,200 Speaker 3: wiggle room. 91 00:04:55,120 --> 00:05:02,760 Speaker 1: Interesting, oh, interesting, interesting, Tanya. Do you think part of 92 00:05:02,800 --> 00:05:06,360 Speaker 1: it is leave aside now the fifty year mortgage that 93 00:05:06,839 --> 00:05:10,640 Speaker 1: Jerome Powell is just keeping interest rates way too high. 94 00:05:10,680 --> 00:05:11,240 Speaker 2: This is just. 95 00:05:11,360 --> 00:05:14,400 Speaker 1: Literally one of the main reasons why the housing market 96 00:05:14,440 --> 00:05:17,320 Speaker 1: is flat on its back and why the economy is 97 00:05:17,560 --> 00:05:20,200 Speaker 1: just not taking off the way it should. 98 00:05:22,920 --> 00:05:26,159 Speaker 3: Wrong that one person has the control of the entire 99 00:05:26,279 --> 00:05:29,520 Speaker 3: United States, and I think he's just doing this despite Trump, 100 00:05:29,720 --> 00:05:31,800 Speaker 3: And it really irritates the crap out of me because 101 00:05:31,839 --> 00:05:35,720 Speaker 3: he's really making everybody squeeze, and he's just going to 102 00:05:35,839 --> 00:05:39,960 Speaker 3: do that until he's out. And I think that's wrong 103 00:05:40,120 --> 00:05:42,599 Speaker 3: that someone can corrupt the system that badly. 104 00:05:43,160 --> 00:05:48,040 Speaker 1: And with you, I'm so with you. I'm so with you, Tanya. 105 00:05:48,120 --> 00:05:50,920 Speaker 1: Thank you so much for that call. Look, that's why 106 00:05:51,160 --> 00:05:54,200 Speaker 1: I know it would have been very controversial. But if 107 00:05:54,200 --> 00:05:56,280 Speaker 1: you remember months and months ago, I said, fire. 108 00:05:56,080 --> 00:05:59,400 Speaker 2: Him, fire him. I think it's outrageous. 109 00:05:59,400 --> 00:06:05,000 Speaker 1: You're right that the chairman of the Federal Reserve, one man, unelected, unelected, 110 00:06:05,640 --> 00:06:10,479 Speaker 1: remember this, and ultimately unaccountable. This man has that much 111 00:06:10,520 --> 00:06:14,840 Speaker 1: power over the economy. Over the country, over our lives. 112 00:06:15,960 --> 00:06:18,520 Speaker 1: I mean, look, Grace is a real estate agent. Okay, 113 00:06:19,000 --> 00:06:21,080 Speaker 1: my wonderful wife, She says, do you know how many 114 00:06:21,120 --> 00:06:25,479 Speaker 1: deals are just sitting there? Homes are you know? You know, 115 00:06:25,520 --> 00:06:28,680 Speaker 1: people are ready to buy homes, to sell homes, to 116 00:06:28,800 --> 00:06:32,159 Speaker 1: build homes, and they're just looking at the rate. They're 117 00:06:32,160 --> 00:06:34,599 Speaker 1: looking at the interest rate, and there's they're waiting for 118 00:06:34,720 --> 00:06:37,840 Speaker 1: Powell to move, and the guy just won't move. I mean, 119 00:06:37,880 --> 00:06:40,280 Speaker 1: I know he did a small cut, but basically the 120 00:06:40,320 --> 00:06:42,800 Speaker 1: interest rates have to come down much more. It's so obvious, 121 00:06:44,080 --> 00:06:48,000 Speaker 1: and so one man is clogging up the entire economy. 122 00:06:48,760 --> 00:06:52,520 Speaker 1: Jeff coon Er Boston's Bulldozer six one seven two six 123 00:06:52,640 --> 00:06:55,400 Speaker 1: six sixty eight sixty eight. Mike and I were just 124 00:06:55,440 --> 00:06:58,640 Speaker 1: talking off air, and I just want to throw this 125 00:06:58,720 --> 00:07:02,200 Speaker 1: out there. I think a lot of this also is 126 00:07:02,279 --> 00:07:05,120 Speaker 1: a personality type issue. And what I mean by that 127 00:07:05,279 --> 00:07:08,840 Speaker 1: is Sandy texted me because she likes the idea of 128 00:07:08,880 --> 00:07:12,720 Speaker 1: a forty year mortgage, but for the reason that Tanya, 129 00:07:12,800 --> 00:07:15,760 Speaker 1: the previous caller laid out. In other words, Hey, if 130 00:07:15,760 --> 00:07:20,200 Speaker 1: it'll lower my payments, you know, and it'll make my 131 00:07:20,320 --> 00:07:23,920 Speaker 1: life better, you know, it's not an end I'm not 132 00:07:23,960 --> 00:07:27,320 Speaker 1: going to stay in this thing for fifty years. It's 133 00:07:27,360 --> 00:07:30,680 Speaker 1: a means to an end. In other words, don't worry. 134 00:07:30,840 --> 00:07:32,920 Speaker 1: You know, we'll get lower payments. Yeah, you got to 135 00:07:32,960 --> 00:07:35,360 Speaker 1: you know, you're you know, you got more interest in 136 00:07:35,440 --> 00:07:39,960 Speaker 1: theory over fifty years, so you're carrying more of a debt, right, 137 00:07:40,440 --> 00:07:42,640 Speaker 1: But well, you know, we get lower payments, and then 138 00:07:42,720 --> 00:07:46,480 Speaker 1: we'll move, We'll you know, do another decision. We'll go 139 00:07:46,520 --> 00:07:49,800 Speaker 1: to another home, we'll sell it, will whatever it is, 140 00:07:49,840 --> 00:07:53,080 Speaker 1: we'll sell the house and get into a better situation 141 00:07:53,240 --> 00:07:55,920 Speaker 1: or a better home or whatever. And so I was 142 00:07:55,960 --> 00:07:57,640 Speaker 1: just talking to Mike and I said, you know, Grace 143 00:07:57,760 --> 00:08:01,360 Speaker 1: is the same, you know, like philosophically, that's one of 144 00:08:01,360 --> 00:08:05,840 Speaker 1: the differences we have. She's more comfortable with debt than 145 00:08:05,880 --> 00:08:08,320 Speaker 1: I am. And I'm not saying this in a critical 146 00:08:08,440 --> 00:08:12,560 Speaker 1: or negative way. Grace will look at something and say, no, 147 00:08:13,360 --> 00:08:16,480 Speaker 1: can I use it to my advantage? Well, yeah, fine, 148 00:08:16,520 --> 00:08:19,440 Speaker 1: I got to pay the banks or whoever. But does 149 00:08:19,440 --> 00:08:22,520 Speaker 1: it lower my payments every month? Does it give me 150 00:08:22,560 --> 00:08:27,800 Speaker 1: a financial economic edge? Okay, well yeah, don't worry about it. Then, 151 00:08:27,880 --> 00:08:30,480 Speaker 1: you know, well we'll sell it or we'll we'll make 152 00:08:30,520 --> 00:08:32,200 Speaker 1: something out of it and then we'll get out of 153 00:08:32,200 --> 00:08:36,240 Speaker 1: this situation. Everything will sort itself out. And I remember 154 00:08:36,280 --> 00:08:39,880 Speaker 1: when I was young, despite everything my parents said about, 155 00:08:40,040 --> 00:08:42,080 Speaker 1: you know, pay down the home and don't have debt, 156 00:08:43,000 --> 00:08:45,439 Speaker 1: I forget what it is. I was about maybe nine 157 00:08:45,440 --> 00:08:49,760 Speaker 1: ten years old and my dad had to get a 158 00:08:49,760 --> 00:08:52,439 Speaker 1: second mortgage on the house. I forget what it was. 159 00:08:52,960 --> 00:08:56,920 Speaker 1: There was some kind of a family crisis. Anyway, he 160 00:08:56,960 --> 00:08:59,120 Speaker 1: got a second mortgage, and I was young. I was 161 00:08:59,160 --> 00:09:02,480 Speaker 1: a young boy, and he's explaining to me how the 162 00:09:02,559 --> 00:09:06,880 Speaker 1: second mortgage works. And I remember, even as a young boy, 163 00:09:06,920 --> 00:09:09,480 Speaker 1: it stressed the hell out of me. I mean, I'm like, 164 00:09:09,600 --> 00:09:11,560 Speaker 1: I swear like I almost had panic attacks. I'm listening 165 00:09:11,600 --> 00:09:14,319 Speaker 1: to him, I'm like, I feel my chest tightening, and 166 00:09:14,360 --> 00:09:16,839 Speaker 1: I'm like, Dad, how we're going to get out of this? 167 00:09:17,720 --> 00:09:18,520 Speaker 2: And my dad was. 168 00:09:18,480 --> 00:09:20,439 Speaker 1: Just very calm, cool, and he said, don't worry, and 169 00:09:20,480 --> 00:09:23,640 Speaker 1: I'll never forget this phrase. We'll swim out of it. 170 00:09:24,960 --> 00:09:27,280 Speaker 1: And we did paid off the second mortgage. Then he 171 00:09:27,320 --> 00:09:29,960 Speaker 1: paid off the first mortgage. But what I'm saying is 172 00:09:30,480 --> 00:09:35,680 Speaker 1: he was much more comfortable having debt. It was sort of, 173 00:09:35,800 --> 00:09:39,800 Speaker 1: we need this now, trust me, it's better that we 174 00:09:39,920 --> 00:09:43,360 Speaker 1: do this because we can't afford to pay everything in full, 175 00:09:44,160 --> 00:09:46,880 Speaker 1: and as long as it benefits the family, don't worry 176 00:09:46,880 --> 00:09:49,480 Speaker 1: about the debt. And so, you know, and I was 177 00:09:49,480 --> 00:09:51,400 Speaker 1: asking Mike, I go, Mike, are you how are you 178 00:09:51,440 --> 00:09:54,920 Speaker 1: about debt? And he said, honestly, it really depends on 179 00:09:54,960 --> 00:09:58,320 Speaker 1: the kind of person you are. And I said, you see, 180 00:09:58,480 --> 00:10:01,760 Speaker 1: I'm always a pessimist when it comes to the future. 181 00:10:03,080 --> 00:10:08,440 Speaker 1: I'm always things could always be much worse. So you know, 182 00:10:08,480 --> 00:10:12,240 Speaker 1: I don't I don't like debt because I'm not optimistic. 183 00:10:12,320 --> 00:10:15,800 Speaker 1: I mean, just by nature, I'm not optimistic about the future. 184 00:10:16,720 --> 00:10:20,440 Speaker 1: I always assume the worst about the future. Grace is 185 00:10:20,480 --> 00:10:25,520 Speaker 1: the opposite. Grace always sees opportunities. Grace is always much 186 00:10:25,559 --> 00:10:29,280 Speaker 1: more optimistic about the future. And then Mike says, that's 187 00:10:29,320 --> 00:10:34,800 Speaker 1: because you're a depressing man. But so I think a 188 00:10:34,840 --> 00:10:38,120 Speaker 1: lot of it really is just your personal character. And 189 00:10:38,200 --> 00:10:41,199 Speaker 1: I've just noticed I hate that, like of any kind, 190 00:10:41,240 --> 00:10:44,480 Speaker 1: I just hate that. I worry about that. It keeps 191 00:10:44,480 --> 00:10:48,599 Speaker 1: me up at night. Grace sleeps like a baby. No, 192 00:10:48,800 --> 00:10:51,600 Speaker 1: it's not a problem, Jeff, it's not a problem. Don't 193 00:10:51,640 --> 00:10:54,480 Speaker 1: worry about it. So I think a lot of it, 194 00:10:54,520 --> 00:10:57,280 Speaker 1: to be honest, is who you are as a person. 195 00:10:58,280 --> 00:10:59,760 Speaker 1: Let me just put it to you this way. I 196 00:11:00,120 --> 00:11:04,400 Speaker 1: be a horrible entrepreneur. That's why I admire business people 197 00:11:05,280 --> 00:11:07,160 Speaker 1: because they have to take on a lot of debt. 198 00:11:07,400 --> 00:11:10,320 Speaker 2: I mean, that's just a nature of business. 199 00:11:10,400 --> 00:11:12,600 Speaker 1: And you just you know, and you use that debt, 200 00:11:12,640 --> 00:11:16,400 Speaker 1: you leverage that debt to your advantage. I bite my 201 00:11:16,480 --> 00:11:20,839 Speaker 1: nails debt, I bite my nails six one seven two 202 00:11:21,000 --> 00:11:25,840 Speaker 1: six Sex sixty eight sixty eight Aaron in New Hampshire. 203 00:11:26,280 --> 00:11:28,760 Speaker 2: Thanks for holding Aaron, and welcome. 204 00:11:30,360 --> 00:11:32,480 Speaker 5: To privilege and a pleasure. Thank you so much for 205 00:11:32,559 --> 00:11:35,720 Speaker 5: taking the call. Thank you, Thanks having They've been so 206 00:11:35,720 --> 00:11:39,160 Speaker 5: many wonderful points macro points about the economy. Let me 207 00:11:39,200 --> 00:11:42,040 Speaker 5: just say briefly, briefly about the said because and I'm 208 00:11:42,040 --> 00:11:44,640 Speaker 5: not an expert here, but there's there's a slight misconception 209 00:11:45,040 --> 00:11:48,960 Speaker 5: he controls short rates. Mortgage rates are controlled by the 210 00:11:49,000 --> 00:11:51,360 Speaker 5: longer end of the market. It's it has to do 211 00:11:51,480 --> 00:11:53,040 Speaker 5: with the debt and the depth. I so want to 212 00:11:53,080 --> 00:11:55,800 Speaker 5: live four to five people in apartment. People don't want 213 00:11:55,840 --> 00:11:59,520 Speaker 5: to do well. You know, back in the seventies and 214 00:11:59,559 --> 00:12:01,880 Speaker 5: eighties when I was coming up, that's that's exactly what 215 00:12:01,960 --> 00:12:05,000 Speaker 5: we did you know interest rates were crazy? Nobody could 216 00:12:05,040 --> 00:12:09,000 Speaker 5: afford anything. We we we lived four to five an apartment. Uh. 217 00:12:09,400 --> 00:12:13,040 Speaker 5: I personally, I went to night school, people got second jobs, 218 00:12:13,600 --> 00:12:16,600 Speaker 5: got my first fixer up for home and built it 219 00:12:16,679 --> 00:12:20,840 Speaker 5: up and built equity. Uh. And and if I was 220 00:12:20,880 --> 00:12:26,280 Speaker 5: starting out today, Jeff, in my business, over my career, 221 00:12:28,160 --> 00:12:32,120 Speaker 5: I go into the trades, the electricians, the plumbers, the 222 00:12:32,280 --> 00:12:37,480 Speaker 5: h vac people. Uh, the home builders. They can't find people, 223 00:12:37,880 --> 00:12:41,520 Speaker 5: They can't get anybody. Uh, try to get your truck fixed. 224 00:12:42,040 --> 00:12:46,240 Speaker 5: You know. Wait, it's it's there are opportunities. And I 225 00:12:46,400 --> 00:12:48,320 Speaker 5: don't want to say that any of these macro points 226 00:12:48,320 --> 00:12:52,800 Speaker 5: about the economy are wrong, but you know, we got 227 00:12:52,800 --> 00:12:54,920 Speaker 5: to have solutions too. And and and I want to, 228 00:12:55,120 --> 00:12:57,400 Speaker 5: you know, try to offer a word of encouragence to 229 00:12:57,520 --> 00:13:03,920 Speaker 5: people that that that maybe if they're willing to work 230 00:13:03,960 --> 00:13:07,440 Speaker 5: hard and look at things in an objective way, there 231 00:13:07,480 --> 00:13:10,440 Speaker 5: are things that they could do to help their own 232 00:13:10,440 --> 00:13:14,960 Speaker 5: personal situation, which I think is what people should be doing. 233 00:13:15,120 --> 00:13:17,959 Speaker 1: Oh, I agree, Oh, Aaron, you and I on that 234 00:13:18,040 --> 00:13:22,760 Speaker 1: are a million, not a thousand, A million percent in agreement. No, 235 00:13:22,840 --> 00:13:25,120 Speaker 1: come on, there's still a lot of opportunities out there. 236 00:13:25,360 --> 00:13:28,640 Speaker 1: Especially if you're willing to work hard and tighten your belt. 237 00:13:28,679 --> 00:13:31,559 Speaker 1: I'm with you, and look, Aaron, this is not your point, 238 00:13:31,559 --> 00:13:33,400 Speaker 1: but I just want to add something to what you 239 00:13:33,440 --> 00:13:36,200 Speaker 1: just said about people, especially in the past. We're willing 240 00:13:36,240 --> 00:13:38,800 Speaker 1: to sacrifice more, and you know, a couple of people 241 00:13:38,840 --> 00:13:41,720 Speaker 1: would live together for a while and save up, and 242 00:13:42,040 --> 00:13:44,800 Speaker 1: people maybe wanted a little bit too easy, too comfortable. 243 00:13:44,880 --> 00:13:45,360 Speaker 2: I hear you. 244 00:13:46,320 --> 00:13:48,880 Speaker 1: The other thing I've noticed, and I'm one thousand percent 245 00:13:48,920 --> 00:13:51,040 Speaker 1: guilty of this, So please, I don't want anybody to 246 00:13:51,040 --> 00:13:54,000 Speaker 1: think I'm on my high horse, because it's the exact opposite. 247 00:13:54,760 --> 00:13:57,560 Speaker 1: I look at my dad. My dad was a jack 248 00:13:57,600 --> 00:13:59,520 Speaker 1: of all trades. I mean, master of none, but he 249 00:13:59,559 --> 00:14:02,720 Speaker 1: was a jack of all trades. My dad changes on oil. 250 00:14:03,679 --> 00:14:05,800 Speaker 1: You know, you didn't go to Jeffy Loop. It changes 251 00:14:05,840 --> 00:14:10,240 Speaker 1: on oil my dad. You know, whatever home repairs, my 252 00:14:10,360 --> 00:14:14,120 Speaker 1: dad basically did most of the home repairs. He I mean, 253 00:14:14,200 --> 00:14:17,520 Speaker 1: if it's a very serious, complicated job, well yeah, then 254 00:14:17,559 --> 00:14:20,000 Speaker 1: you call a handyman, you know, or a plumber if 255 00:14:20,000 --> 00:14:22,600 Speaker 1: it's a real serious issue. But I'm telling you, even 256 00:14:22,680 --> 00:14:28,080 Speaker 1: fixing our toilets, fawcets, you name it, I just couldn't 257 00:14:28,120 --> 00:14:32,160 Speaker 1: believe how good my dad was with his hands. And frankly, 258 00:14:32,480 --> 00:14:34,720 Speaker 1: I'm not saying all the men, but many of the 259 00:14:34,800 --> 00:14:38,640 Speaker 1: men in you know, thirty forty, fifty, sixty years ago, 260 00:14:39,400 --> 00:14:41,360 Speaker 1: they were just they did it themselves. 261 00:14:42,440 --> 00:14:45,280 Speaker 2: Now that's a lot of money. 262 00:14:45,440 --> 00:14:48,280 Speaker 1: Like I'm just telling you, like, I have a handyman 263 00:14:48,320 --> 00:14:51,000 Speaker 1: coming to my house all the time because I'm useless. 264 00:14:51,480 --> 00:14:56,280 Speaker 1: Like really, I'm useless. So a handyman is expensive, a 265 00:14:56,320 --> 00:15:00,280 Speaker 1: plumber is expensive. Getting my car service is expensive. If 266 00:15:00,880 --> 00:15:02,840 Speaker 1: you know, I go to Jiffy Lube, and so it 267 00:15:03,040 --> 00:15:04,360 Speaker 1: all adds up. 268 00:15:05,200 --> 00:15:06,160 Speaker 2: I mean, it's not cheap. 269 00:15:06,480 --> 00:15:09,880 Speaker 1: So what I'm saying is we pay for things now 270 00:15:10,960 --> 00:15:14,360 Speaker 1: that we never used to pay for before. And when 271 00:15:14,360 --> 00:15:16,400 Speaker 1: you actually you know, you don't think much of it 272 00:15:16,440 --> 00:15:20,240 Speaker 1: at the time, but one hundred here, one hundred and 273 00:15:20,320 --> 00:15:24,240 Speaker 1: fifty here, two hundred there, and before you know it, 274 00:15:24,280 --> 00:15:28,160 Speaker 1: you're talking thousands and thousands of dollars And then you 275 00:15:28,160 --> 00:15:29,840 Speaker 1: say to yourself, well, I have no money in my 276 00:15:29,880 --> 00:15:32,400 Speaker 1: bank account. Well, my dad always had money in his 277 00:15:32,440 --> 00:15:36,200 Speaker 1: bank account because he was a self reliant man. So 278 00:15:36,280 --> 00:15:40,040 Speaker 1: I think that's another issue that we're such a we 279 00:15:40,080 --> 00:15:43,960 Speaker 1: live in such a service economy now where things that 280 00:15:44,040 --> 00:15:48,200 Speaker 1: our parents and grandparents did for themselves. We we just 281 00:15:48,240 --> 00:15:50,880 Speaker 1: pay for services. I mean, I don't Aaron, am I wrong? 282 00:15:54,120 --> 00:15:59,000 Speaker 5: Your dad, my dad, myself, me, we're all Taizar Yet 283 00:16:00,600 --> 00:16:06,840 Speaker 5: couldn't agree with you. More the less you pay for something, 284 00:16:06,960 --> 00:16:09,640 Speaker 5: the more you keep in your pocket. And as you said, 285 00:16:10,120 --> 00:16:15,160 Speaker 5: it's all about living debt free every over a lifetime, 286 00:16:16,600 --> 00:16:20,120 Speaker 5: every decision that you make to build your equity in 287 00:16:20,160 --> 00:16:22,400 Speaker 5: your home, to make that extra payment, to pay the 288 00:16:22,480 --> 00:16:26,600 Speaker 5: thing off early, to fix something yourself, rather than calling 289 00:16:26,640 --> 00:16:29,840 Speaker 5: somebody absolutely, oh. 290 00:16:29,760 --> 00:16:32,040 Speaker 2: Your debt on and look, I agree with you. 291 00:16:32,080 --> 00:16:34,520 Speaker 1: The mentality was different, and I think in many ways 292 00:16:34,560 --> 00:16:39,360 Speaker 1: better no debt or pay off debt as quickly as possible, 293 00:16:39,880 --> 00:16:45,440 Speaker 1: be debt free as quickly as possible. You can't beat it, 294 00:16:45,480 --> 00:16:48,600 Speaker 1: to me, and just for any no matter whatever else 295 00:16:48,640 --> 00:16:50,520 Speaker 1: you think about it, for your own peace of mind. 296 00:16:51,600 --> 00:16:54,000 Speaker 2: To me, it's just it's like you're. 297 00:16:53,920 --> 00:16:58,400 Speaker 1: Liberated, okay, to do a fifty year mortgage or not 298 00:16:58,520 --> 00:17:00,280 Speaker 1: to do a fifty year mortgage? 299 00:17:00,720 --> 00:17:03,680 Speaker 2: That Shakespeare would put it, that is the question. 300 00:17:04,760 --> 00:17:09,360 Speaker 1: President Trump now wants to tackle the affordability issue, which 301 00:17:09,359 --> 00:17:12,760 Speaker 1: has for many Americans still a crisis, and he's now 302 00:17:12,960 --> 00:17:20,119 Speaker 1: seriously considering legalizing a fifty year mortgage option, especially for 303 00:17:20,240 --> 00:17:25,320 Speaker 1: first time home buyers. Like don't like good idea, bad 304 00:17:25,400 --> 00:17:30,960 Speaker 1: idea six one seven two six six sixty eight sixty eight. Okay, 305 00:17:31,000 --> 00:17:34,800 Speaker 1: this is from Dolores on Messenger, and I got to 306 00:17:34,800 --> 00:17:36,560 Speaker 1: tell you it brings back memories. And if I'm getting 307 00:17:36,600 --> 00:17:40,440 Speaker 1: a little sentimental, forgive me. The passing of my dad 308 00:17:40,520 --> 00:17:42,280 Speaker 1: is going to be about it a month from today, 309 00:17:43,280 --> 00:17:46,040 Speaker 1: just over a month. So I'm thinking of my dad 310 00:17:46,080 --> 00:17:49,280 Speaker 1: again as we approach a one year anniversary. So I 311 00:17:49,320 --> 00:17:51,640 Speaker 1: think about how much he did. He and my mother did, 312 00:17:52,200 --> 00:17:55,040 Speaker 1: and I gotta say my parents were the same, so 313 00:17:55,200 --> 00:18:02,199 Speaker 1: she writes. Dolores writes on Messenger, Jeff, my parents everything themselves, 314 00:18:02,240 --> 00:18:10,480 Speaker 1: the roofing, gardening, furniture, remodeling, cooking. We never ate out. 315 00:18:10,840 --> 00:18:14,320 Speaker 1: My mother made all the girl sorry, my mother made 316 00:18:14,520 --> 00:18:19,080 Speaker 1: the girl's clothes. Jack of all trades, master of none, 317 00:18:19,880 --> 00:18:24,680 Speaker 1: just like your dad. My parents were literally the same, 318 00:18:24,720 --> 00:18:28,080 Speaker 1: with the exception of making clothes that you know, they 319 00:18:28,119 --> 00:18:28,960 Speaker 1: never made clothes. 320 00:18:29,080 --> 00:18:29,360 Speaker 5: I met. 321 00:18:29,400 --> 00:18:32,600 Speaker 1: Mother would knit once in a while, you know, mittens 322 00:18:32,760 --> 00:18:36,680 Speaker 1: or a sweater or something like that, but that's about it. 323 00:18:37,520 --> 00:18:41,840 Speaker 1: But my dad, he fixed the roof. I can't tell 324 00:18:41,880 --> 00:18:42,960 Speaker 1: you how many times you went up there and he 325 00:18:42,960 --> 00:18:43,480 Speaker 1: fixed the roof. 326 00:18:43,520 --> 00:18:44,120 Speaker 2: The guy did it. 327 00:18:45,560 --> 00:18:48,639 Speaker 1: They we had big, beautiful garden. Both my father and 328 00:18:48,680 --> 00:18:53,680 Speaker 1: mother worked at Garden Fresh Vegetables. They were very proud 329 00:18:53,680 --> 00:18:56,760 Speaker 1: of it. Landscaping, you know, my dad got I mean 330 00:18:56,800 --> 00:18:58,439 Speaker 1: until I got older, then I would do it. But 331 00:18:58,800 --> 00:19:01,520 Speaker 1: when I was younger, you know, young kid, Yeah, cut 332 00:19:01,520 --> 00:19:05,080 Speaker 1: the grass, trim the grass. Whatever landscaping needed to be done, 333 00:19:05,119 --> 00:19:08,159 Speaker 1: he did it. A patio He installed the patio in 334 00:19:08,200 --> 00:19:11,399 Speaker 1: our backyard all by himself. He just you know, did it. 335 00:19:13,320 --> 00:19:19,560 Speaker 1: Furniture remodeling ditto. My mother cooked all the time. I mean, 336 00:19:19,560 --> 00:19:22,760 Speaker 1: I'm not saying we never ate out, but you know, 337 00:19:22,840 --> 00:19:25,320 Speaker 1: once in a blue moon to give my mother a break. 338 00:19:25,640 --> 00:19:28,800 Speaker 1: And even then, you know he was Kentucky fried chicken, 339 00:19:29,560 --> 00:19:33,199 Speaker 1: like for my birthday or my sister's birthday, or you know, 340 00:19:33,240 --> 00:19:36,080 Speaker 1: on a rare if you saw my mother was really tired, 341 00:19:36,720 --> 00:19:39,960 Speaker 1: then you know he'd roll out that twenty bucks, believe 342 00:19:39,960 --> 00:19:42,199 Speaker 1: it or not, twenty bucks in those days, got you 343 00:19:42,320 --> 00:19:46,679 Speaker 1: like the bucket, fries, coleslaw, gravy, the whole thing, and 344 00:19:46,720 --> 00:19:51,760 Speaker 1: you know he'd roll out that twenty you know, the 345 00:19:51,800 --> 00:19:55,000 Speaker 1: big patriarch, you know, and like, all right, you know, 346 00:19:55,440 --> 00:19:59,240 Speaker 1: get Kentucky fried chicken for everybody tonight. And my mother's like, 347 00:19:59,280 --> 00:20:01,600 Speaker 1: oh great, thank the Lord, I don't have to cook. 348 00:20:01,640 --> 00:20:06,400 Speaker 2: I'm so tired. But really, outside of that, and that's 349 00:20:06,480 --> 00:20:09,760 Speaker 2: how we saved money. My dad did the oil. And 350 00:20:09,880 --> 00:20:13,399 Speaker 2: I could go on and on roof that no I 351 00:20:13,600 --> 00:20:14,600 Speaker 2: that I call. 352 00:20:15,560 --> 00:20:21,080 Speaker 1: You know, cooking, weed out, way too much, furniture, remodeling, 353 00:20:21,280 --> 00:20:24,119 Speaker 1: no garden, what does that mean. I don't even know 354 00:20:24,119 --> 00:20:28,200 Speaker 1: what that means. My gardening is stopping shop or big y, 355 00:20:28,680 --> 00:20:32,600 Speaker 1: you know, at the fruits and vegetables aisle. I could 356 00:20:32,680 --> 00:20:35,480 Speaker 1: just I could just go right down that list change 357 00:20:35,520 --> 00:20:37,640 Speaker 1: the oil. If you put a gun to my head, 358 00:20:37,680 --> 00:20:39,720 Speaker 1: I couldn't change the oil. 359 00:20:39,920 --> 00:20:42,919 Speaker 2: So you know, the money is just flying out the window. 360 00:20:43,520 --> 00:20:47,200 Speaker 1: Six one seven two six six sixty eight sixty eight 361 00:20:47,480 --> 00:20:48,119 Speaker 1: is the number. 362 00:20:49,040 --> 00:20:49,480 Speaker 2: Okay. 363 00:20:49,520 --> 00:20:53,280 Speaker 1: This is from my better half, my wonderful wife, Grace, 364 00:20:54,320 --> 00:20:57,600 Speaker 1: who wants to remind me that she supports Trump's fifty 365 00:20:57,680 --> 00:21:03,080 Speaker 1: year mortgage initiative. So she says, Jeff, as I mentioned 366 00:21:03,280 --> 00:21:06,679 Speaker 1: and spoke with you about this yesterday at the dinner table. 367 00:21:07,920 --> 00:21:12,640 Speaker 1: Some consumers could use this idea the fifty year mortgage 368 00:21:13,160 --> 00:21:20,840 Speaker 1: as an option, an investment strategy, let consumers decide they 369 00:21:20,960 --> 00:21:22,960 Speaker 1: will figure it out for themselves. 370 00:21:24,200 --> 00:21:25,959 Speaker 2: So she likes the idea. 371 00:21:27,000 --> 00:21:29,960 Speaker 1: She thinks, if they can leverage it for their benefit, 372 00:21:30,440 --> 00:21:34,240 Speaker 1: get their payments down, and then eventually, you know, make 373 00:21:34,280 --> 00:21:36,840 Speaker 1: another move to get out of that fifty year mortgage. 374 00:21:37,280 --> 00:21:40,800 Speaker 1: Equity goes up, house prices go up, you can sell, 375 00:21:41,240 --> 00:21:44,160 Speaker 1: go buy another home, make a better investment, or get 376 00:21:44,160 --> 00:21:46,159 Speaker 1: a better home at a better rate, or at a 377 00:21:46,320 --> 00:21:51,360 Speaker 1: lower mortgage or at a shorter mortgage. She's saying, use 378 00:21:51,400 --> 00:21:54,560 Speaker 1: every tool in the toolbox. So she likes the fifty 379 00:21:54,600 --> 00:21:55,280 Speaker 1: year mortgage. 380 00:21:55,880 --> 00:22:01,080 Speaker 2: Six seven two six six sixty eight sixty eight. Dan 381 00:22:01,480 --> 00:22:05,320 Speaker 2: in Florida, Thanks for holding Dan, and welcome. 382 00:22:06,280 --> 00:22:07,439 Speaker 4: Good morning, Jeff. 383 00:22:07,680 --> 00:22:08,080 Speaker 2: Hi Dan. 384 00:22:08,200 --> 00:22:11,199 Speaker 4: Jeff, you know I consider you like a brother. If 385 00:22:11,240 --> 00:22:14,959 Speaker 4: I miss one of Jeff Kooner's shows, like since twenty twelve, 386 00:22:15,240 --> 00:22:17,760 Speaker 4: I've been there listening, listening, right. If I miss one show, 387 00:22:17,800 --> 00:22:19,760 Speaker 4: I feel like I missed something. I gotta go back 388 00:22:19,760 --> 00:22:22,040 Speaker 4: and listen to the podcast over and over to make 389 00:22:22,040 --> 00:22:24,600 Speaker 4: sure I didn't miss anything. So I want you to 390 00:22:24,600 --> 00:22:27,440 Speaker 4: think of me as your brother here, Okay, like my 391 00:22:27,480 --> 00:22:31,480 Speaker 4: own like my own brother. His wife is much smarter 392 00:22:31,560 --> 00:22:31,920 Speaker 4: than him. 393 00:22:36,440 --> 00:22:38,800 Speaker 1: No, I knew you were going there because you're like, 394 00:22:38,840 --> 00:22:39,760 Speaker 1: you know, you're like a brother. 395 00:22:39,840 --> 00:22:40,480 Speaker 2: You're like a brother. 396 00:22:40,560 --> 00:22:43,800 Speaker 1: I'm like, Okay, here comes the hammer. That's where they 397 00:22:43,840 --> 00:22:45,920 Speaker 1: set you up for the knock out blow. All right, 398 00:22:45,960 --> 00:22:47,240 Speaker 1: So go ahead, Ben. 399 00:22:48,920 --> 00:22:51,000 Speaker 4: Percent of the time, Jeff, ninety percent of the time, 400 00:22:51,000 --> 00:22:53,480 Speaker 4: I agree, And I only call you when I disagree 401 00:22:53,480 --> 00:22:54,679 Speaker 4: and I want. I don't want you to think it's 402 00:22:54,680 --> 00:22:57,040 Speaker 4: because I always disagree. It's only I got to bring 403 00:22:57,119 --> 00:23:00,639 Speaker 4: up these punts. So all right, Jeff. Right now, in 404 00:23:00,680 --> 00:23:04,200 Speaker 4: this country, we've gone from the average age of home 405 00:23:04,320 --> 00:23:09,240 Speaker 4: of first time buyer has gone from twenty eight fourteen 406 00:23:09,359 --> 00:23:13,679 Speaker 4: years ago to like forty two today. Okay, but in 407 00:23:13,840 --> 00:23:17,199 Speaker 4: areas like you know, Massachusetts, with a house price is 408 00:23:17,240 --> 00:23:20,480 Speaker 4: so high, you know, we're doing loans for people in 409 00:23:20,520 --> 00:23:24,760 Speaker 4: their fifties buying their first house. Now, what's the difference 410 00:23:24,800 --> 00:23:28,119 Speaker 4: between a fifty two year old guy taking a thirty 411 00:23:28,200 --> 00:23:31,159 Speaker 4: year mortgage and a thirty two year old guy that 412 00:23:31,280 --> 00:23:34,520 Speaker 4: we can get into a fifty year mortgage. It's the 413 00:23:34,560 --> 00:23:35,520 Speaker 4: same thing, Jeff. 414 00:23:37,080 --> 00:23:38,880 Speaker 1: Well, let me ask you this, Dan, and you're making 415 00:23:38,880 --> 00:23:41,320 Speaker 1: a very good point. But what's different is you're paying 416 00:23:41,359 --> 00:23:45,440 Speaker 1: a lot more in interest, right. That's that's that's where 417 00:23:46,320 --> 00:23:50,399 Speaker 1: brother Dan, that's where I get hooked up, my brother. 418 00:23:51,040 --> 00:23:53,880 Speaker 1: It's it's you're paying a lot more in interest payments. 419 00:23:54,200 --> 00:23:56,920 Speaker 1: I don't want to be a slave to the bank. Now, 420 00:23:56,960 --> 00:23:58,520 Speaker 1: what say you to that, brother Dan? 421 00:24:00,119 --> 00:24:04,240 Speaker 4: This Jeff Right, thirty five years in mortgage banking. Nobody 422 00:24:04,280 --> 00:24:07,840 Speaker 4: pays off their mortgage, Jeff. Nobody pays off their mortgage. 423 00:24:07,960 --> 00:24:10,600 Speaker 4: They refinance for a better rate, take the thirty year 424 00:24:10,720 --> 00:24:13,600 Speaker 4: term again, lower payment, blah blah blah blah blah. But 425 00:24:13,720 --> 00:24:17,439 Speaker 4: you mentioned buying a dishwasher. There was a time in 426 00:24:17,480 --> 00:24:20,439 Speaker 4: this country not too long ago, that a dishwasher at 427 00:24:20,480 --> 00:24:25,160 Speaker 4: a restaurant could buy a house. That's not that long ago, Jeff. 428 00:24:25,200 --> 00:24:27,240 Speaker 4: I remember it. Yeah, I'm in my sixties now, but 429 00:24:27,359 --> 00:24:30,560 Speaker 4: I remember it. Jeff. It's not good, It really isn't. 430 00:24:30,800 --> 00:24:33,640 Speaker 4: So we need to do something. And you know, I think, 431 00:24:33,680 --> 00:24:37,560 Speaker 4: you know, we we're very lucky in this country with 432 00:24:37,720 --> 00:24:43,359 Speaker 4: Russ Look and Scott Besson probably two of the smartest 433 00:24:43,400 --> 00:24:46,720 Speaker 4: guys we could have put in government trying to find 434 00:24:46,800 --> 00:24:50,679 Speaker 4: solutions to this problem. Right now, Like in Florida, I 435 00:24:50,760 --> 00:24:54,159 Speaker 4: get three or four phone calls a day from hedge 436 00:24:54,160 --> 00:24:57,320 Speaker 4: funds that want to buy my property, jeffs single family 437 00:24:57,359 --> 00:25:02,440 Speaker 4: houses that the hedge funds want to buy. That's not good, Jeff. 438 00:25:02,680 --> 00:25:05,240 Speaker 4: We're taking people out of houses, and we need to 439 00:25:05,280 --> 00:25:08,440 Speaker 4: find some way of putting people back into buying houses. 440 00:25:08,920 --> 00:25:13,000 Speaker 4: You know, we had in two thousand and seven, we 441 00:25:13,040 --> 00:25:16,600 Speaker 4: had the housing crisis, right that wasn't caused by the 442 00:25:16,680 --> 00:25:21,280 Speaker 4: mortgage industry, Jeff. As long as home prices kept going up, 443 00:25:21,560 --> 00:25:24,080 Speaker 4: we would have been fine. In two thousand and five, 444 00:25:24,200 --> 00:25:27,199 Speaker 4: we had a huge energy crisis where gas went to 445 00:25:27,240 --> 00:25:30,159 Speaker 4: five dollars a gallon, and no one told us the 446 00:25:30,200 --> 00:25:33,639 Speaker 4: truth about it, including the Bush administration. That's what caused 447 00:25:33,640 --> 00:25:36,560 Speaker 4: the problem. Assuming is in two thousand and five, house 448 00:25:36,600 --> 00:25:39,720 Speaker 4: prices stopped going up. That was the problem because people 449 00:25:39,720 --> 00:25:41,520 Speaker 4: are spending all their money on gas. 450 00:25:43,720 --> 00:25:47,040 Speaker 1: So Dan, Dan, let me ask you this because we 451 00:25:47,119 --> 00:25:50,040 Speaker 1: have a guest on now. We're gonna have a mine 452 00:25:50,040 --> 00:25:52,360 Speaker 1: in about a minute, So I just want to give 453 00:25:52,359 --> 00:25:54,280 Speaker 1: you the final word on this because then I'm gonna 454 00:25:54,280 --> 00:25:57,520 Speaker 1: have to it's all related to what we're talking about. 455 00:25:57,560 --> 00:26:01,399 Speaker 1: But we've got Mark recording on. He's one of the 456 00:26:01,520 --> 00:26:04,760 Speaker 1: leading experts on illegal immigration, and we're going to be 457 00:26:04,760 --> 00:26:08,239 Speaker 1: talking about illegals the impact on housing, but also on 458 00:26:08,320 --> 00:26:11,520 Speaker 1: Trump's plan to bring in six hundred thousand Chinese students 459 00:26:11,800 --> 00:26:16,399 Speaker 1: on this new visa system. So you're saying, you like 460 00:26:16,480 --> 00:26:19,880 Speaker 1: the idea of a fifty year mortgage. A. It'll get 461 00:26:20,000 --> 00:26:23,560 Speaker 1: first time home buyers into a home. B it'll lower 462 00:26:23,600 --> 00:26:27,200 Speaker 1: their monthly payments. And you're saying, Jeff, most people don't 463 00:26:27,240 --> 00:26:32,080 Speaker 1: even pay off their mortgage. They refinance, and when they refinance, 464 00:26:32,200 --> 00:26:34,320 Speaker 1: they hang on to it a little bit longer, and 465 00:26:34,359 --> 00:26:36,960 Speaker 1: then they eventually sell it when the equity goes up 466 00:26:37,320 --> 00:26:38,680 Speaker 1: and they keep moving forward. 467 00:26:38,800 --> 00:26:43,200 Speaker 4: Correct they agree with all of that, Jeff, Yes, absolutely, 468 00:26:43,480 --> 00:26:43,760 Speaker 4: you know. 469 00:26:43,720 --> 00:26:45,160 Speaker 5: The weekly. 470 00:26:47,960 --> 00:26:51,720 Speaker 2: Right forgive me go ahead. 471 00:26:51,880 --> 00:26:54,480 Speaker 4: I'm saying, no, that's quite all right. So the CSPD 472 00:26:54,640 --> 00:26:56,240 Speaker 4: has gone, Jeff, I don't know if you realize that 473 00:26:56,320 --> 00:26:58,359 Speaker 4: rush Wolk is putting it out of business. That's a 474 00:26:58,400 --> 00:27:01,240 Speaker 4: beautiful thing because they didn't put the brakes on the 475 00:27:01,400 --> 00:27:04,480 Speaker 4: mortgage system. Jeff, they lock the brakes. You know. 476 00:27:04,960 --> 00:27:05,480 Speaker 5: I do deals. 477 00:27:05,520 --> 00:27:08,000 Speaker 4: I'm in the mortgage business thirty five years. I did 478 00:27:08,000 --> 00:27:11,040 Speaker 4: a deal last week thirty a thirty five year old 479 00:27:11,119 --> 00:27:13,800 Speaker 4: kid putting three hundred thousand dollars plus down on a 480 00:27:13,840 --> 00:27:17,240 Speaker 4: property barely got them qualified in the deal. Jeff, that 481 00:27:17,280 --> 00:27:19,920 Speaker 4: doesn't make any sense. He's not walking away from that property. 482 00:27:20,040 --> 00:27:20,600 Speaker 5: He should have been. 483 00:27:20,560 --> 00:27:22,720 Speaker 4: Able to buy that all day long. And that's what 484 00:27:22,760 --> 00:27:23,679 Speaker 4: we need to get back to. 485 00:27:23,800 --> 00:27:24,040 Speaker 5: Jeff. 486 00:27:26,080 --> 00:27:28,520 Speaker 1: Listen, I hear you, Dan. Look, you always make a 487 00:27:28,560 --> 00:27:31,520 Speaker 1: great call and you always make great points. My brother, Dan, 488 00:27:31,880 --> 00:27:34,919 Speaker 1: before I let you go, would do you consider me 489 00:27:35,119 --> 00:27:39,080 Speaker 1: your younger brother, or your older brother or your twin brother. 490 00:27:39,880 --> 00:27:41,800 Speaker 4: No, Jeff, you're quite a bit younger than me by 491 00:27:41,800 --> 00:27:44,600 Speaker 4: five years, Jeff, So I'll take that as my younger 492 00:27:44,640 --> 00:27:46,520 Speaker 4: brother that I can actually push around, even though you're 493 00:27:46,600 --> 00:27:47,280 Speaker 4: much bigger than me. 494 00:27:50,960 --> 00:27:53,800 Speaker 2: Thank you very very much for that call. I really 495 00:27:53,880 --> 00:27:54,720 Speaker 2: appreciate it.