UBSL $1 Trillion in Mortgage Debt Will Be Delinquent

>The late-March spike in unemployment stands to drive more than $1.1 trillion in debt delinquency across credit card, mortgage, and auto loans, UBS strategists said Monday.
>The bank's consumer credit health gauge hit its worst reading since late 2009 in the first quarter due to the jump in joblessness and weakening economic sentiment.
>The sharp increase in jobless claims suggests $950 billion in mortgage debt will reach delinquency in 2020, the firm said.
>Up to $110 billion in credit card payments and $60 billion worth of auto debt can also run late should the unemployment rate reach UBS's 12.6% estimate.
OHHHHHHH NO NO NO NO NO NO NO NO NO NO NO!

markets.businessinsider.com/news/stocks/housing-market-debt-delinquency-could-near-trillion-credit-crunch-coronavirus-2020-4-1029072964

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>tfw bought a house in December

I'm so pissed

ahh yess. first the OIL, now the REAL ESTATE, post more user

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shoulda been more prepared for a global pandemic lmaooooooooo

Mercury dime double footjobs from a formerly well to do house wife and her questionably aged daughter will be a reality this year.

so i should wait a few months for prices to drop, right?
getting antsy

ALLY indicated in their earnings that so far 25% of their auto loan clients have requested deferred payments or other assistance.

>No one is buying
>Massive unemployment
>Brick and mortar retail and small businesses are going bankrupt.
>1/3 of rent is not being paid
>No one is using airbnb
>Flippers are sitting on empty properties.
>There are more than nine million second homes in the U.S. that may or may not be financially viable given the depth of the current recession.
>About eight million landlords who own between one and 10 properties accounting for half the nation’s rental properties. Financial duress will come swiftly for those carrying multiple mortgages.
>As many as 30% of Americans with home loans, or some 15 million households, could default if the nation’s economy remains closed up through the summer.
>Illigal immigration has been halted from the virus.
>Interest rates are already near 0 and can't really go much lower.
>JPMorgan has bumped its loan requirements to 20% down and 700 credit score.
>The jumbo mortgage market is disappearing.
>list prices are already down 6% in april

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25% also have no plans of paying he car loan and just letting Ally take it/repossess

bullish I'm looking to save up and buy a house in a few years

LET THE BODIES HIT THE FLOOR

Why is the system built so heavily on speculation?

It's like every 10 years the gamblers fuck up the game, every one suffers, and the government gives them free money to start gambling again.

My Zillow app is a shitshow, new listings and constant price drops all day. Some really nice homes in the middle of nowhere going for 700-800k but were going for 1.2-3m a few months back.

fucking beautiful

also based

>nearly $1 trillion

They're being optimistic, conservative or whatever.

Somehow it's legal for primary dealers to let hedge funds lever 15-20x

god please be true
i wanna watch it all burn

>footfags
napalm yourself

>ALLY indicated in their earnings that so far 25% of their auto loan clients have requested deferred payments or other assistance

The other 75% don't know they can call and request a deferment, they just plan on not paying.

also forgetting
>1 trillion dollars in student loan debt among ages 25-35

jerome and munichin wont let it happen

you know what I say? Fuck em. Fuck all these greedy property owners sitting on houses, while the average American family cant get jackshit but a 30 year slavery debt (mortgage) for some overpriced hunk of shit. Never before in recorded human history have so many gotten so rich doing so little, that "so little" would merely be buying a piece of land then inflating the shit out of the value for years through a coerced marketing campaign and advocating the local, state, and federal governments into trillions of dollars worth of free subsidies to encourage "home ownership" (really just to inflate the value of their piece of shit property).

My small little town has been devastated by these greedy fuck speculators and realtors who brag about the closing price. Not one house sold in the past 5 years has been to a small family. EVERY SINGLE ONE has been sold to an "investor" to build condos/renovate. Some of these houses are remarkably beautiful - no matter, they were gutted all the same to make room for more overpriced shit. Massive, mostly empty apartment buildings have also sprung up, charging obscene rates for soulless living arrangements. They don't DARE lower the price on the apartments, because if they did the overall value of their other properties would decrease. So they lie and manipulate to make it look occupied. If you ever walk in a small town and wonder "hmm, where have all the families gone?" They were pushed out by greedy fucking RE developers and "investors," trying to starve the American people so they can make another dollar doing NOTHING.

fuck them. This is what they get for being greedy fucks and forcing the modern American family to be forever indebted to a bank just to afford a 1br hunk of shit. They hogged up all the properties, refusing to sell and let other people live because "the housing market will go up!!!" tough shit. Now that it isn't going up they want another subsidy. They will probably get it too

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Because fiat keeps getting infinitely printed so we are all in a race to make dem infinite gainz on a planet where resources are finite and streched because theres almost 8,000,000,000,000 people living on it.

>Why is the system built so heavily on speculation?

Because when times are good and you're the first one diving into speculatory bullshit then you make a shit ton of money and everyone sees you and hates you, but no one is stopping you so they might as well take part too. Eventually you're flying along and shit doesn't fall apart overnight so you learn to like it. The crash you know should come doesn't, they're able to print money and pull some psychological bullshit to get the masses back in line, but in the back of your mind you know it can't last forever and when it all comes crashing down it will crash hard.

Fucking Jews, man. Jews and the people who adopted the Jew mindset led us here.

Based and Vietnam pilled

BASED

basao rojopillao, this system is stinky!!!

Based and don't pay your debts pilled

Been waiting for this shit for 15 years. I knew it would happen in my lifetime. Told friends and family that it would, they said it would be long after we died, but I knew it had to happen to us. The large population, the rapid pollution and deforestation, the acceleration of money-printing and speculation. I didn't put my life on hold or live in fear. I bought a house and had kids, but here it is. Just as I feared. Knowing what's ahead I almost wish I didn't have kids. I love them. I don't want them to experience this event as mere babes.

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I closed February 1. I feel ya man

this desu

every generation goes through hardships, that's life

The ironic thing is that later this year I will be able to napalm you while getting a footjob for a single Kennedy half dollar

I have enough kennedys to have you deleted, bitch. They really are the best silver coin to collect.