Any concern?
I bank with Chase so this doesn't effect me but it seems to be a red flag for the Wells Fargo brand that has taken a lot of hits
In 08 I had a line of credit on our house with Wa Mu. One day after Chase took over the line of credit was gone. No warning just gone.
Also noting on my RE hobby that prices seem to have topped and reductions are becoming more common. Not a crash don't twist. Just price reductions and hair cuts on sold properties
Comments
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Apologize for the stupid question. But does this include HELOCs?
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Doesn't address it directly so I'd say no. But you need some sort of collateral to get that line of credit don't you? For most folks that's a housegreenblood said:Apologize for the stupid question. But does this include HELOCs?
It's an important distinction though -
Yah, I woke up and saw that headline and went oh, oh... the first sign of line of credits disappearing [*poof] is a seminal event often times of the beginning of the end of easy money and the liquidity of real estate. Its like being suddenly senior, boom.
Other ramifications and twists are related lending programs like large scale commercial construction projects, business lines of credit and really any non-standard loan programs that twisted sister bank officers dream up while the going is good. In my own case, I'm just now trying to lock and get funded [should hear tomorrow, fingers crossed] on a non-standard 2.3% interest only loan at 1.4 million with a 10 year lock ~ this kind of thing in history has been super rare because it winds up being a non-saleable portfolio loan and is the definition of a super frothy easy money environment [can't believe that it is ever offered, especially at that kind of rate]. -
That got taken away in 08 from the company I worked for. Vital for a construction company. Put a real squeeze on things.DawgsCanDance said:Yah, I woke up and saw that headline and went oh, oh... the first sign of line of credits disappearing [*poof] is a seminal event often times of the beginning of the end of easy money and the liquidity of real estate. Its like being suddenly senior, boom.
Other ramifications and twists are related lending programs like large scale commercial construction projects, business lines of credit and really any non-standard loan programs that twisted sister bank officers dream up while the going is good. In my own case, I'm just now trying to lock and get funded [should hear tomorrow, fingers crossed] on a non-standard 2.3% interest only loan at 1.4 million with a 10 year lock ~ this kind of thing in history has been super rare because it winds up being a non-saleable portfolio loan and is the definition of a super frothy easy money environment [can't believe that it is ever offered, especially at that kind of rate]. -
And yah, have been actively following real estate in our area and about 3 weeks ago my in box notices shifted to the beginnings of and now a steady stream of increasing numbers of price reductions from the active listings notice i get daily ~ a definite reversal trend which I think is significant.
We are in the rural Sonoma Valley now which had been the go to destination for San Francisco bay area folks that had wanted to get out of the urban environment during covid and the decentralization move that was triggered by those seminal events, so i think the shift is meaningful.
The trends are interesting as a prelude to a rebalancing of liquidity in real estate and the capital markets as a whole as the dreaded evolution of the end of FED purchasing of corporate and government bonds materializes in the near future. -
No. Not unless chase etc follow suit. Article makes it seem like it’s more Wells Fargo incompetence than anythingRaceBannon said:
I bank with Chase so this doesn't effect me but it seems to be a red flag for the Wells Fargo brand that has taken a lot of hits
In 08 I had a line of credit on our house with Wa Mu. One day after Chase took over the line of credit was gone. No warning just gone.
Also noting on my RE hobby that prices seem to have topped and reductions are becoming more common. Not a crash don't twist. Just price reductions and hair cuts on sold properties -
And that's easy to believentxduck said:
No. Not unless chase etc follow suit. Article makes it seem like it’s more Wells Fargo incompetence than anythingRaceBannon said:
I bank with Chase so this doesn't effect me but it seems to be a red flag for the Wells Fargo brand that has taken a lot of hits
In 08 I had a line of credit on our house with Wa Mu. One day after Chase took over the line of credit was gone. No warning just gone.
Also noting on my RE hobby that prices seem to have topped and reductions are becoming more common. Not a crash don't twist. Just price reductions and hair cuts on sold properties
I bank with Chase because they own the government. Safer that way -
Wells was one of the few banks coming out the 08 nonsense not looking like an idiot. Then they got aggressive and got themselves into trouble with regulators. I think they getting their ballz squeezed and need the capital to free up. If boa and chase do the same, we are in for some ruff fucking prison stylentxduck said:
No. Not unless chase etc follow suit. Article makes it seem like it’s more Wells Fargo incompetence than anythingRaceBannon said:
I bank with Chase so this doesn't effect me but it seems to be a red flag for the Wells Fargo brand that has taken a lot of hits
In 08 I had a line of credit on our house with Wa Mu. One day after Chase took over the line of credit was gone. No warning just gone.
Also noting on my RE hobby that prices seem to have topped and reductions are becoming more common. Not a crash don't twist. Just price reductions and hair cuts on sold properties -
Wells Fargo are a corrupt bunch of Jackasses that got away with lots of criminal activities because Buffet ran cover for them.
I think he’s out now, so they must be running from some jackass decisions they previously made. -
Is that because of too much inventory?DawgsCanDance said:And yah, have been actively following real estate in our area and about 3 weeks ago my in box notices shifted to the beginnings of and now a steady stream of increasing numbers of price reductions from the active listings notice i get daily ~ a definite reversal trend which I think is significant.
We are in the rural Sonoma Valley now which had been the go to destination for San Francisco bay area folks that had wanted to get out of the urban environment during covid and the decentralization move that was triggered by those seminal events, so i think the shift is meaningful.
The trends are interesting as a prelude to a rebalancing of liquidity in real estate and the capital markets as a whole as the dreaded evolution of the end of FED purchasing of corporate and government bonds materializes in the near future.
