PultergeistTaking out mortgages against bitcoin is very funny. Please continue.
Each Enterprise is directed to consider only cryptocurrency assets that can be evidenced and stored on a U.S.-regulated centralized exchange subject to all applicable laws.
Does one of those even exist?
Also, if I were a federal regulator, I’d say “if someone owns crypto we will not issue them a mortgage, and further will subtract 500 from their credit score”.
collapseWell this is gonna lead to some interesting pump and dump tactics.
paying off my house with butthole coin
all my apes taxed
subprime ape crisis causing cascading failures in the housing market.
This would be the funniest way to lose my house.
Lol, love my decentralised currencies not tied to market institutions or regulation.
there’s a corpo called fannie mae in that country??? 😭
Fannie Mae and Freddie Mac are the official nicknames of two federally-funded mortgage/property associations. The full title of Fannie Mae is the Federal National Mortgage Association, Freddie Mac is the Federal Home Loan Mortgage Corporation. These are two government-sponsored enterprises that had a large part in the 2008 mortgage crisis and are now under federal conservatorship.
Did you know that the US central banking system is called the Federal Reserve instead of the Bank of America or the US Bank? Those are private companies who own those names.
US corporations have the dumbest names imaginable
finally I can use my tens of thousands of dollars of estrogen as collateral
Unserious country.
Deeply unserious.
We’re innoventing critical thought leadership to integrate the most toxic, unstable fintech assets into the US housing market. Like loading a canon with rocket fuel. In 10 years they’ll refer to 2008 as the “mini-global financial crisis”.
can someone explain what this even means?
When assessing a person for approval of a federal mortgage loan in the US, they can now count crypto as an asset when determining risk. Part of the issue that caused the 2008 housing crisis was mortgages being approved that had higher risk, and many such loans went into default, unable to be paid back. Crypto being so volatile, this decision will likely lead to increased defaults.
It would be absolutely cursed if the best way to get a home in America was to copy and paste a bunch of ape nft screencaps and pretend you have a million dollar collection.
Who am I kidding, they’d probably count that as banking fraud and send your ass to jail within months.
Getting a massive business loan because i convinced the lender i had an ultra delux rare ape nft.
Someone tell me how we can exploit this please I dont want to be stuck in the rent trap for the rest of my life
Start your own cryptocurrency.
It’s crypto, all you’re gonna get is grifters grifting you by selling you on the next big grift.
But I have two million dollars in MarxCoin??
Sure, why not, housing sector was gonna have a major collapse anyway.
But I hate this, horny law nerd “WHEREASS? WHEREASS? WHEREASS?” shit. Do ML countries maintain this kind of arcane language and process for legislation, or do they modernize the process and make it more direct? I think it’s so stupid and unnecessary.
I think In the book Stasi State or Socialist Paradise it was said that the DDR rewrote their legal code to be in modern, plain language
Thank God. My faith in Communism is now unshakable.
It was unfortunately all thrown out during the Nazi Federal Republic’s annexation of Socialist Germany.
I don’t know about the language of Cuba or DPRK’s legal code, but I believe both legislate certain matters by way of series of mass meetings involving the participation of broad cross sections of the population. That would suggest to me that the masses would be more familiar with legal language even if it was still encumbered with legacy terms.
