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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States

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Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 1: crossings are at the lowest levels ever recorded, and over

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Speaker 1: one hundred thousand illegal aliens have been arrested. If you

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Speaker 1: are here illegally, your next you will be fined nearly

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Speaker 1: one thousand dollars a day, imprisoned, and deported. You will

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Speaker 1: never return. But if you register using our CBP home

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Speaker 1: app and leave now, you could be allowed to return legally.

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Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,

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Speaker 1: border and families will be protected.

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Speaker 2: Sponsored by the United States Department of Homeland Security.

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Speaker 3: I want to start. I want to start with this

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Speaker 3: Bank of America because that's very controversial. Got a lot

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Speaker 3: of attention. Shout out to MG the mortgage guy. He

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Speaker 3: posted it. I reposted it then there's the whole episode

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Speaker 3: about it, so check that episode out for more context.

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Speaker 3: But Bank of America launches zero down mortgage program for

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Speaker 3: black and Hispanic first time home buyers. Do you think

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Speaker 3: this will be good in the long term for us?

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Speaker 4: Sore? Harmful?

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Speaker 3: And let me just say and correct me if I'm wrong,

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Speaker 3: But I believe it wasn't necessarily for black or brown.

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Speaker 3: It was just for neighborhoods, and it's for minority people,

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Speaker 3: but it's more geared towards the actual neighborhoods, which the

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Speaker 3: neighborhood could be our black and brown neighborhoods, but it's

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Speaker 3: not necessarily that you have to be black and brown.

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Speaker 4: Is that correct?

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Speaker 2: Yeah?

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Speaker 5: I think the incentives was to create more first time

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Speaker 5: home buyers and so some of the barriers that have

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Speaker 5: been stopping in the black and brown community has been

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Speaker 5: down payments.

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Speaker 2: Things like that.

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Speaker 5: So the program was just for first time home buyers

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Speaker 5: to try to alleviate the wealth gap. We know that

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Speaker 5: a lot of the well gap was separate from the

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Speaker 5: fifties to I mean the forties and fifties to now

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Speaker 5: because of the equity and homes and home ownership, and

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Speaker 5: so that was something that we were alienated from even

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Speaker 5: the effects of it, and felt now today. So this

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Speaker 5: is like the program's idea was based on that. Now

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Speaker 5: the location part is like, those are some of the

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Speaker 5: criteria and so there's a few of them. I'mnna run down,

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Speaker 5: you know, you want to say something just really quickly.

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Speaker 5: So it's going to allow first time home buyers to

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Speaker 5: purchase a home with no down payment, no mortgage insurance,

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Speaker 5: and zero zero closing costs. But there are some criterias

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Speaker 5: for it, right, So the first thing is you have

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Speaker 5: to be credit worthy. There's no specific credit score to

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Speaker 5: be in the program, but you have to be credit

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Speaker 5: worthy so that they're gonna look, are you paying your

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Speaker 5: bills on time? Are you paying your light bill, your

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Speaker 5: electricity bill? But there's no specific credit sCOD so I know,

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Speaker 5: like in traditional lending is like yo, you got to

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Speaker 5: have a five to twenty or you got to have

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Speaker 5: a six fifty to qualify.

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Speaker 2: For some programs. So there's no specific score, but you

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Speaker 2: have to be credit worthy.

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Speaker 5: The other part is that the elgibility is going to

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Speaker 5: be based on your income and the location of the property.

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Speaker 2: So that's where the property that's the party.

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Speaker 5: Yeah, it depends on where you're going to do it

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Speaker 5: at and so they're going to use the credit guidelines,

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Speaker 5: like I said, timely rant, utility bills, phone and auto

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Speaker 5: insurance payments to determine.

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Speaker 2: How credit worthy you are.

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Speaker 5: The other part is that you have to complete right

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Speaker 5: before you can even be a part or considered. You

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Speaker 5: have to complete a home buyer certification course provided by

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Speaker 5: the Bank of America and hud approve of housing counseling

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Speaker 5: partners before you can even submit for the loan application.

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Speaker 5: So those are the things that you have to do

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Speaker 5: and even in order to even be a part of

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Speaker 5: the program.

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Speaker 2: So it's got to get everybody to complete information on it.

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Speaker 6: The parts of it that I do like is that

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Speaker 6: it is going to give people a chance who may

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Speaker 6: not have, like you said, have the money for the

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Speaker 6: down payment to become a home owner.

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Speaker 2: That part of do like.

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Speaker 6: A program like this has been done in my hometown

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Speaker 6: of EA Chicago, Indiana, So that part I'm in love with.

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Speaker 6: The part that I'm worried about are two things. Number one,

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Speaker 6: possibility for gentrification. So the credit worthiness part is a

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Speaker 6: part because if there's no transparent guyes to the consumer

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Speaker 6: base for what is needed. What if some applicants get

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Speaker 6: turned down and you're deemed not credit worthy.

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Speaker 2: But people, let's.

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Speaker 6: Say California and New York, if our communities don't get

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Speaker 6: access to these loans and these areas get gentrified at

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Speaker 6: a faster rate, that is a cause for a concern

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Speaker 6: for me. And then given that we're in a downturn,

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Speaker 6: they haven't announced we're officially in a recession.

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Speaker 2: Twenty three, they probably will.

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Speaker 6: I don't want in twenty twenty four the housing collapse

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Speaker 6: to be blamed on us, as it was in two

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Speaker 6: thousand and seven, in two thousand and eight. Anyone who's

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Speaker 6: been in the financial industry those for the longest time

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Speaker 6: that when these mortgages were created, bonded up, they were

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Speaker 6: using and swap trading and derivatives trading. It was not

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Speaker 6: the home buyers fought for accepting the loans, because if

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Speaker 6: you went through underwriting and your loan was accepted, that

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Speaker 6: is the responsibility of the bank, the underwriting, and the institutions.

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Speaker 6: But you always need a fall guy in these situations.

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Speaker 6: So those are my two concerns about it. On a

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Speaker 6: surface level, I like it, but never historically has most

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Speaker 6: thanks or institutions ever done something for our communities and

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Speaker 6: there was not a catch to it. I do like

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Speaker 6: to think of America as a company. I do like

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Speaker 6: it as a stock. I do like Brian more than

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Speaker 6: hand the CEO. He's been fantastic over the last fourteen

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Speaker 6: fifteen years that he's been in. But those are my

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Speaker 6: two concerns that I have about the program. I got

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Speaker 6: two concerns as well too.

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Speaker 5: So when you hear no, when it says credit worthiness,

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Speaker 5: I worry about what the interest rate will be, right

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Speaker 5: because based on your credit score will determine how you

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Speaker 5: know what the interest rate will be. So when credit

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Speaker 5: worthiness doesn't really tell me where I'm going to fall

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Speaker 5: that if I'm in this program, if I'm selected. The

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Speaker 5: other part is that when you say no down payment,

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Speaker 5: that just means that the home loan is going to

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Speaker 5: cover the entire value of the property, right And so

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Speaker 5: the person that would put twenty percent down, obviously they're

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Speaker 5: going to have a little or payments. Whereas now if

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Speaker 5: the entire thing is covered inside the value of the home,

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Speaker 5: the four hundred thousand dollars home is now going to

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Speaker 5: cost you maybe five thousand dollars a month to pay

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Speaker 5: the mortgage. That's tough right now if somebody can trice

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Speaker 5: are going up while interest rates are going up, which

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Speaker 5: will lead long term if we can't afford it to

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Speaker 5: more defaults, right and so like, now, how does that?

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Speaker 2: How does that affect us long term?

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Speaker 7: Right?

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Speaker 2: We default on that home? We were in this program?

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Speaker 2: Who gets right?

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Speaker 5: So who gets the opportunity to now see some of

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Speaker 5: the opportunities of buying these homes? Who are from people

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Speaker 5: who were wanting in this program? So those are like

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Speaker 5: two of the things that I'm looking long term. I'm like, yeah,

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Speaker 5: I kind of need to hear the details, especially on

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Speaker 5: the interest rate.

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Speaker 6: And especially if let's say in two or three years,

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Speaker 6: as a twelve percent default rate in twenty thirty, the

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Speaker 6: talking point is going to be, well, we tried this

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Speaker 6: before and it didn't work and it failed. I wish

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Speaker 6: they would have done this when interest rates were at

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Speaker 6: zero and then now your mortgage rate was like two

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Speaker 6: point one percent, two point five percent, even if five

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Speaker 6: point five most people can't handle it.

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Speaker 2: Erners, what's up?

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Speaker 5: a breeze and you're out the door before the line

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Speaker 6: If we get back to eight percent like how we

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Speaker 6: were in two thousand and eight, it is going to

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Speaker 6: be disastrous, especially with what's the average run price in

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Speaker 6: New York now forty three hundred in Manhattan. So if

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Speaker 6: you're getting a house it's nine hundred thousand, it's going

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Speaker 6: to eat into like forty or fifty percent of your income,

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Speaker 6: even if you are making mid six figures. I would

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Speaker 6: say it would have done this sooner, I really do.

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Speaker 6: I know Matt probably thought I was gonna go crazy,

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Speaker 6: but try to.

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Speaker 7: Keep it off.

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Speaker 6: Well.

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Speaker 3: They have similar programs. I mean NAKA there's something that

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Speaker 3: we've covered before. No Mattter has talked about that before,

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Speaker 3: and that is a program that is actually very similar

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Speaker 3: to this if you really look at the framework of it.

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Speaker 3: It's very strenuous as far as to get through the program.

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Speaker 3: But NAKA is a program that you can actually buy

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Speaker 3: a home with no no down payment, no closing costs,

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Speaker 3: no like anything, really and you know your credit's gonna

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Speaker 3: thing really have to be that great, but you have

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Speaker 3: to go through like a long list of things, you

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Speaker 3: have to go through a class, like even a class.

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Speaker 4: It's very similar to NACA. So it's not something that

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Speaker 4: I think is.

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Speaker 3: You know, so much different than what is already kind

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Speaker 3: of already in place in a lot of different places.

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Speaker 3: It's just that you know, Bank of America put forth.

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Speaker 3: That's why it made such attention because obviously that the

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Speaker 3: second biggest I believe, the second biggest bank in America

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Speaker 3: outside of Chase. So that's that's real big that Bank

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Speaker 3: of America did it. But there's already kind of programs

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Speaker 3: like that in place. But you know it also, Bank

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Speaker 3: of America had a lot of backlash a few months

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Speaker 3: ago with a story that came out that we actually

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Speaker 3: published that point viral where they were declining black people

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Speaker 3: for refinancing at a much higher rate than they were

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Speaker 3: declining white people for refinancing. So I don't know, maybe

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Speaker 3: this is a way to kind of, you know, clean

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Speaker 3: up some of that that negative publicity that they received.

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Speaker 4: I don't know, but you know, we'll see.

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Speaker 3: I think it's always beneficial whenever you can try to

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Speaker 3: get people in homes. But you know it's also you know,

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Speaker 3: people have to be ready to be in a home

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Speaker 3: as well. So you know, it doesn't make any sense

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Speaker 3: to just get a house and not have any money

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Speaker 3: because anything can have anything go wrong, and you know,

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Speaker 3: you don't want to put yourself in a burden where

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Speaker 3: you have a home and now you're just working just

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Speaker 3: to pay your mortgage. That's kind of like, you know,

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Speaker 3: defeating the purpose in a sense, because that's what most

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Speaker 3: people do. And I spoke about this a few years

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Speaker 3: ago when we were in LA and I said that

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Speaker 3: most people, for most people, buying a home is not

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Speaker 3: the right thing to do. And then people didn't fully

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Speaker 3: understand what I was saying, but I was saying that,

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Speaker 3: you know, I was a financial advisor for twelve years,

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Speaker 3: and I saw where a lot of people would cash

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Speaker 3: out there for to one ks, they would liquid date

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Speaker 3: their savings account. They would take all the money that

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Speaker 3: they had and to buy a home, and they think

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Speaker 3: that they're doing something beneficial, but in reality, you don't

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Speaker 3: have enough money to buy the home, so now you're

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Speaker 3: just struggling just to make ends meet. You depleted all

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Speaker 3: your investment, all your savings and now every single month

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Speaker 3: you're working just to maintain that mortgage and to pay

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Speaker 3: the taxes and keep the upkeeper on the house. That's

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Speaker 3: not a path to wealth. Yeah, of course the home

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Speaker 3: will probably appreciate over the course of time, but I.

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Speaker 4: Mean hopefully the right area. And you know.

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Speaker 3: In all reality, in that situation, it probably would have

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Speaker 3: been more beneficial to rent and use that money to invest,

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Speaker 3: use that money to start a business and have more

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Speaker 3: wiggle rooms. So that's a more advanced conversation that we

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Speaker 3: can have down the line if people are interested in it.

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Speaker 4: But everybody's situation is different. But don't be.

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Speaker 3: House rich and cash poor, because that's that's not a

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Speaker 3: recipe to build wealth.

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Speaker 4: It's not you.

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Speaker 5: And and of course, now as I'm saying and this,

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Speaker 5: there's still costs that are associated even if you don't

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Speaker 5: have the down payment, Like on the writing fees is

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Speaker 5: still something that you're gonna have to pay for, appraisals

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Speaker 5: are still something you're gonna have to pay.

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Speaker 2: For, titles, uh fees.

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Speaker 5: There's there's still fees associated have in a house outside

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Speaker 5: of just the down payment and mortgage, I mean the

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Speaker 5: mortgage insurance.

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Speaker 2: So it still feeds association.

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Speaker 5: Yeah, exactly, all right, mind goad.

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Speaker 6: The last point that I want to make into tie

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Speaker 6: back into what you guys were saying. Houses are a

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Speaker 6: product of the bank. So just because you own a house,

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Speaker 6: it does not mean that it is the best investment

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Speaker 6: for you. Please get it at a great interest rate.

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Speaker 6: Please get it in an area and which appreciates if

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Speaker 6: you just need to go to Google or acts next

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Speaker 6: week on the show, which areas are best for investing,

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Speaker 6: Because I don't want you guys to hope that your

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Speaker 6: property value is going to go up and you're in

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Speaker 6: an area where it does not accrue a lot of

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Speaker 6: growth in the area. But when we talk about the

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Speaker 6: American dream, the white pick offense it being a good investment,

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Speaker 6: when that the doctrine was originally written. That was from

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Speaker 6: the perspective of the bankers who were selling houses and

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Speaker 6: the mortgages that go with a house is not a

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Speaker 6: good investment unless you are in the area with the

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Speaker 6: low value and it grows tremendously, you get it at

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Speaker 6: a great deal, or you eventually sell at home. So

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Speaker 6: I don't want you to be deceived by marketing or

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Speaker 6: propaganda that you should get a home just because so yeah,

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Speaker 6: thank you for pointing that out shot.

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Speaker 3: There's nothing wrong with renting. Yeah, I rented it for years,

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Speaker 3: not because I had to, because I wasn't in a

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Speaker 3: hurry to not rent.

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Speaker 4: It's better than the capital.

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Speaker 6: Put it elsewhere.

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Speaker 3: Exactly exactly, and it could be a write off for

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Speaker 3: your business as well. That's another conversation my graduates from

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Speaker 3: my school being forced back drop drop, Mike, drop drop.

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