I have always challenged Leith on his dogmatic views on reverse mortgages, depriving retirees of things like healthcare and pension and forcing them to live off the equity in their homes. IMO it is the dumbest idea any economist has come up with. Everything looks good when interest rates are low and asset prices are high, but what happens when interest rates rise. All these “wealthy retirees” in their $2m homes withdrawing half their equity over many year, and then bam, interest rates rise and they lose 40% of the value of their house. That $2m house is now worth $1.2m of which they now have a $1m mortgage at high interest rates. You can see it eventually ends up with many of these “wealthy retirees” ending up homeless.
Anyways, the point being. What I didn’t realise until recently is banks sucking many people over 40yo into effectively having a reverse mortgage, and using superannuation balances as additional collateral. That ends very badly. We are going to have a crisis of many people retiring with no superannuation, still with large mortgages at high rates.
Not possible to offer perpetual fixed rate reverse mortgages. If interest rates went to the moon everyone would withdraw as much as they can and profit off the interest rate differential. The lender would go bust.
If selling into reverse mortgages ultimately ensured house prices came down and became affordable to the next generation I would be all for it.
Trouble is their purpose isn’t to do that. It is to grind down what little inherited wealth remains in Australia’s middle class, so that the land the houses sit on can be rehypothecated into Australia’s financial system – ‘you will own nothing and be happy’.
It is exactly the sort of policy that would be championed by the WEF, and sold to the NPC’s as a way of making houses affordable, and correcting intra and intergenerational inequity.
The reality is it will never make housing more affordable, it will simply be additional supply that will be gobbled up and refurbished to migrants with a clean credit score. The threat of cheaper houses will be forever backfilled by more immigrants, meanwhile legacy Australians are disinherited.
If selling into reverse mortgages ultimately ensured house prices came down and became affordable to the next generation I would be all for it.
Trouble is their purpose isn’t to do that. It is to grind down what little inherited wealth remains in Australia’s middle class, so that the land the houses sit on can be rehypothecated into Australia’s financial system – ‘you will own nothing and be happy’.
Stewie is right here. Reverse mortgages by themselves are neither necessarily good nor necessarily bad.
what matters is the circumstances into which they are deployed, the context provided by power structures and vested interest, etc.
in the EZFKA context it’s all but guaranteed to help further choke supply of land, juice bank dividends, underwrite importation of 600,000 foreign “in home carers”, undermine local wages and disinherit kids of families of modest means.
I dunno. Mortgage rates have increased substantially over the last 6 months. Anybody coming off low fixed rates is gonna feel a lot of pain, particularly lower income people with huge mortgages, of which there are a lot.
I don’t think it will mean the end of the universe, but it will cause a lot of difficulty and stress for a lot of people.
Ms Morgan said there was more to being part of an Aboriginal nation than “than just getting a piece of paper”. “Your strength in your power and your passion comes from your identity,” she said.
Tip of a huge iceberg this. Like a reverse of the “stolen generation” who numbered less than 9,000, the Guilt Industry claims it is 10 times that for obvious reasons.
DLS claim to fame is having KRudd threatening to sue his pantyhose off. The EZFKA Twitter has all the MSM, VEC and the WEF fact checking the tweet. Great work Minister Sinister!
Absolutely hilarious that so many organisations have spent time investigating and commenting on this to the point that a spokesman from the WEF has to say something.
faken fake. The KRudd still has no faken idea whodafaq is Davo Llewdo-Sheet Or Bleat v.o. or that they allegedly have some sort of history. It was nuttin else but a prank on commentators bc if it was real the apology would’ve been a tail between legs and koksucking position whilst being bent over a chair buttnaked. Damn, I just visualised that. Cannot unsee it now.
Drago
Guest
1 year ago
“Independent” as in my Daddy is rich and that bitter climate grifter Simon 2 Dads is picking up the tab…
The Teals have really worked a fine art out of Conning the Prue and True types with your Prom Queen candidate backed by some token Lezzo types. Scoot back to the farm at Daylesford when MLC doesn’t have bloody APS sport on, ey?
anyone else think this mortgage cliff thing is more b.s
https://www.macrobusiness.com.au/2022/11/aussie-households-brace-for-record-high-mortgage-repayments/#comments
it’s what i call doomercope where people believe some catastrophic thing is gonna happen in the future that secretly they want to happen
pessimism-optimism
I agree. That place is loosing any semblance of respectability.
You’d be feeling pretty stoopid if you let those tards manage any of your finances…
Whilst they are one of the only long standing proponents against invasion by foreigners, this position on interest rates is hysteric
i dont think the rhetoric on the site reflects their real behaviour, leith and dls own houses
Meh, it is not houses that causes the hysterics, it is the funds management side business. Low rates were great for that business.
I have always challenged Leith on his dogmatic views on reverse mortgages, depriving retirees of things like healthcare and pension and forcing them to live off the equity in their homes. IMO it is the dumbest idea any economist has come up with. Everything looks good when interest rates are low and asset prices are high, but what happens when interest rates rise. All these “wealthy retirees” in their $2m homes withdrawing half their equity over many year, and then bam, interest rates rise and they lose 40% of the value of their house. That $2m house is now worth $1.2m of which they now have a $1m mortgage at high interest rates. You can see it eventually ends up with many of these “wealthy retirees” ending up homeless.
Anyways, the point being. What I didn’t realise until recently is banks sucking many people over 40yo into effectively having a reverse mortgage, and using superannuation balances as additional collateral. That ends very badly. We are going to have a crisis of many people retiring with no superannuation, still with large mortgages at high rates.
I thought the rates on these were fixed? especially the Govt run one
Not possible to offer perpetual fixed rate reverse mortgages. If interest rates went to the moon everyone would withdraw as much as they can and profit off the interest rate differential. The lender would go bust.
Thanks for that. Was about to look into one for a relative.
If selling into reverse mortgages ultimately ensured house prices came down and became affordable to the next generation I would be all for it.
Trouble is their purpose isn’t to do that. It is to grind down what little inherited wealth remains in Australia’s middle class, so that the land the houses sit on can be rehypothecated into Australia’s financial system – ‘you will own nothing and be happy’.
It is exactly the sort of policy that would be championed by the WEF, and sold to the NPC’s as a way of making houses affordable, and correcting intra and intergenerational inequity.
The reality is it will never make housing more affordable, it will simply be additional supply that will be gobbled up and refurbished to migrants with a clean credit score. The threat of cheaper houses will be forever backfilled by more immigrants, meanwhile legacy Australians are disinherited.
Stewie is right here. Reverse mortgages by themselves are neither necessarily good nor necessarily bad.
what matters is the circumstances into which they are deployed, the context provided by power structures and vested interest, etc.
in the EZFKA context it’s all but guaranteed to help further choke supply of land, juice bank dividends, underwrite importation of 600,000 foreign “in home carers”, undermine local wages and disinherit kids of families of modest means.
I dunno. Mortgage rates have increased substantially over the last 6 months. Anybody coming off low fixed rates is gonna feel a lot of pain, particularly lower income people with huge mortgages, of which there are a lot.
I don’t think it will mean the end of the universe, but it will cause a lot of difficulty and stress for a lot of people.
prd thinks it be bs.
https://www.macrobusiness.com.au/2022/11/immigration-to-double-aussie-house-prices-by-2030/
bcnich is in the comments…not having any of it🤗
In the category ‘You can’t make this shit up’:
https://nypost.com/2022/11/17/sam-bankman-fried-to-appear-alongside-volodymyr-zelensky-at-exclusive-nyt-event/
It seems pretty appropriate to have such world class grifters gathered together.
$2,499 to attend. A decent grifting amount to see the world’s best grifters.
Juicy’s gunna juice.
The full panel of speakers was probably even worse.
Had Benyamin Yahoo, the failed furniture salesman and Palestinian baby killer listed.
.
..
…
….
…..
……
https://youtu.be/HZOzVVVmh4I
If fake this is well done
https://www.bitchute.com/video/6znXP8u27Ser/
trudeau is an oleaginous prick
Hey now…
‘Trust the science’
…….
Yeah!
Poor bloke, didn’t make it to the election.
but at least he took his shot
Google shows someone who looked like a caricature of a politician.
“The Nationals candidate found dead in bushland on Sunday afternoon, Shaun Gilchrist, was facing rape and sexual assault charges.”
I don’t think the shot had anything to do with his early exit… Good riddance
i had meant more like this
https://m.youtube.com/watch?v=7YuAzR2XVAM
This answers a few questions about how to identify as aboriginal. In true EZFKA style there is a bit of ticket clipping along the way.
Anyway, EZFKA politics now has its own Pocahontas:
https://www.abc.net.au/news/2022-11-21/lauren-odwyer-labor-candidate-aboriginal-heritage-claim/101675786
I’ve got blue eyes and pale skin with freckles. I also identify as a proud Yorta Yorta woman.
Yorta gibs me lots cash, bruh, in reparation for my suffering while welcoming white people to country.
Jacqui Lambie did the same thing, never seemed to suffer any backlash over it.
https://www.abc.net.au/news/2014-09-08/anger-over-jacqui-lambies-aboriginal-claims/5728622
Ms Morgan said there was more to being part of an Aboriginal nation than “than just getting a piece of paper”.
“Your strength in your power and your passion comes from your identity,” she said.
Tip of a huge iceberg this. Like a reverse of the “stolen generation” who numbered less than 9,000, the Guilt Industry claims it is 10 times that for obvious reasons.
Grifters gonna grift.
lmao i found the most unhinged freedom protester account ever
https://www.tiktok.com/@b.b.radsovereign
Being a shit-stirring ratbag pest is a long standing Aussie tradition.
As long as he annoys the right people it’s all good.
Seems every MSM news outlet is fact checking the @ausecomicunit tweet. Here is another fact check:
https://factcheck.afp.com/doc.afp.com.32MP6NB-1
DLS claim to fame is having KRudd threatening to sue his pantyhose off. The EZFKA Twitter has all the MSM, VEC and the WEF fact checking the tweet. Great work Minister Sinister!
hes been on tv a few times
Absolutely hilarious that so many organisations have spent time investigating and commenting on this to the point that a spokesman from the WEF has to say something.
faken fake. The KRudd still has no faken idea whodafaq is Davo Llewdo-Sheet Or Bleat v.o. or that they allegedly have some sort of history. It was nuttin else but a prank on commentators bc if it was real the apology would’ve been a tail between legs and koksucking position whilst being bent over a chair buttnaked.
Damn, I just visualised that. Cannot unsee it now.
“Independent” as in my Daddy is rich and that bitter climate grifter Simon 2 Dads is picking up the tab…
The Teals have really worked a fine art out of Conning the Prue and True types with your Prom Queen candidate backed by some token Lezzo types. Scoot back to the farm at Daylesford when MLC doesn’t have bloody APS sport on, ey?
the creature on the left what the fuck is that?
What about The Thing in the middle? 😬
just assumed that was a dude
Isnt that your bf? Dont play coy now
Lol, the human on the right of pic looks female. What’s the go with the other two?
https://m.youtube.com/watch?v=5fLDstOegYE
What a fuckin spastic that ugly pig is…
lmao remember that dr william bay spastic who sabotaged his own career to try to cut a slice of the the vax grifter movement
now hes apparently filing legal action to become a doctor again
https://pbs.twimg.com/media/FhtkIs8aEAAvwU7?format=jpg&name=large
probably realised that theres no money in it that grift anymore and that he got in way too fucking late
amazing he didnt realise it earlier, no way would covid grifting EVER pay more than being a doctor even at the height of it
i doubt even the biggest stars like avi yemeni make more than the average general practitioner
I do not remember, can you elaborate, please?
Just read about this… he’s not showing any remorse or contrition, so I don’t think he’ll have much luck coming back to medicine.
https://blog.canberradeclaration.org.au/2022/11/21/covid-rules-and-the-science-behind-them/
Those were the days
The Bank Frying Man on TV, after taking too much speed, or not enough.
https://twitter.com/wallstreetsilv/status/1592638816866930688