Ben Eisen
speaker
1,467 appearances
35 recordings
1 series
first heard Jul 2017
last heard Nov 2024
Ben Eisen’s voice in public audio — every appearance, attributed to the second.
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Appearances
Yeah.
Yeah.
I mean, even if you can't collect a full monthly payment, they still want to collect a partial payment because if they don't, if someone stops paying altogether, then the chances of restarting get slimmer and slimmer.
Really, over the last decade or so, you've seen the proliferation of, let's say, the seven-year car loan.
These are loans in length between 73 and 84 months.
And now some loans are even longer than that.
And that really stems from the need to make an unaffordable product, a $40,000 car, affordable for monthly payments.
So this is how they do it.
Exactly.
Yeah, so when you get a mortgage, if you are buying a home, you might get it from a lender, but that lender doesn't necessarily hold on to it and kind of keep it on their books for the life of the loan.
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What they might do is they might take a pool of mortgages and sell them.
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And for the most part, those mortgages have been sold to Fannie Mae and Freddie Mac, which are government-sponsored enterprises.
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Not only do they buy them and package them into securities that they sell to investors, but they guarantee payment on those mortgages.
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And those have traditionally been very safe investments because the government is sort of seen to stand behind the mortgage borrowers and the investors will get paid if anything goes wrong.
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Now what we're seeing is you're seeing some of these mortgages are instead going into what's called the private label market, which is not government-backed.
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Instead of Fannie and Freddie buying the loans, you have other institutions buying and packaging the loans and selling them to investors.
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And what's new now is you're seeing banks start to get back into this business.
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Banks had been big in it before the financial crisis, but had really stepped out of it for about a decade since until just about the last year or so.
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They've kind of gone back into the business.
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Well, it's important to note they got burned by these bonds over a decade ago.
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Showing 881–900 of 1,467 · page 45 of 74
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