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Newly Built San Francisco Condo Tower Lands on Fanny/Freddy Mortgage Blacklist

decimalenough 1y ago
Aside: > members of the lending community This is an interesting way to say "banks".
- rahimnathwani 1y ago
  The majority of US mortgages are originated by non-bank mortgage companies.
  - dietr1ch 1y ago
    Wasn't lending money with interest restricted to banks to control how much money is created? I'm guessing they're still regulated, but it still seems weird.
    - rahimnathwani 1y ago
      Have you never held a savings account or bought a bond? Those are both ways to ‘lend money with interest’.
      - dietr1ch 1y ago
        Yes, but managed by banks. That's my observation, it's new to me that non-banks are allowed to lend with interest.
        rahimnathwani 1y ago
        If some company wants to lend money to an individual or another company, the risk is borne entirely by the lender. Apart from regulating collection practices and fairness in consumer lending, there's little reason for regulation. Bank regulations in most countries are usually focused on deposits (i.e. banks borrowing money). Because a poorly managed (or unscrupulous) bank could cause problems for parties other than the bank. Nice article about money creation: https://cepr.org/voxeu/columns/banks-do-not-create-money-out-thin-air https://cepr.org/voxeu/columns/banks-do-not-create-money-out...
cadamsdotcom 1y ago
Article says most of the apartments are sold, guess they’ll have to wait for someone to show up and pay cash. Walked past it to and from work everyday in 2019 - always wondered what it was. The building is beautiful and it gives some soul to a somewhat soulless part of SF. It rises above the Transit Center’s bald concrete lot and the twists are something you could stare at for ages.
- readthenotes1 1y ago
  "The building is beautiful" The pictures in the article give me the opposite impression. I'm glad that there's more to it
alon_honig 1y ago
A similar thing happened to our condo. Fannie and Freddie wouldn't touch it despite no obvious outstanding issues. We didn't have a problem finding lenders who would give us a non conforming loan.

Aside: > members of the lending community This is an interesting way to say "banks".

rahimnathwani 1y ago
The majority of US mortgages are originated by non-bank mortgage companies.
- dietr1ch 1y ago
  Wasn't lending money with interest restricted to banks to control how much money is created? I'm guessing they're still regulated, but it still seems weird.
  - rahimnathwani 1y ago
    Have you never held a savings account or bought a bond? Those are both ways to ‘lend money with interest’.
    - dietr1ch 1y ago
      Yes, but managed by banks. That's my observation, it's new to me that non-banks are allowed to lend with interest.
      - rahimnathwani 1y ago
        If some company wants to lend money to an individual or another company, the risk is borne entirely by the lender. Apart from regulating collection practices and fairness in consumer lending, there's little reason for regulation. Bank regulations in most countries are usually focused on deposits (i.e. banks borrowing money). Because a poorly managed (or unscrupulous) bank could cause problems for parties other than the bank. Nice article about money creation: https://cepr.org/voxeu/columns/banks-do-not-create-money-out-thin-air https://cepr.org/voxeu/columns/banks-do-not-create-money-out...

Article says most of the apartments are sold, guess they’ll have to wait for someone to show up and pay cash. Walked past it to and from work everyday in 2019 - always wondered what it was. The building is beautiful and it gives some soul to a somewhat soulless part of SF. It rises above the Transit Center’s bald concrete lot and the twists are something you could stare at for ages.

readthenotes1 1y ago
"The building is beautiful" The pictures in the article give me the opposite impression. I'm glad that there's more to it

alon_honig 1y ago

A similar thing happened to our condo. Fannie and Freddie wouldn't touch it despite no obvious outstanding issues. We didn't have a problem finding lenders who would give us a non conforming loan.