New crypto mortgages in the US real estate market let property buyers pledge their digital holdings as collateral for a loan, with no down payments necessary
It took Vincent Burniske months to get a seven-figure loan to buy two small apartment buildings in a coveted Miami neighborhood. Tweets: @jeannasmialek , @sami_lynnnnn , @thomdunn , @nastyoldwomyn , @jdcmedlock , and @nilbold Tweets: Jeanna Smialek / @jeannasmialek : Uh: “Instead of simply paying for property with tokens, borrowers pledge their digital holdings as collateral, with no down payments necessary. That enables the holders to keep their coins, avoiding taxes on capital gains...” https://www.bloomberg.com/... @sami_lynnnnn : Crypto Mortgages.. “To account for the volatility, Milo will ask the borrower to put up more crypto or cash if the crypto-to-loan amount drops below 65%. “If that figure drops below 30%, the company liquidates the assets and stores them in U.S. dollars.” https://www.bloomberg.com/... Read Band / @thomdunn : wow can't believe they're already rebooting the financial crash of 2008! https://www.bloomberg.com/... CCJ / @nastyoldwomyn : Remember the 2007-2008 financial crisis? These guys don't, or they learned nothing. https://twitter.com/... James Medlock / @jdcmedlock : Nothing could go wrong here https://twitter.com/... Nude Antifa Kobold / @nilbold : what if we took the loan/mortgage bundling and trading as assets that caused the 2008 financial crisis, but also pinned it to the famously stable valuation of bitcoin! what could go wrong? https://twitter.com/...