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Keith discusses the potential takeover of the Federal Reserve by President Trump, highlighting the macroeconomic implications.  Economist, author and publisher of Macro Watch, Richard Duncan, joins the show and explains that central bank independence is crucial to prevent political influence on monetary policy, which could lead to excessive money supply and inflation.  Trump's policies, including tariffs and spending bills, are inflationary, necessitating lower interest rates.  Resources: Subscribe to Macro Watch at RichardDuncanEconomics.com and use promo code GRE for a 50% discount. Gain access to over 100 hours of macroeconomic video archives and new biweekly insights into the global economy. Show Notes: GetRichEducation.com/571 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  You get paid first: Text FAMILY to 66866 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Keith Weinhold  0:01   Welcome to GRE. I'm your host. Keith Weinhold, the President has a plan to completely take over the Fed, a body that historically stays independent of outside influence. Learn the fascinating architecture of the planned fed seizure and how it's expected to unleash a wealth Bonanza and $1 crash with a brilliant macroeconomist today, it'll shape inflation in interest rates in the future world that you'll live in today. On get rich education.    Speaker 1  0:33   Since 2014 the powerful get rich education podcast has created more passive income for people than nearly any other show in the world. This show teaches you how to earn strong returns from passive real estate investing in the best markets without losing your time being a flipper or landlord. Show Host Keith Weinhold writes for both Forbes and Rich Dad advisors, and delivers a new show every week since 2014 there's been millions of listener downloads in 188 world nations. He has a list show guests include top selling personal finance author Robert Kiyosaki. Get rich education can be heard on every podcast platform, plus it has its own dedicated Apple and Android listener phone apps build wealth on the go with the get rich education podcast. Sign up now for the get rich education podcast or visit get rich education.com   Corey Coates  1:21   You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.   Speaker 1  1:31   Welcome to GRE from Fairfax, Virginia to Fairfield, California, and across 188 nations worldwide. I'm Keith Weinhold, and you are listening to get rich education. The Federal Open Market Committee is the most powerful financial institution, not only in the nation, but in the entire world, and when an outside force wants to wrestle it and take it down. The change that it could unleash is almost incredible. It's unprecedented. The President wants full control. Once he has it, he could then slash interest rates, order unlimited money creation, and even peg government bond yields wherever he wishes, and this could drive wealth to extraordinary new highs, but this also carries enormous risks for the dollar and inflation and overall financial stability. And I mean, come on now, whether you like him or not, is Trump more enamored of power than Emperor Palpatine in Star Wars or what this is fascinating. Today's guest is going to describe the architecture of the takeover the grand plan. Our guest is a proven expert on seeing what will happen next in macroeconomics. He's rather pioneering in AI as well. But today, this all has so much to do with the future of inflation and interest rates. We're going to get into the details of how, step by step, Trump plans to infiltrate and make a Fed takeover.    Keith Weinhold  3:23   I'd like to welcome back one of the more recurrent guests in GRE history, because he's one of the world's most prominent macroeconomists, and he was this show's first ever guest back in 2014 he's worked with the World Bank and as a consultant to the IMF. He's contributed a lot on CNBC, CNN and Bloomberg Television. He's a prolific author. His books have been taught at Harvard and Columbia, and more recently, he's been a guest speaker at a White House Ways and Means Committee policy dinner in DC. So people at the highest levels lean on his macroeconomic expertise. Hey, welcome back to GRE joining us from Thailand as usual. It's Richard Duncan   Richard Duncan  4:03   Keith, thank you for that very nice introduction. It's great to see you again.   Keith Weinhold  4:08   Oh, it's so good to have you back. Because you know what, Richard, what caught my attention and why I invited you back to the show earlier than usual is about something that you published on macro watch, and it's titled, Trump's conquest of the Fed will unleash a wealth Bonanza, $1 crash and state directed capitalism. I kind of think of state directed and capitalism as two different things, so there's a few bits to unpack here, and maybe the best way is to start with the importance of the separation of powers. Tell us why the Fed needs to maintain independence from any influence of the president.   Richard Duncan  4:44   Central banks have gained independence over the years because it was realized that if they didn't have independence, then they would do whatever the president or prime minister told them to do to help him get reelected, and that would tend to lead to excessive money supply. Growth and interest rates that were far too low for the economic environment, and that would create an economic boom that would help that President or politician get reelected, but then ultimately in a bust and a systemic financial sector crisis. So it's generally believed that central bank independence is much better for the economy than political control of the central bank.   Speaker 1  5:24   Otherwise we would just fall into a president's short term interests. Every president would want rates essentially at zero, and maybe this wouldn't catch up with people until the next person's in office.   Richard Duncan  5:35   That's right. He sort of wants to be Fed Chair Trump. That's right, president and Fed Chairman Trump on the horizon. It looks like won't be long, Now.   Speaker 1  5:45   that's right. In fact, even on last week's episode, I was talking about how Trump wants inflation, he won't come out and explicitly say that, of course, but when you look at the majority of his policies, they're inflationary. I mean, you've got tariffs, you've got deportations, this reshaping of the Fed that we're talking about the hundreds of billions of dollars in spending in the one big, beautiful Bill act. It is overwhelmingly inflationary.   Richard Duncan  6:12   It is inflationary. And he may want many of those things that you just mentioned, but what he doesn't want is what goes along with high rates of inflation, and that is high interest rates, right? If interest rates go up in line with inflation, as they normally do in a left to market forces, then we would have significantly higher rates of inflation. There would also be significantly higher rates of interest on the 10 year government bond yield, for instance. And that is what he does not want, because that would be extremely harmful for the economy and for asset prices, and that's why taking over the Federal Reserve is so important for him, his policies are going to be inflationary. That would tend to cause market determined interest rates to go higher, and in fact, that would also persuade the Fed that they needed to increase the short term interest rates, the federal funds rate, if we start to see a significant pickup in inflation, then, rather than cutting rates going forward, then they're more likely to start increasing the federal funds rate. And the bond investors are not going to buy 10 year government bonds at a yield of 4% if the inflation rate is 5% they're going to demand something more like a yield of 7% so that's why it's so urgent for the President Trump to take over the Fed. That's what he's in the process of doing. Once he takes over the Fed, then he can demand that they slash the federal funds rate to whatever level he desires. And even if the 10 year bond yield does begin to spike up as inflation starts to rise, then the President can instruct, can command the Fed to launch a new round of quantitative easing and buy up as many 10 year government bonds as necessary, to push up their price and to drive down their yields to very low levels, even if there is high rate of inflation.   Keith Weinhold  7:58   a president's pressure to Lower short term rates, which is what the Fed controls, could increase long term rates like you're saying, it could backfire on Trump because of more inflation expectations in the bond market.   Richard Duncan  8:12   That's right. President Trump is on record as saying he thinks that the federal funds rate is currently 4.33% he said it's 300 basis points too high. Adjusting would be 1.33% if they slash the short term interest rates like that. That would be certain to set off a very strong economic boom in the US, which would also be very certain to create very high rates of inflation, particularly since we have millions of people being deported and a labor shortage at the moment, and the unemployment rate's already very low at just 4.2% so yes, slashing short term interest rates that radically the federal funds rate that radically would be certain to drive up the 10 year government bond yield. That's why President Trump needs to gain control over the Fed so that he can make the Fed launch a new round of quantitative easing. If you create a couple of trillion dollars and start buying a couple of trillion dollars of government bonds, guess what? Their price goes up. And when the price of a bond goes up, the yield on that bond goes down, and that drives down what typically are considered market determined interest rates, but in this case, they would be fed determined interest rates Trump determined interest rates.   Speaker 1  9:28   Inflationary, inflationary, inflationary, and whenever we see massive cuts to the Fed funds rate that typically correlates with a big loss in quality of life, standard of living, and items of big concern. If we look at the last three times that rates have been cut substantially, they have been for the reasons of getting us out of the two thousand.com bubble, then getting us out of the 2000 day global financial crisis, then getting us out of covid in 2020, I mean, massive rate cuts are. Are typically a crisis response   Richard Duncan  10:02   yes, but if we look back, starting in the early 1980s interest rates have have trended down decade after decade right up until the time covid hit. In fact, the inflation rate was below the Fed's 2% inflation target most of the time between 2008 the crisis of 2008 and when covid started, the Fed was more worried about deflation than inflation during those years, and the inflation rate trended down. And so the interest rates tended to trend down as well, and we're at quite low levels. Of course, back in the early 1980s we had double digit inflation and double digit interest rates, but gradually, because of globalization, allowing the United States to buy more and more goods from other countries with ultra low wages, like China and now Vietnam and India and Bangladesh, buying goods from other countries with low wages that drove down the price of goods in the United States, causing goods disinflation, and that drove down the interest rates. That drove down the inflation rate. And because the inflation rate fell, then interest rates could fall also, and that's why the interest rates were trending down for so long, up until the time covid hit, and why they would have trended down again in the absence of this new tariff regime that President Trump has put into place. Now, this is creating a completely different economic environment. President Trump truly is trying to radically restructure the US economy. There is a plan for this. The plan was spelled out in a paper by the man who is now the Chairman of the Council of Economic Advisors. His name is Steven Moran, and the paper was called a user's guide to restructuring the global trading system. It was published in November last year, and it very clearly spelled out almost everything President Trump has done since then in terms of economic policy. It was truly a blueprint for what he has done since then, and this paper spelled out a three step plan with two objectives. Here are the three steps. Step one was to impose very high tariffs on all of the United States trading partners. Step two was then to threaten all of our allies that we would no longer protect them militarily if they dared to retaliate against our high tariffs. And then the third step was to convene a Mar a Lago accord at which these terrified trading partners would agree to a sharp devaluation of the dollar and would also agree to put up their own trade tariffs against China in order to isolate China. And the two objectives of this policy, they were to re industrialize the United States and to stop China's economic growth so that China would be less of a military threat to the United States, which it is currently and increasingly with each passing month. So so far, steps one and two have been carried out very high tariffs on every trading partner, and also threats that if there's any retaliation, that we won't protect you militarily any longer. And also pressure on other countries to put high tariffs against China. The idea is to isolate China between behind a global tariff wall and to stop China's economic growth. So you can see that is what President Trump has been doing. And also in this paper, Stephen Marin also suggested that it would be very helpful if the Fed would cooperate to hold down 10 year government bond yield in this environment, which would naturally tend to push the bond yields higher. So that paper really did spell out what President Trump has done since then.   Keith Weinhold  13:59   This is fascinating about this paper. I didn't know about this previously, so this is all planned from tariffs to a Fed takeover.   Richard Duncan  14:08   That's right, the idea is to re industrialize the United States. That's what President Trump has been saying for years. Make America Great Again. And it's certainly true that America does need to have the industrial capacity to make steel and ships and pharmaceutical products and many other things in his own national self defense. But there's a problem with this strategy since the breakdown of the Bretton Woods system, and we've talked about this before, so I will do this fast forwarding a bit when the Bretton Woods system broke down up until then it broke down in 1971 before then, trade between countries had to balance. So it wasn't possible for the United States to buy extraordinarily large amounts of goods from low wage countries back then, this thing that's caused the disinflation over the last four decades, trade had to balance because on the Bretton Woods system, if we had a big trade deficit. Deficit, we had to pay for that deficit with gold. US gold, and gold was money. So if we had a big trade deficit and had to pay out all of our gold other countries to finance that deficit, we would run out of gold. Run out of money. The economy would hit a crisis, and that just couldn't continue. We'd stop buying things from other countries. So there was an automatic adjustment mechanism under the Bretton Woods System, or under the classical gold standard itself that prevented trade deficits. But once Bretton Woods broke down in 1971 It didn't take us too long to figure out that it could buy extraordinarily large amounts of things from other countries, and it didn't have to pay with gold anymore. It could just pay with US dollars, or more technically, with Treasury bonds denominated in US dollars. So the US started running massive trade deficits. The deficits went from zero to $800 billion in 2006 and now most recently, the current account deficit was $1.2 trillion last year. So the total US current account deficit since the early 1980s has been $17 trillion this has created a global economic boom of unprecedented proportions and pulled hundreds of millions of people around the world out of poverty. China is a superpower now, because of its massive trade surplus with the US, completely transformed China. So the trade surplus countries in Asia all benefited. I've watched that firsthand, since I've spent most of my career living in Asia, but the United States also benefited, because by buying things from low wage countries that drove down the price of goods, that drove down inflation, that made low interest rates possible, that made it easier for the US to finance its big budget deficits at low interest rates, and so with Low interest rates, the government could spend more and stimulate the economy. Also with very low interest rates, stock prices could go higher and home prices could go higher. This created a very big economic boom in the United States as well. Not only did the trade surplus, countries benefit by selling more to the US, but the US itself benefited by this big wealth boom that has resulted from this arrangement. Now the problem with President Trump's plan to restructure the US economy is that he wants to bring this trade deficit back down essentially to zero, ideally, it seems. But if he does that, then that's going to cut off the source of credit that's been blowing this bubble ever larger year after year since the early 1980s and we have such a big global credit bubble that if this source of credit has been making the bubble inflate, the trade deficit, if that were to significantly become significantly lower, then this credit that's been blowing up, the bubble would stop, and the bubble would implode, potentially creating very severe, systemic financial sector crisis around the world on a much, probably a much larger scale than we saw in 2008 and leading to a new Great Depression. One thing to think about is the trade deficit is similar to the current account deficit. So the current account deficit is the mirror image of capital inflows into the United States. Every country's balance of payments has to balance. So last year, the US current account deficit was $1.2 trillion that threw off $1.2 trillion into the global economy benefiting the trade surplus countries. But those countries received dollars, and once they had that 1.2 trillion new dollars last year, they had to invest those dollars back into us, dollar denominated assets of one kind or another, like government bonds or like US stocks, and that's what they did. The current account deficit is the mirror image of capital inflows into the United States. Last year was $1.2 trillion of capital inflows. Now if you eliminate the current account deficit by having very high trade tariffs and bringing trade back into balance, you also eliminate the capital inflows into the United States, and if we have $1.2 trillion less money coming into the United States a year or two from now, that's going to make it much more difficult to finance the government's very large budget deficits. The budget deficits are expected to grow from something like $2 trillion now to $2.5 trillion 10 years from now, and that's assuming a lot of tariff revenue from the tariffs, budget deficit would be much larger still. So we need the capital inflows from these other countries to finance the US budget deficit, the government's budget deficit. If the trade deficit goes away, the capital inflows will go away also, and with less foreign buying of government us, government bonds, then the price of those bonds will fall and the yield on those bonds will go up. In other words, if there are fewer buyers for the bonds, the price of the bonds will go down and the yield on the bonds will go up. In other words, long term interest rates will go up, and that will be very bad for the US Economy   Speaker 2  14:08   the yields on those 10 year notes have to go up in order to attract investors. Mortgage rates and everything else are tied to those yields.   Richard Duncan  19:36   That's right. And cap rates. When people consider investing in tech stocks, they consider they'll buy fewer stocks if the interest rates are higher. So this is why it's so important for President Trump to conquer the Fed, to take over the Fed. That's what he's doing. Technically, he's very close to accomplishing that. Shall we discuss the details?   Speaker 1  20:29   Yes, we should get more into this fed takeover, just what it means for the future of real estate markets and stock markets. With Richard Duncan, more, we come back. I'm your host, Keith Weinhold   Keith Weinhold  20:41   the same place where I get my own mortgage loans is where you can get yours. Ridge lending group and MLS, 42056, they provided our listeners with more loans than anyone because they specialize in income properties. They help you build a long term plan for growing your real estate empire with leverage. Start your pre qual and even chat with President Chaley Ridge personally. 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Text family. 266, 866, to learn about freedom family investments, liquidity fund again. Text family. 266, 866,   Dani-Lynn Robison  22:24   you is freedom family investments co founder, Danny Lynn Robinson, listen to get rich education with Keith Weinhold, and don't quit your Daydream.   Speaker 1  22:31   Welcome back to get Education. I'm your host. Keith Weinhold, we're talking with macroeconomist Richard Duncan about a Fed takeover. I think the President wants to be Fed Chair Trump, Richard. Talk to us more about this, because this is really part of a grand plan.   Richard Duncan  22:57   So the Federal Reserve is in charge of monetary policy. That means it sets the interest rates on the federal funds rate, the short term interest rates, and it also has the power to create money through quantitative easing or to destroy money through quantitative tightening. So the Fed is in charge of monetary policy. The Fed makes its decisions at its it meets eight times a year, the Federal Open Market Committee, the FOMC, meets eight times a year, and they take votes. They discuss what's going on in the economy. They make a decision about what they should do about interest rates, and in some cases, decisions about creating or destroying money through quantitative easing or quantitative tightening. They take a vote. The structure of the Federal Reserve System is as follows. There are seven members of the Federal Reserve Board of Governors, so there are seven fed governors there. The Federal Reserve Board is in based in Washington, DC. In addition to that, there are 12 Federal Reserve banks around the country, like the Federal Reserve Bank of St Louis, for instance, or the Federal Reserve Bank of Kansas, the Federal Reserve Bank of New York. Each of these Federal Reserve Banks have a president, so there are 12 Federal Reserve Bank presidents now at the FOMC meetings where interest rates are decided, all seven fed governors get a vote, but only five Federal Reserve Bank presidents get to vote, and they rotate their votes every year they the following year are different. Five fed presidents get to vote. The Federal Reserve Bank president of New York always gets the vote because New York is such an important financial center, but the other four other presidents keep rotating year after year, and the presidents, 12 presidents, serve five year terms, and they can be reappointed, and their terms expire all at the same time, all on the same day, all of their terms will expire next year on February 28 and they will perhaps be reappointed and perhaps. Be reappointed. So that's the structure, seven Federal Reserve Bank governors and 12 Federal Reserve Bank presidents. All the governors. All seven get to vote at every FOMC meeting, but only five of the Presidents get to vote. So that's a total of 12. The Governors of the Federal Reserve System are the most important the seven. Those seven include the Chairman, Chairman Powell, and this is why they're the most important. They're important because if four of the seven have the power to fire all of the Federal Reserve Bank presidents, if four fed governors vote together, they can fire all 12 Federal Reserve Bank presidents. It only takes four. Only takes four. Then those Federal Reserve Bank presidents would have to be replaced, but the Federal Reserve Board of Governors has to approve the replacements. So if President Trump has four fed governors who will do what he tells them to do, then they can fire all the Federal Reserve Bank presidents and only replace them with other people who will do what President Trump tells them to do. Gosh. So what this means is, if the president can get four Federal Reserve Bank governors out of seven, then he has absolute control over monetary policy. He can do anything he wants with interest rates. He can do anything he wants with quantitative easing. So how many does he have now? Well, he has two that he's appointed, Christopher Waller and Michelle Bowman. They voted to cut interest rates at the last FOMC meeting. That was a dissenting vote, because the rest of the voting members voted to hold interest rates steady. Those two have already voted with the President, so they're on Team Trump, and they're going to stay on Team Trump, because both of them would like to become Fed Chairman when Jerome Powell term expires in May next year, very suddenly and very unexpectedly. A month or so ago, another fed Governor resigned. Her name is Adriana Coogler. Her term was not due to expire for another six months, and she'd not given any indication that she was going to resign early, but she did this now gives the President can nominate the Federal Reserve Bank governors. So he is nominated Stephen Moran, the one who wrote the paper the grand plan. Grand plan. He's nominated him to replace Adriana Coogler, yeah, and he's going to vote on him on his appointment, perhaps within very soon, and it only takes 51 senators to vote him in. And since the Republicans control the Senate, he will be approved, it seems very likely that he will be approved, and that will give President Trump the third vote on the FOMC. He will have three out of the seven governors. He only needs one more, and this is where at least the cook comes in. So on the 26th of August, I think President Trump announced that he was firing Lisa Cook, a Fed governor, because she allegedly had made misleading statements on some mortgage applications that have not been proven yet, that they are alleged. So he says that he has fired her. She has said he does not have the right to fire her. The legal cases that the President does have the right to fire a Federal Reserve Bank Governor, but only for cause. And so there's a real question whether this qualifies as being for cause or not, especially since it's only alleged at this point, but assuming that he does get control. So if he does succeed in firing her, he will be able to appoint her replacement, and that will give him four members, four governors out of the seven. And as we just discussed, with four out of seven, he will have complete control over monetary policy, because with four out of seven, that would give him the power to command those four to vote to fire all 12 presidents of the Federal Reserve Banks, and then to appoint new presidents of the Federal Reserve Banks who would vote along with whatever President Trump tells them to vote for. So in that case, with four fed governors, he would have those Four Plus he would have the five presidents that he would appoint from the Federal Reserve Banks voting for him. So five plus four, that is nine, nine out of 12 voting members on the Federal Open Market Committee. He would be guaranteed nine out of 12 votes on the FOMC, and that would give him complete control over monetary policy, and that's what he needs, because his policies are inflationary. They're going to drive up inflation. They're and that's going to push up the 10 year government bond yield, and it would normally make the Fed also increase the federal funds rate, because higher inflation should the Fed in. Increase the interest rates to cool down the higher inflation. But now that's not going to happen, because he is going to take over the FOMC one way or the other. Just by firing Lisa Cook, he's sending a very clear message to all the other fed governors and to the 12 existing Federal Reserve Bank presidents, you do what I tell you or you may be investigated too. You're next, one way or the other, the President is going to get what the President wants, and what he wants is control over monetary policy, and what that means is much lower short term interest rates and probably another very big round of quantitative easing to hold down long term interest rates as well.   Keith Weinhold  30:41   That was an amazing architecture and plan that you laid out for how a President can take over the Federal Open Market Committee. That was amazing to think about that, and what we believe he wants you talked about it is potentially quantitative easing, which is a genteel way of saying dollar printing. Is it lowering the Fed funds rate down to, I think 1% is what he desired, and we're currently at about 4.3%   Richard Duncan  31:08   that's right. He said he'd like to see the federal funds rate 300 basis points lower, which would put 1.3% we could see a series of very sharp interest rate cuts by the Fed in the upcoming FOMC meetings, so we could see the short term interest rates falling very quickly, but as we discussed a little bit earlier, that would alarm the bond market and investors, because they would realize that much lower interest rates would lead to much higher rates of inflation by overstimulating the economy. And so the 10 year bond yields will move higher for fear of inflation, and that will then force President Trump to command the Fed, to create money through quantitative easing on a potentially trillion dollar scale, and start buying up government bonds to push up their price and drive down their yields, so that the 10 year bond yields and the 30 year bond yields will fall. And since mortgage rates are pegged to the government bond yields mortgage rates will fall, and credit card rates will fall, and bank lending rates will fall, and this will kick off an extraordinary economic boom in the US, and also drive asset prices very much higher and create a wealth Bonanza,   Keith Weinhold  32:15   right? And here, Richard and I are talking interestingly, just two days before the next Fed decision is rendered, therefore, with eminent cuts, we could very well see soaring stock and real estate markets fueled by this cheap credit and this quantitative easing, at least in the shorter term.   Richard Duncan  32:36   But timing is something one must always keep in mind, there is a danger that we could actually see a sell off in the stock market in the near term. If we start seeing the Fed slashing interest rates, then the 10 year bond yields will start moving higher. That would ultimately lead to quantitative easing to drive those yields back down. But when the falling short term interest rates start pushing up interest rates on the 10 year government bond yield because investors expect higher rates of inflation, that could spook the stock market. The stock market's very expensive, so before QE kicks in, there could actually be a period where raising expectations for higher rates of inflation drive the 10 year bond yields higher before the Fed can step in and drive them back down again. We could actually see a sell off in the stock market before we get this wealth boom that will ultimately result when the Fed cuts the short term rates and then quantitative easing also drives down the long term rates. I hope that's not too confusing. There could be a intermediate phase, where bond yields move higher, and that causes the stock market to have a significant stumble. But that wouldn't last long, because then President Trump would command the Fed to do quantitative easing, and as soon as the president says on television that he's going to do quantitative easing, between the moment he says quantitative and the moment he says easing, the stock market is going to rocket higher.   Keith Weinhold  34:05   And here we are at a time where many feel the stock market is overvalued. Mortgage rates have been elevated, but they're actually still a little below their historic norms. The rate of inflation hasn't been down at the Fed's 2% target in years, it's been above them, and we've got signs that the labor market is softening.   Richard Duncan  34:25   That's true. The labor market numbers in the most recent job number were quite disappointing, with the revisions to earlier months significantly lower. But of course, with so many people being deported from the United States now, that's contributing to this lower job growth numbers. If you have fewer people, there are fewer people to hire and add to job creation, so that may have some distorting impact on the low job creation numbers. The economy actually is seems to be relatively strong the the. Latest GDP now forecast that the Atlanta Fed does is suggesting that the economy could grow by three and a half percent this quarter, which is very strong. So the economy is not falling off a cliff by any means. If the scenario plays out, as I've discussed, and ultimately we do get another round of quantitative easing and the Fed cuts short term interest rates very aggressively. That will create a very big economic boom with interest rates very low. That will push up real estate prices, stock prices and gold prices and Bitcoin prices and the price of everything except $1 the dollar will crash because currency values are determined by interest rate differentials. Right now, the 10 year government bond yield is higher than the bond yields in Europe or Japan, and if you suddenly cut the US interest rates by 100 basis points, 200 basis points, 300 basis points, and the bond yields go down very sharply, then it'll be much less attractive for anyone to hold dollars relative to other currencies, and so there will be a big sell off of the dollar. And also, if you create another big round of quantitative easing and create trillions of dollars that way, then the more money you create, the less value the dollar has supply and demand. If you have trillions of extra new dollars, then the value of the dollar loses value. So the dollar is likely to take a significant tumble from here against other currencies and against hard assets. Gold, for instance, that's why we've seen such an extraordinary surge in gold prices.   Speaker 1  36:38   right? Gold prices soared above three $500 and Richard I'm just saying what I'm thinking. It's remarkable that Trump continues to be surrounded by sycophants that just act obsequiously toward him and want to stay in line and do whatever he says. And I haven't seen anyone breaking that pattern.   Richard Duncan  36:59   I'm not going to comment on that observation, but what I would like to say is that if this scenario does play out, and it does seem that we're moving in that direction, then this big economic boom is very likely to ultimately lead to the big economic bust. Every big boom leads to a big bust, right? Big credit booms lower interest rates, much more borrowing by households, individuals, companies. It would while the borrowing is going on, the consumption grows and the investment grows, but sooner or later, it hits the point where even with very low interest rates, the consumers wouldn't be able to repay their loans, like we saw in 2008 businesses wouldn't be able to repay their loans, and they would begin defaulting, as they did in 2008 and at that point, everything goes into reverse, and the banks begin to fail when they don't receive their loan repayments. And it leads to a systemic financial sector crisis. The banks lend less when credit starts to contract, then the economy collapses into a very serious recession, or even worse, unless the government intervenes again. So big boom that will last for a few years, followed by a big bust. That's the most probable outcome, but I do see one other possibility of how that outcome could be avoided, on the optimistic side, and this is it. If once President Trump slash Fed Chairman Trump has complete control over US monetary policy, then it won't take him long to realize Stephen Moran has probably already told him that he would then be able to use the Fed to fund his us, sovereign wealth fund. You will remember, back in February, President Trump signed an executive order creating a US sovereign wealth fund. And this was music to my ears, because for years, as you well know, I've been advocating for the US government to finance a multi trillion dollar 10 year investment in the industries and technologies of the future   Keith Weinhold  39:01   including on this show, you laid that out for us a few years ago and made your case for that here, and then Trump made it happen.   Richard Duncan  39:08   Let's try my book from 2022 it was called the money revolution. How to finance the next American century? Well, how to finance the next American Century is to have the US, government finance, a very large investment in new industries and new technologies in things like artificial intelligence, quantum computing, nanotechnology, genetic engineering, biotech, robotics, clean energy and fusion, create fusion and everything, world where energy is free, ultimate abundance. So I was very happy that President Trump created this US sovereign wealth fund. Now that he will soon have complete control over his US monetary policy, he will understand that he can use the Fed to fund this, US sovereign wealth fund. He can have the Fed create money through quantitative easing and. And start investing in fusion. We can speed up the creation of the invention of low cost fusion. We could do that in a relatively small number of years, instead of perhaps a decade or longer, as things are going now, we could ensure that the United States wins the AI arms race that we are in with China. Whoever develops super intelligence first is probably going to conquer the world. We know what the world looks like when the United States is the sole superpower. We've been living in that world for 80 years. Yeah, we don't know what the world would look like if it's conquered by China. And China is the control super intelligence and becomes magnitudes greater in terms of their capacity across everything imaginable than the United States is whoever wins the AI arms race will rule the world. This sort of investment through a US sovereign wealth fund would ensure that the winner is the US and on atop it, so it would shore up US national security and large scale investments in these new technologies would also turbocharge US economic growth and hopefully allow us to avoid the bust that is likely to ultimately occur following The approaching boom, and keep the economy growing long into the future, rather than just having a short term boom and bust, a large scale investment in the industries of the future could create a technological revolution that would generate very rapid growth in productivity, very rapid economic growth, shore up US national security, and result in technological miracles and medical breakthroughs, possibly curing all the diseases, cure cancer, cure Alzheimer's, extend life expectancy by decades, healthy life expectancy. So that is a very optimistic outcome that could result from President Trump becoming Fed Chairman Trump and gaining complete control over monetary policy. And this is all part of the plan of making America great again. If he really followed through on this, then he certainly would be able to restructure the US economy, re industrialize it, create a technological revolution that ensured us supremacy for the next century. That's how to finance the next American century.   Speaker 1  42:23   Oh, well, Richard, I like what you're leaving us with here. You're giving us some light, and you're talking about real productivity gains that really drives an economy and progress and an increased standard of living over the long term. But yes, in the nearer term, this fed takeover, there could be some pain and a whole lot of questions in getting there. Richard, your macro watch piece that caught my attention is so interesting to a lot of people. How can more people learn about that and connect with you and the great work you do on macro watch, which is your video newsletter   Richard Duncan  43:00   Thanks, Keith. So it's really been completely obvious that President Trump was very likely to try to take over the Fed. Nine months ago, I made a macro watch video in December called Will Trump in the Fed, spelling out various ways he could take over the Fed, and why he probably would find it necessary to do so. So what macro watch is is it describes how the economy really works in the 21st Century. It doesn't work the way it did when gold was money. We're in a completely different environment now, where the government is directing the economy and the Fed, or seeing the President has the power to create limitless amounts of money, and this changes the way everything works, and so that's what macro watch explains. It's a video newsletter. Every couple of weeks, I upload a new video discussing something important happening in the global economy and how that's likely to impact asset prices, stocks, bonds, commodities, currencies and wealth in general. So if your listeners are interested, I'd encourage them to visit my website, which is Richard Duncan economics.com that's Richard Duncan economics.com and if they'd like to subscribe, hit the subscribe button. And for I'd like to offer them a 50% subscription discount. If they use the discount coupon code, G, R, E, thank you, GRE, they can subscribe at half price. I think they'll find that very affordable. And they will get a new video every couple of weeks from me, and they will have immediate access to the macro watch archives, which have more than 100 hours of videos. Macro watch was founded by me 12 years ago, and I intend to keep doing this, hopefully far into the future. So I hope your listeners will check that out.   Keith Weinhold  44:46   Well, thanks, both here on the show and on macro watch Richard gives you the type of insight that's hard to find anywhere else, and you learn it through him oftentimes before it makes the headlines down the road. So. Richard, this whole concept of a Fed takeover is just unprecedented, as far as I know, and it's been so interesting to talk about it. Thanks for coming back onto the show.   Richard Duncan  45:08   Thank you, Keith. I look forward to the next time.   Speaker 1  45:17   Yeah, fascinating stuff from Richard in the nearer term, we could then see interest rate cuts that would go along with cuts to mortgages and credit card rates and car loan rates and all kinds of bank lending rates. This could pump up the value of real estate, stocks, Bitcoin, gold, nearly everything a wealth bonanza. Now, in polls, most Americans think that the Fed should stay independent from outside control. You really heard about how the President is dismantling the safeguards that protect that fed independence, the strategy he's using to bend the Federal Open Market Committee to His will. And this is not speculation, because, as you can tell, the takeover of the Fed is already underway. A fed governor has been fired. New loyalists are being installed, and key votes are lining up in the President's favor. But as far as the longer term, you've got to ask yourself, if these policies will inflate a giant bubble destined to burst down the road. I mean triggering a crisis as bad as 2008 I mean, these are the very questions that every investor should be asking right now, if you find this in similar content fascinating, and you want to stay on top of what is forward looking what's coming next macroeconomically, check out Richard Duncan's macro watch at Richard Duncan economics.com for our listeners, he's long offered the discount code for a 50% discount that code is GRE, that's Richard Duncan economics.com and the discount code GRE next week here on the show, we're bringing it back closer to home with key us, real estate investing strategies and insights, a lot of ways to increase your income. Until then, I'm your host. Keith Weinhold, don't quit you Daydream.   Speaker 3  47:20   Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC, exclusively.   Speaker 1  47:40   You You know, whenever you want the best written real estate and finance info, oh, geez, today's experience limits your free articles access, and it's got paywalls and pop ups and push notifications and cookies disclaimers, it's not so great. So then it's vital to place nice, clean, free content into your hands that adds no hype value to your life. That's why this is the golden age of quality newsletters. And I write every word of ours myself. It's got a dash of humor, and it's to the point, because even the word abbreviation is too long, my letter usually takes less than three minutes to read, and when you start the letter, you also get my one hour fast real estate video. Course, it's all completely free. It's called the Don't quit your Daydream letter. It wires your mind for wealth, and it couldn't be easier for you to get it right now. Just text gre 266, 866, while it's on your mind, take a moment to do it right now. Text gre to 66866,   Keith Weinhold  48:59   The preceding program was brought to you by your home for wealth, building, get richeducation.com you.  

In this episode, Paul is joined by SFG's new advisor Lance Chisum for a candid review of a Dave Ramsey video on housing and post-divorce financial decisions. Together, they unpack the caller's circumstances, substantial home equity, low-rate mortgage, and the possibility of a HELOC, while questioning whether Ramsey's quick advice fully addresses the bigger financial picture. Paul and Lance highlight what's missing: tax planning opportunities, liquidity strategies, retirement contributions, and vital insurance protection. They also explore the emotional side of money, from staying in a home for sentimental reasons to making choices influenced by future relationships. Drawing on Lance's decades of experience, the discussion contrasts the limitations of financial “counseling” with the depth of true financial advising. The episode ultimately underscores why tailored, goal-focused advice matters far more than one-size-fits-all solutions. -- Timestamps: 00:00 – Introduction: reviewing a Dave Ramsey video 01:40 – Mortgage, equity & HELOC breakdown 03:40 – Debt redeployment and emotional decisions 06:10 – Where Ramsey's advice falls short 08:00 – Divorce, remarriage & housing considerations 09:50 – Tax exclusions & planning opportunities 12:10 – Overlooked factors: retirement & insurance  4:30 – Financial counseling vs. real financial advising -- This Material is Intended for General Public Use. By providing this material, we are not undertaking to provide investment advice for any specific individual or situation or to otherwise act in a fiduciary capacity. Please contact one of our financial professionals for guidance and information specific to your individual situation. Sound Financial LLC dba Sound Financial Group is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. Insurance products and services are offered and sold through Sound Financial LLC dba Sound Financial Group and individually licensed and appointed agents in all appropriate jurisdictions. This podcast is meant for general informational purposes and is not to be construed as tax, legal, or investment advice. You should consult a financial professional regarding your individual situation. Guest speakers are not affiliated with Sound Financial LLC dba Sound Financial Group unless otherwise stated, and their opinions are their own. Opinions, estimates, forecasts, and statements of financial market trends are based on current market conditions and are subject to change without notice. Past performance is not a guarantee of future results.

Alex (ex-BMO investment banker turned founder) shares how Futr.network is flipping the ad/data model with AI agents that pay you for training them. We dig into why the Web2 barter economy (free services for your data) is collapsing, how zero-party data and a data supply chain can route value back to consumers and data contributors (think: mortgage brokers, lenders), and why agentic advertising will disrupt Google/Meta style targeting.Timestamps[00:00] “Time for a new data model” — agents that pay you for training data [00:01] Alex's path: BMO (M&A → FIG → Digital Assets), fund, stables, now AI agents [00:03] What's broken: Web2 barter system, cookies/pixels, hidden training sets [00:05] Futr.network: self-sovereign AI agent + incentives for data contributors [00:06] Mortgage example: underwriting pack → agent training → recurring royalties [00:09] Why prior “get paid for your data” failed; why now works (AI agents = $$) [00:15] KPIs: users, dollars on rails, brand demand for zero-party data[00:16] Beachhead: auto loans (optimize payments, save interest, set-and-forget) [00:18] Rails: bank links, credit/debit, embedded wallet, stablecoin payments [00:19] Next verticals: mortgages, student loans; beyond finance → life data [00:21] What most miss about AI: it ran Web2 behind the scenes for years [00:24] High-fidelity AI: no hallucinations when money moves; enterprise-grade stacks [00:28] AI × crypto: machine-speed decisions need machine-speed value settlement [00:30] Data supply chain (like music royalties) via blockchain micropayments [00:32] The disruption: agentic advertising eats digital ads in 3–5 years [00:33] The ask: brands & enterprises; network effects; just raised $5.1M; more to come [00:37] Beta access coming; train your agent, earn tokensConnecthttps://futrnetwork.com/https://www.linkedin.com/company/thefutrcorporation/https://www.linkedin.com/in/alex-mcdougall-290b0b39/DisclaimerNothing mentioned in this podcast is investment advice and please do your own research. Finally, it would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend.Be a guest on the podcast or contact us - https://www.web3pod.xyz/

Ready to take control of your finances and break free from the mental traps that sabotage your savings? In this episode of Dollars & Sense, hosts Joel Garris and Zach Keister share their expert advice on building stronger personal financial habits, including face-the-numbers budgeting and the power of automating savings. But they don't stop there—they dive deep into the surprising ways your mind can trick you through cognitive biases, revealing how illusions of control, hindsight, anchoring, and recency bias can derail even the best financial plans. From actionable tips like the 50/30/20 rule and crafting an emergency fund, to fascinating real-world stories of clients who overcame credit hurdles, this episode is packed with insights for listeners at every stage of their financial journey. Joel and Zach break down the psychology behind money decisions, offering easy-to-follow strategies to help you stay focused, avoid costly mistakes, and make the most of your hard-earned dollars. Curious about how to protect your investments, boost your financial confidence, and outsmart the common biases holding you back? Click to listen and empower yourself with the tools and wisdom to achieve lasting financial wellbeing—and maybe even learn how to make your favorite cocktail along the way! 

**The Accunet Mortgage and Realty Show - Episode 9/14/25**Mortgage rates hit their lowest point in a year, and (some) homeowners are finally waking up from the “one percent rule” coma that's been costing them real savings. This episode serves up real client wins and exposes the outdated advice.One smart homeowner just pocketed $3,000 in annual savings on a refinance without spending a dime on closing costs.**What you'll actually learn:**- Why the mortgage math from previous decades doesn't work in 2025- How new FEMA declarations from the m August floods in Wisconsin will add another layer to the appraisal process- Divorce refinancing advice that helps avoid  liquidating your retirement accounts- Pre-approval strategies that make sellers excited to say Yes- Why timing the Federal Reserve doesn't workFrom escrow account strategies to appraisal waiver wizardry, this episode cuts through mortgage industry nonsense with practical advice you can actually use. Whether you're house hunting, refinancing, or untangling your financial life post-divorce, discover why being smart with your mortgage beats being stubborn every time.Stop overthinking. Start saving.​​​​​​​​​​​​​​​​Accunet Mortgage LLCNMLS ID 255368Equal Housing Lender

NY Marxist AG Tish James has found herself in another new scam. Mortgage records indicate that she committed mortgage fraud on a $200,000 “Credit Line Mortgage” with Citizens Bank in 2021. The Supreme Court Bats Down Biden Judge, Allows Trump to Resume Sweeping Immigration Raids – Sotomayor Fumes. Scott Bessent issuing a smackdown to Kristen Welker over the weekend - proving the MSM and dems know nothing about the economy!Sponsor:My PillowWww.MyPillow.com/johnSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos. In this conversation we discuss Oracle going up 40%, what is going on in the stock market, what will happen with interest rates, job revision, AI, bitcoin, interest rates, and where asset prices could be headed. ===================== Markets are at all-time highs. Public equities are outperforming. And individual investors are driving it all. It's officially the rise of the retail investor. On September 12th in NYC, I'm hosting the Independent Investor Summit — a one-day event built exclusively for self-directed investors. We're bringing together some of the smartest public market investors I know for a full day of macro insights, market predictions, one-on-one fireside chats, and actionable investment ideas from each investor. This is going to be an absolute banger event. Join us if you like markets and think retail is two steps ahead of Wall Street.

Mortgage rates have dropped to a new low for 2025, now averaging 6.27%. The surprising part? It happened even as inflation came in hotter than expected. The reason lies in a sudden spike in jobless claims, led by Texas, that shook bond markets and sent Treasury yields lower. In this episode, Kathy Fettke breaks down why labor data is outweighing inflation concerns, what continuing claims at a three-year high signal for the job market, and why bond traders are betting on a softer economy. You'll also learn what level of jobless claims could tip the U.S. into recession territory — and why the upcoming Fed meeting could be one of the most dramatic in years. JOIN RealWealth® FOR FREE https://realwealth.com/join-step-1  FOLLOW OUR PODCASTS Real Wealth Show: Real Estate Investing Podcast https://link.chtbl.com/RWS

Featured on WGN Radio's Home Sweet Home Chicago on 09/13/25: Lindholm Roofing's Assistant Manager Mike Huston to the rescue! Listen in as Mike discusses preparing your home exterior for the changing seasons. Also hear about a new Illinois benefit for World War II veterans and a local veteran fundraiser! To learn more about what Lindholm […]

Featured on WGN Radio's Home Sweet Home Chicago on 09/13/25: IRS Tax Attorney Steven A. Leahy of the Law Office of Steven A. Leahy, PC with Opem Tax Advocates, joins the program to discuss the Illinois Tax Amnesty Program, how the IRS will stop accepting paper checks, and the looming deadlines for tax returns.. To […]

Featured on WGN Radio's Home Sweet Home Chicago on 09/13/2025: Aimee Ferrarell joins the show to discuss home assessments using Dwell Safe software, allowing Access to work with licensed therapists to help determine the areas of concern in the home! She also talks about tactics other accessibility contractors might use to get more money out […]

Jon Hansen sits in for David Hochberg this week and starts the show with Michael Huston of Lindholm Roofing, who joins the show to discuss preparing your home exterior for the colder seasons. Then, IRS Tax Attorney Steven A. Leahy of the Law Office of Steven A. Leahy, PC, with Opem Tax Advocates, talks about the Illinois Tax Amnesty […]

Veronique de Rugy critiques US tax "carveouts," identifying them as inefficient special interest deductions that often fail to incentivize desired behaviors, citing employer health insurance and mortgage interest deductions. While a flat tax would streamline the system and boost economic growth by focusing on consumption, de Rugy emphasizes that no tax system alone can resolve the severe US debt crisis; crucial reforms to Social Security and Medicare are indispensable. 1870 SIEGE OF PARIS

Mortgage rates fall to a yearly low. Will the Fed cut drive them down further? Or is the cut already priced in? Learn more about your ad choices. Visit megaphone.fm/adchoices

On today's episode, Editor in Chief Sarah Wheeler talks with Lead Analyst Logan Mohtashami about the lowest mortgage rates of the year and how rates were impacted by the CPI report and jobless claims. Related to this episode: Mortgage rates hit new 2025 low as jobless claims spike | HousingWire ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HousingWire | YouTube⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠More info about HousingWire⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Enjoy the episode! The HousingWire Daily podcast brings the full picture of the most compelling stories in the housing market reported across HousingWire. Each morning, listen to editor in chief Sarah Wheeler talk to leading industry voices and get a deeper look behind the scenes of the top mortgage and real estate stories. Hosted and produced by the HousingWire Content Studio. Learn more about your ad choices. Visit megaphone.fm/adchoices

Mike Armstrong and Paul Lane discuss firm inflation and soft jobs data pull the Fed in opposing directions. Economists see Fed rate cut next week and at least one more in 2025. Mortgage rates are at an 11-month low. Will that save this housing market? Labor hoarding looks close to painful end.

With a tsunami of mortgage renewals hitting this fall and wild swings in rate predictions, borrowers are scrambling to navigate unprecedented volatility in the mortgage market. Mortgage broker Kyle Green sits down with Adam & Matt this week to decode the chaos as his team sees a 50% spike in inquiries while Bank of Canada rate cut odds swing from 15% to 90% in a single week. From the Trump tariff impact that flipped variable versus fixed strategies to banks pushing aggressive year-end specials before October deadlines, this conversation cuts through the noise to reveal what actually drives your mortgage rate and when timing might save you serious money. Will September finally bring the rate relief borrowers are banking on? What's behind the disconnect between falling rates and flat market activity? And when the spread between three-year and five-year terms is only 20 basis points, how do you calculate which option actually saves you money over time? Don't miss this essential fall mortgage guide!   

Think you can't afford to buy a home in Kansas City or that the mortgage process is a headache? Think again! In this episode of "In a World With Real Media," host Brad Burrow sits down with Danielle Hugunin and Jarod Temple—producing area managers at Bell Bank Mortgage—to reveal little-known Kansas City mortgage grants, why family-owned banks are shaking up the industry, and the real strategies behind buying your first (or next) home in KC. Learn how Bell Bank's unique “Not For Sale” culture, hands-on service, and commitment to community can make all the difference. Whether you're a first-time buyer, a parent helping your kids build credit, or just curious about the wild world of real estate, this episode is packed with actionable advice, surprising tips, and stories you won't hear anywhere else. Tune in and discover how you can unlock the door to your dream home in Kansas City—often with less money down than you ever imagined!

Ever since interest rates started to rise in 2022, the American mortgage market has been stuck. With recent economic data, though, mortgage rates have been coming down and it's bringing buyers and refinancers out of the woodwork. Plus, Oracle's record breaking market day and the continued rise of the exchange traded fund. Tyler Crowe, Matt Frankel, and Jon Quast discuss: - Mortgage applications jumped the most in over three years - Oracle's multi-year backlog and the implications for AI - Exchange Traded Funds outnumbering stocks for the first tim - Stocks (and ETFs) on our radar. Companies discussed: RKT, UPST, ORCL, STX, AMD, QTUM, VTWO Host: Tyler Crowe Guests: Matt Frankel, Jon Quast Engineer: Dan Boyd Disclosure: Advertisements are sponsored content and provided for informational purposes only. The Motley Fool and its affiliates (collectively, “TMF”) do not endorse, recommend, or verify the accuracy or completeness of the statements made within advertisements. TMF is not involved in the offer, sale, or solicitation of any securities advertised herein and makes no representations regarding the suitability, or risks associated with any investment opportunity presented. Investors should conduct their own due diligence and consult with legal, tax, and financial advisors before making any investment decisions. TMF assumes no responsibility for any losses or damages arising from this advertisement. We're committed to transparency: All personal opinions in advertisements from Fools are their own. The product advertised in this episode was loaned to TMF and was returned after a test period or the product advertised in this episode was purchased by TMF. Advertiser has paid for the sponsorship of this episode. Learn more about your ad choices. Visit ⁠⁠⁠megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

The $13T U.S. mortgage market serves 50M homeowners but still runs on decades-old software. In this episode, a16z GP Angela Strange hosts Tim Mayopoulos (ex-CEO of Fannie Mae and ex-president of Blend), Mike Yu (co-founder and CEO of Vesta), and Andrew Wang (co-founder and CEO of Valon) to unpack why standardization and regulation slow change, and how modern loan-origination and servicing platforms, cleaner data, and AI can cut costs, boost transparency, and reduce errors. They also discuss policy levers that could speed innovation and what a true one-tap mortgage could look like. Timecodes: 00:00 Introduction 00:59 The Scale and Structure of the US Mortgage Market01:33 Why Mortgage Tech is Slow to Change02:00 Challenges of Standardization and Regulation03:41 The Human Side of Home Buying07:43 Old Software and Its Impact on Homeowners11:16 Data Transparency and Capital Markets13:17 Building New Mortgage Infrastructure: LOS and Servicing16:22 Operational Challenges and Opportunities in Servicing22:04 Driving Digital Adoption at Fannie Mae25:15 Modernizing Data and Appraisals28:27 Core Replacement vs. Wrappers: Tech Strategies35:29 AI in Mortgage: Today and Tomorrow40:42 AI, Regulation, and the Future of Compliance43:54 Advice for Lenders Preparing for an AI Future47:49 Visions for the Future of Mortgages Resources: Find Angela on X: https://x.com/astrangeFind Tim on LinkedIn: https://www.linkedin.com/in/timothy-j-mayopoulos-56972a45/Find Andrew on LinkedIn: https://www.linkedin.com/in/wangandrewd/Find Mike on LinkedIn: https://www.linkedin.com/in/mikeyu1/ Stay Updated: Find a16z on X: https://x.com/a16z Find a16z on LinkedIn: https://www.linkedin.com/company/a16z Listen to the a16z Podcast on Spotify: https://open.spotify.com/show/5bC65RDvs3oxnLyqqvkUYX?si=3E8B3qT9TyiwAHJ7JnaKbgListen to the a16z Podcast on Apple Podcasts: https://podcasts.apple.com/us/podcast/a16z-podcast/id842818711Follow our host: https://twitter.com/eriktorenbergPlease note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.

With a reverse mortgage, can you retain title to your home? Are reverse mortgages insured or guaranteed? Do reverse mortgagaes have a maturity date? This week's guest on the Crushing Debt Podcast is Gary Guarino, Vice President with Senior Lending, focusing on the HECM (Home Equity Conversion Mortgage), better known as a reverse mortgage. Gary has been a VP of Senior Lending for the last 26 years and is a Home Equity Retirement Specialist.  He is regarded as a leading expert on every aspect of the FHA-Insured HECM Credit Line as well as the proprietary Jumbo Reverse Credit Line. You can reach Gary at GaryG@senior-lending.com, or visit his website at www.senior-lending.com.  Shawn, George & Gary talk about Myths (and facts) surrounding reverse mortgages Title theory v. lien theory FHA Insured products Recourse v. Non-Recourse loans What is required to borrow under a reverse mortgage And other questions regarding HECM loans. Let us know if you enjoy this episode and, if so, please share it with your friends! Or, you can support the show by visiting our Patreon page: https://www.patreon.com/crushingDebt   To contact George Curbelo, you can email him at GCFinancialCoach21@gmail.com or follow his Tiktok channel - https://www.tiktok.com/@curbelofinancialcoach   To contact Shawn Yesner, you can email him at Shawn@Yesnerlaw.com or visit www.YesnerLaw.com.  

In this conversation, John Thomas, a seasoned real estate investor and educator, shares his journey into real estate, discussing his experiences with various asset classes, the importance of understanding mortgages, and the challenges faced by first-time homebuyers. He emphasizes the significance of working with knowledgeable professionals and offers creative strategies for entering the real estate market, particularly for those looking to build wealth through property ownership.   Professional Real Estate Investors - How we can help you: Investor Fuel Mastermind:  Learn more about the Investor Fuel Mastermind, including 100% deal financing, massive discounts from vendors and sponsors you're already using, our world class community of over 150 members, and SO much more here: http://www.investorfuel.com/apply   Investor Machine Marketing Partnership:  Are you looking for consistent, high quality lead generation? Investor Machine is America's #1 lead generation service professional investors. Investor Machine provides true ‘white glove' support to help you build the perfect marketing plan, then we'll execute it for you…talking and working together on an ongoing basis to help you hit YOUR goals! Learn more here: http://www.investormachine.com   Coaching with Mike Hambright:  Interested in 1 on 1 coaching with Mike Hambright? Mike coaches entrepreneurs looking to level up, build coaching or service based businesses (Mike runs multiple 7 and 8 figure a year businesses), building a coaching program and more. Learn more here: https://investorfuel.com/coachingwithmike   Attend a Vacation/Mastermind Retreat with Mike Hambright: Interested in joining a “mini-mastermind” with Mike and his private clients on an upcoming “Retreat”, either at locations like Cabo San Lucas, Napa, Park City ski trip, Yellowstone, or even at Mike's East Texas “Big H Ranch”? Learn more here: http://www.investorfuel.com/retreat   Property Insurance: Join the largest and most investor friendly property insurance provider in 2 minutes. Free to join, and insure all your flips and rentals within minutes! There is NO easier insurance provider on the planet (turn insurance on or off in 1 minute without talking to anyone!), and there's no 15-30% agent mark up through this platform!  Register here: https://myinvestorinsurance.com/   New Real Estate Investors - How we can work together: Investor Fuel Club (Coaching and Deal Partner Community): Looking to kickstart your real estate investing career? Join our one of a kind Coaching Community, Investor Fuel Club, where you'll get trained by some of the best real estate investors in America, and partner with them on deals! You don't need $ for deals…we'll partner with you and hold your hand along the way! Learn More here: http://www.investorfuel.com/club   —--------------------

Mortgage demand jumps to the highest level in three years, as interest rates drop sharply. Should you buy now or wait for lower mortgage interest rates? In this LIVE episode we will discuss the current housing market while updating you on mortgage rates and the economy to help you become The Educated HomeBuyer..Start your stress-free loan journey todayJoin Rate Watch – we'll watch rates for youEmail: info@theeducatedhomebuyer.comConnect with Us

Mortgage rates fell this week to their lowest level in nearly a year due to widespread expectations that the Federal Reserve will cut rates next week.  The average 30-year fixed mortgage rate fell to 6.35%. That's the lowest level since October.  But there is still one major problem with the housing market and we'll let you know what it is, today on the Jon Sanchez Show at 3pm.

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NY Marxist AG Tish James has found herself in another new scam. Mortgage records indicate that she committed mortgage fraud on a $200,000 “Credit Line Mortgage” with Citizens Bank in 2021. The Supreme Court Bats Down Biden Judge, Allows Trump to Resume Sweeping Immigration Raids – Sotomayor Fumes. Scott Bessent issuing a smackdown to Kristen Welker over the weekend - proving the MSM and dems know nothing about the economy!Sponsor:My PillowWww.MyPillow.com/johnSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Title: How to Quit Your W-2 and Never Look Back with Jamie Bateman Summary: In this episode of Raise the Bar Radio, Seth Bradley welcomes Jamie, a military veteran turned real estate and mortgage note investor, who shares his story of transitioning from a W-2 career into entrepreneurship and financial freedom. Jamie discusses the phases of his life, including collegiate sports, military service, and a long stint at the Department of Defense before pivoting to real estate and eventually mortgage note investing. He emphasizes how discipline shaped his journey and how shifting mindset, focusing on strengths, and leveraging his network were key to taking ownership of his life and finances. Jamie also dives deep into the mortgage note investing space, explaining how performing and non-performing notes work, the active nature of the business, and how he now offers passive investment opportunities for accredited investors. He closes by highlighting the importance of planning with intention, overcoming perfectionism, and using passive income to create margin and freedom in life. Links to Watch and Subscribe:  https://youtu.be/nRyX8_YA9YI Bullet Point Highlights: Discipline builds freedom - Sports, military, and entrepreneurship all instilled the value of discipline, which Jamie says is critical for success and freedom. W-2 life wasn't the path - Jamie recognized through his commute and stagnant career trajectory that he didn't want to follow the traditional path, sparking his exit plan. Mindset shift was essential - He stopped consuming negative news and started focusing on education and his strengths to shift into entrepreneurship. Mortgage note investing explained - Performing notes offer cash flow while non-performing notes offer the chance to add value, akin to fix and flips. However, both are active businesses, not passive. Passive income fuels risk-taking - Creating passive income streams allowed Jamie to take entrepreneurial risks while maintaining financial security. Action beats perfection - As an entrepreneur, chasing perfection isn't practical. Done is better than perfect. Reverse planning drives clarity - Backwards planning from a vivid vision 3-5 years into the future increases urgency and helps set clear, intentional actions. Final advice - Start by investing passively to learn, and later you can decide whether to become active. Don't underestimate the transferable skills you already possess. Transcript: (Seth Bradley) (00:02.062) What's up, builders? This is Raise the Bar Radio, where we talk about building wealth, raising capital, and all in all, raising the bar in your business and your life. This is the No BS podcast for capital raisers, investors, and entrepreneurs who are serious about scaling their business and living life on their own terms. I'm Seth Bradley, securities attorney, real estate investor, and entrepreneur, bringing you world-class strategies from the best in the game.   If you're ready to raise more capital, close bigger deals, build a better you and create true financial freedom, you're in the right place. Let's go. Jamie, what's going on, brother? Welcome to the show.   Thanks Seth, is awesome. I'm excited to be here and I'm hoping to add some value.   Absolutely, man. Third time's a charm. We've been trying to get this scheduled after I was on your show, which was fantastic. Had a really good time on that show and I think it turned out pretty good. I know we're going to deliver on this one as well.   Yeah, we're gonna try to try to I'll try to do as good a job as you did. So yeah, was that was a yeah, no, I that was a very, very good episode from adversity to abundance. highly recommend your your listeners check that one out to your episode on that show. So thanks for thanks for doing that.   (Seth Bradley) (01:20.086) Absolutely, man. You're an incredible interviewer. I've net, that's the only, I've been on dozens of podcasts and, you know, you pulled out a lot of things for me that I've, I've never talked about on the air. So it's pretty, pretty awesome. Pretty awesome show, man.   Appreciate that.   Cool man, well let's just jump right into your background man. What's your story? Take it back as far as you'd like to brother.   Yeah. Man, I'd like to think that life has phases. So I've had a few different phases in my life. I come from a large family. I'm the oldest of seven kids and we always had a competitive background as far as team sports and things like that. So I played lacrosse in college. That was always a foundational piece of my life and just kind of   think from there learned how to be a part of something bigger than myself and how to work toward a common goal with a with a team. So that's been something that's been a kind of a thread through my life and then got married and joined the military and actually joined the military technically before I got married, but seemed like I got married and then ran off and ran away from my wife. But it's not exactly what happened. But   (Jamie Bateman) (02:36.02) I joined the military, was an officer in the US Army. I did miss my first three wedding anniversaries through deployment and things like that. And again, it was a matter of trying to be plugged into something, you know, to serve and be a part of something bigger than myself and trying to add value like I think we all want to do. I've obviously glossed over a lot of details, but those were a couple of inflection points, I guess, if you will, like you like to talk about, I know.   And so my military career transitioned into a career with the Department of Defense as a civilian, and did 14 years as a civilian with DoD at Fort Meade. And the first half, so the first seven, for all you math wizards out there, was full time. And then the second half, the second seven years was part time. And that   seven years is when I was really building my businesses, which are largely real estate investing and mortgage note investing focus. So we can get into the details there. And then in 2022, I ended up quitting my job and now I have a few different small businesses that I run. And like you, Seth, I've got a lot of different things that I'm juggling and   You know, so, but yeah, I love talking about taking ownership of your financial situation and taking ownership of your life really. And I know that you and I have that in common. So yeah, that's a high level overview of my background.   Awesome, man. I appreciate that. There's a lot to unpack there. You know, going back to playing sports all the way up to the collegiate level, that's incredible. I always like to think even playing like popcorn or football back in the day, you need a way to instill discipline in yourself. And that's kind of the oldest memory I can think of where it was hard, right? Like it was like you've got a coach screaming at you.   (Seth Bradley) (04:38.134) Like back in the day, it's like, you know, they wouldn't give you water unless you like, you know, for like an hour, which I don't think they do that anymore now. But, you you had to earn that drink of water and all those sorts of things. But you you really learned what it's like to work hard and you really learned what discipline was all about. And I would say that and you can you can expand on this. But I would say that, you know, being in the military yourself, that takes it to a whole new level.   Right. It's like you got that from sports. You got that from the military.   Yeah, definitely. I mean, obviously, they're very different in a lot of ways. But that is certainly a common theme is being disciplined. And people, people shy away from that word, because it just sounds like work or no fun and no flexibility. But I found that having discipline in your life ends up adding more freedom in a sense, because you kind of have your foundational pieces set in stone, you don't have to think about those. And so, yeah, regarding   team sports, it's really a matter of, you know, everyone doing their part, right. And so there's a level of individual discipline and, and then just, and then also just kind of putting the putting the group ahead of yourself. Obviously, you know, you want individual, there's nothing wrong with individual accolades. And I was certainly chasing, you know, those individual accolades. It's not something I shied away from, I was definitely was wrapped up in   trying to be an All-American and that kind of thing. And did get that a couple of times, you know, but at the end of the day, nobody really cares about that. And the way I viewed it was if I was doing my part, and I got those, you if I was scoring goals in lacrosse, as an example, that means I'm contributing to, you know, to the team, right. And so there's obviously a fine line there, but of going too far, either way. But yeah, that discipline is critical.   (Jamie Bateman) (06:36.73) you know, even it's certain I played at a high level in college and there was year round your training your your your into it. It was a division three school but it but the reality was we worked just as hard as any any D one program and yeah, it's it's a these are skills that have paid off and are absolutely transferable to the rest of life.   For sure. Yeah, I think you've got to get those intangible things. You've got to develop them somewhere along the way, whatever that is, if that's sports or the military or from your parents. mean, you can get it from different places, but you definitely need it. I mean, we're in different stages of our life at this point. talking about a lot. We talk about freedom and flexibility and fun to try to get away from kind of the W-2 mindset.   But in order to achieve freedom, flexibility and fun in a successful way, have to be disciplined to be able to get there. You had to have done something successfully to be able to get there or maybe what separates you from the guy living in a van down by the river. That guy has freedom and flexibility. I don't know about fun, maybe fun, but it's a different, obviously it's a different outcome.   Yeah, and I, I think I still need, you I still use a lot of discipline today. It's still, still required, but it's, I guess it's self imposed. And, you know, I just love, love having that flexibility and that freedom that comes along with being an entrepreneur. So yeah, it's been a central piece to my success for sure. But I still, I don't think it ever, you know, goes away. I just get to pick and choose what, you know, what discipline I want to   kind of enforce on myself, I guess. So yeah, absolutely. And as you said, the military was a huge part of that for me as well. I mean, that's a different kind of, different kind of discipline and different kind of teamwork and different, you know, if you lose the lacrosse game, okay, you lost the lacrosse game, but military the stakes are a little higher. So maybe certain things are more important attention to detail or critic is critical and   (Jamie Bateman) (08:53.73) But at the end of the day, it's, the same principles apply across both, I guess, sectors, if you will.   For sure. So let's dive into that transition. You started working kind of part-time there for seven years, so that seems like a transitional period. How were you able to progress from that W2? And what I've heard you say is call yourself a W2 quitter. I love that. How were you able to progress from a W2 person to a W2 quitter? What enabled you to do that and what that transition looked like?   I mean, you know, I do remember in 2015, probably a little bit maybe maybe say 2014. But I just you get, you know, I had a wife and two kids and I had the commute the long commute that I know a lot of people can identify with. So it just was Groundhog Day was the same thing over and over and over. And that's not me sitting here complaining about my family or having having the opportunity to work.   But after a while, it gets old. Let's just be real, right? So it's like you're sitting in traffic and I just, you start looking at, you know, I worked for the government and you look around and you say, who, okay, who's sort of ahead of me on this? Like you, like I think you probably mentioned on our, on your, your show and my, show, your episode, you look around to the people who are more kind of further along the path than you. You say, do you want to be that person? Is that the life you want? And man, I did not want that.   And it just just having that just super long term just you know, pot at the end of the rainbow, I guess, nothing driving me in the interim, man, it was it was just it was brutal. So I probably did a little woes me for a little bit there a little victim mentality for a bit. But then you start to realize, like, okay, if you don't take ownership of your own life, no one's going to right. So   (Jamie Bateman) (10:54.934) No one's going to come in and do this for you. So I'm not sure what truly, you know, created the change in my mindset, but my mindset absolutely started to change and it just made a shift. And I, and I stopped watching cable news. I stopped, just, you know, stop paying attention to all the things that I can't control. And I couldn't control back then and, and started saying, no, what do I have? What are my strengths? Who is in my, who's back to the team thing.   who's on my team, who's in my network that I can add value to and who can add value to me. So I started looking around and my father was a realtor for many years. My brother was a loan officer. We had one rental property at the time. I had worked at, I didn't mention, I worked at a title company and I worked for a mortgage broker before as well briefly. So I had this experience that a lot of people don't have and that's   you know, that doesn't mean I'm better than anyone. It just means these are my strengths. So let's point to that. And let's use that. So I started really being intentional about focusing on my strengths and my assets that I had in my life, right. And then another asset that I used to see as a liability was the time in the car. So I started listening to podcasts. you know, and then it turned into wait, I don't even want to go into work yet. Because this this podcast episode is amazing. And I'm learning so much.   know, bigger pockets and all the other real estate podcasts and different investing podcasts and started using that mental bandwidth instead of focusing on national media stories that I have zero influence over. Here's something that I can actually take action on. And so in mid 2015, I went part time and it just so happens that at   DoD is one of the few agencies in the in federal government where you can go part time and still keep your benefits. So I still had health insurance for my family. You know, most people don't have that option necessarily, but well, I did. So that's what I did. And, and, you know, that's, again, decided to decide to start building my my other streams of income outside of my W two.   (Jamie Bateman) (13:15.752) my circumstances been different if I was single, I probably would have just quit the whole thing, right? But I was able to have that kind of laddered approach, I guess, or tiered approach to kind of ripping off the bandaid.   Yeah, yeah, no, that's awesome. I love just the idea of taking ownership of your life, right? Like everybody has those moments where they're feeling sorry for themselves. But the successful people, they don't sit there and stay in that mindset. They move on. You're going to be there sometimes where you've got to get out of it. You got to say, OK, what can I control? What can I change? And you don't say you don't give other people the power to control.   you and your mindset and how you feel about your life. Right. Like that's that's that's the thing. Like if you you're constantly blaming someone else or saying this happened to me rather than what can I do to get myself out of it, then you're going to be stuck there forever. You're going to be absolutely going to be spinning your wheels forever. And a lot of that, I think, helps because you said you don't listen. You don't watch the news. I don't either. No, it's a waste of time. What control? What does that do for us? If I do watch it.   I literally do it for entertainment and you look at it as an entertain. I look at it like I'm watching. I look at it like this is funny. Like I can, you know what I mean? You kind of analyze it like, this is funny. This guy's saying this in a debate. Right. This guy's saying that it's not taking it as a news and this is how I should live my life because of what they're saying.   sports almost.   (Jamie Bateman) (14:43.341) Fact.   (Jamie Bateman) (14:48.078) Absolutely. And it's not to say that none of these topics are important, mean, global war, politics, poverty, global warming, whatever, it's all very important, but I have zero control over it, almost zero, right? And then the other thing is fear sells and that's what they're selling. And so it doesn't mean that every story is invented and it's all fake news, but it's   it just doesn't serve me. And so I'd rather focus on, you know, go ground up and kind of just, I see it in people, maybe older people in my own life now who maybe are retired and they watch the news all day. And it's like, they won't travel because they saw a news story that the airports are packed or something. And, you know, it's, I'm sure that story was, was accurate, right. But it, but the, but the news can filter out and you end up only focusing on   the negative really, and it just didn't serve me. yeah, during that lot, the second seven years, I was able to build out my wife and I were doing single family real estate investing and doing a lot of the BRRRR method that maybe some of your audience is familiar with. And so kind of putting that capital back into the rental property machine and expanding our portfolio. And then eventually last year, well, and   2018, made the pivot, I kept the rental properties, but made a pivot to also add on mortgage note investing. And that's been my primary focus as of late. And if you want, can tell the story quickly about how I actually quit my job in 2022. I think it's kind of a funny one.   Absolutely, let's do it.   (Jamie Bateman) (16:38.318) All right. So, I, so I, two years ago, I was playing badminton and, I'd been doing now, mind you, I used to be like tough, you know, athlete. And like I did, you know, did jujitsu for three years right up before this. And, know, I used to lift weights a lot and still do it here and there, but, you know, I think I'm tough. Right. And,   ruptured my Achilles playing badminton. So that's an ego blow to add on to the physical pain that you know, especially with the recovery. So rupture my Achilles a little over two years ago today and I was out of work, it was my right right foot. And the reason I bring this up is not for sympathy, but to say, you know, I couldn't drive for three months. So I actually, yeah, and I had tons of leave from from work and   By this time, I was tired, really tired of my, I was pretty much checked out. Like I think you, might've been at your, your big law job, but I was, I was checked out. mean, I wasn't the best employee at this point. And so I took as much leave as I, as I could, you know, reasonably right. And so, but couldn't drive. And so I was out for three months and I come back. So come back into work and I'd had discussions with my wife about, about leaving. was just a matter of, of when, not if.   That's right   (Jamie Bateman) (18:04.43) I can tell you truthfully, I had no idea that I was going to quit this day, but I came back in from having been out for three months. Mind you, no one gave me a call. No one from work, no one from my management gave me a call the entire three months I was out, other than to say, to ask me, are you vaccinated? Because you have to be vaccinated to be, to get inside the building. Now, I don't want this to turn into some controversial vaccine discussion.   or get your podcast banned from something but yes, I'd been vaccinated to answer the question. But no one asked me how's your how's your recovery going? Like how you what do you you know, how's your life? You know, what's it's just are you vaccinated, you need to get that shot before you come in? Okay, great. Thanks. I really feel welcome here. So I'm already just, you know, you know what, screw this place, right? Come back in and just   go to my desk, and this is this is an office space kind of thing where I go to my desk and there's some there's an Air Force kid at my desk and long story short, they kind of moved me somewhere else without telling me I can't find my desk, I finally find it, it's got a box with my name on it with, you know, monitors sideways and all and clearly not a functioning desk and, you know, office space. So I literally quit that day. And I just say that it's just like,   I knew 100 % I was done. My wife didn't know I quit, but I quit that day. Still worked for another month or two, but there was no question, zero question in my mind, I'm done with this place. So that was March of 2022. And ever since then, I've just focused on building out my businesses and having look back.   That's awesome. Sometimes you just know, right? Like sometimes it's done. You just knew. I love that story, man. For me, it was a little bit. You already know the story, but for me, it was a little bit more of someone else's decision. I got fired. mean, and you mentioned that, you you weren't the best employee at that point. Correct. I knew the same thing. And it's great to have awareness and perspective and kind of looking back now, you're like, I would have done the same thing. Like this guy doesn't want to be here.   (Seth Bradley) (20:21.292) His output isn't what it should be. Like, he's got to go. mean, he's not the best employee. And as a business owner now, I have really good perspective of that and seeing that. And they were doing me a favor by being like, hey, your heart's not in it, it? And I'm like, no, it's not.   It's not. Yeah. The reality is for me, it's really hard to work. know, once you go part time, I mean, I knew I was casting a vote against my career progression there. So as soon as I went part time in 2015, I wasn't saying I'm in this for the long haul guys. This is this is my focus. You know, it's the writing's somewhat on the wall. Looking back, it's almost surprising. I lasted as long as I did. But so, yeah, haven't looked back and just loved love the entrepreneurial   you know, day to day and freedom that you alluded to and just the multiple streams of income and certainly has its challenges. I probably work harder now than ever than I ever have. But it's by choice. So I love it.   Exactly. Same here, man. mean, it's, you my days are long. I mean, I get up way before I used to get up when I had a 95. I worked past when I would have worked a 95 and definitely more hours. But when you're doing it for yourself and you're doing it because you're working towards something that you believe in, it doesn't feel like you're putting that much time in.   Definitely. I wake up early. A lot of days not on purpose is because I'm just excited to get cracking.   (Seth Bradley) (21:55.886) So, yeah. absolutely. Yeah. Well, let's kind of get into your current business. I know you mentioned that you focused on your strengths and your assets. Yeah. And, you know, I think it's important. just say it's important to take an inventory of what your strengths are when you're kind of considering going into something else, because a lot of our listeners are attorneys, they're doctors, folks like that. They kind of feel like maybe they're pigeonholed, right? Like, well, if I'm not an attorney, what the hell else can I do?   Right. And like, I don't know anything about real estate investing or node investing or starting a business or anything like that. But if you really take a step back, you probably have a lot of skills that you've learned and honed in your career that you can use for something else moving forward. And that was that's what you were able to   to do. Definitely. And one thing I'd say is that, you know, one thing that's always comforting for me is nobody knows everything, right? So you can always find somebody who knows more than you in a certain area. You know, there's one quote about every man is my superior in something, right? So basically, it gives me a lot of comfort to know, like, just because an attorney listening to your show knows a   way more than I do about a particular topic and probably many, many other topics. That doesn't mean I'm less of a person or you know, I don't know more than that attorney does in another area. So it's okay, I'm never going to know everything. There are other people who've already figured it out. So you know, that's, that's always comforting to me is to when I say look to your strengths, it's also looking to the people in your network who know, it can help you get to where you want to go. So yeah, I mean,   So many things we take for granted that we do know. you know, example, when I started working at a title company, fresh out of college, because it was my first real job, and it paid, you know, a salary. I realized quickly how little I knew about title insurance settlements, you know, just just basic stuff. Now looking back, pretty basic stuff. But you don't know that unless you work for a title company, or you're heavily involved in this, you don't you're not.   (Jamie Bateman) (24:10.03) trained in that in school typically, right? So, you know, you forget and so your your listener out there, the attorney, the doctor, guarantee they have a lot of life experience, not just from their professional world, but just life experience that they shouldn't take for granted. And the fact that you can go through law school and then be, you know, be an effective attorney, or go through medical school and be an effective doctor, that that means you you can learn things, right? And so   Again, I'll go back to life as seasons. I mean, you've shown that in your own story, Seth, like, you know, it's a, doesn't mean just because I started a certain business doesn't mean that's going to be what I'm going to be doing for the next 20 years, or just because I'm an attorney now, it doesn't mean that's what I have to do for the rest of my life. So we always have options. mean, you might look back and wish you'd done something differently or something, but you only have one chance at this. And so,   you know, just make the most of it and just keep, think, keep learning constantly is critical. I just hired a business coach, we've had one call. But one of his mottos is, you know, one of his sayings is that he's always he's in permanent beta. So he's always changing, always improving, he's always growing. So I'm trying to trying to implement that as well.   (Seth Bradley) (25:40.64) the interruption, but we don't do ads. Instead, know that if you're raising capital for real estate, my law firm, RaiseLaw, is here to give you the expert legal guidance you need to raise capital compliantly and structure and close your deal. And if you're looking for a done-for-you fund-to-fund solution, Tribest is the industry's only all-in-one setup and fund administration solution. Visit Raise.Law and Tribest.com to learn more.   Yeah, I love that permanent beta. I haven't heard that before, but I like that. I like that phrase. like that phrase. So tell me about your current business. Tell me about MortgageNode Investing. Start with the basics. What is it?   Yeah, so and, and I'll try to keep it, there's so much to it. But again, none of it is difficult. It's just a lot of moving parts and you've got to, you know, takes time to learn. We buy debt, so we buy a mortgage note, and that could be performing or non performing. The real high level version is, is a performing note is kind of like a long term buy and hold rental property.   but you're buying the debt and becoming the lender, becoming the bank, if you will. And so you're buying that performing note for cashflow. So I buy a performing note, the borrower now pays me through a loan servicer and I get monthly payments. So that's a great way to go. The problem with that is you can't really add value to that asset very well. You're kind of, it is what it is. And in fact, with mortgage notes, the value actually goes down over time, generally speaking, because   principal balance goes down. So it's just, it's worth less than, you know, then, you know, then it would then it was when you bought it. Then on the other side, the non performing side of things, we buy those as well. And those are more like a fix and flip property. So although we're still buying the debt, we're not buying the property. But there's a chance to add value, there's an opportunity to buy distressed asset and add value to that asset and then sell that that non performing note, either well,   (Jamie Bateman) (27:49.826) I should say sell that asset, whether that's as a re performing note, or as through the the real estate itself, there are a few different ways you can exit a non performing note deal. And but, but back to your kind of one of the themes thus far, one of the reasons I got into specifically that space was that I understood the real estate space. So I understood the single family, residential real estate space. So it wasn't a huge leap for me to go from   owning the property to now owning the debt on that property. Whereas it would have been a lot bigger leap for me to say, I to start buying distressed, you know, multifamily debt, which I know you could probably help me understand better. But at that, you know, it's like, incremental progress and change isn't that scary. So I kind of expanded my, you know, toolbox, if you will.   and got into the mortgage note space. So we have a couple of note funds. One is open currently and they're all for accredited investors. the income fund that's open pays a monthly, aims to pay a monthly preferred return. I know you and a lot of your listeners are attorneys, so I gotta hold the line here. And...   So the fund is structured to pay, to aim to pay a monthly return of 8%. It's not a, there's no growth in that fund. It's literally a cashflow play and diversification play. You're putting your capital in. We buy assets across the country. We've bought notes in probably 25 states at this point. And so the investment is diversified across geographic areas, across borrower types.   And we buy for a certain yield, we take a small management fee, and then we ideally pay the preferred return that we're aiming for to our investors.   (Seth Bradley) (29:56.686) Yeah, nice. 506c, you're able to talk about it. It's a credit investors only. Just want to that out there. yeah, I mean, so just going back to the basics a little bit and we'll get back into the fun. Like, how do you, how do you even find these things? mean, yeah, that's, how do you get started? How do you find these things?   So I mean, that is an ongoing challenge. I'm not going to lie to you. That's one of the things that truthfully a passive investor who doesn't have time to develop the network to go find these assets, they're just not going to have success. They might here and there, but it takes time. It's a word of mouth industry, just like real estate itself is. so we've built out a network of sellers and that could be   quite honestly, I've never had luck buying directly from banks. It's really either a larger Mortgage Note fund that's closing. So it might be a three year fund and then they've got to, they've got to liquidate, they've got to figure out how to sell off what to do with these assets. And so that's a great opportunity to buy is just a fund that's closing or somebody a note investor who's getting out of note investing or they've had a life change or something, you know, where   they just, there's an opportunity to buy from them as well. And so there are other, you know, I guess we buy from hedge funds, note investors, other note funds. There are also note brokers as well out there. There are also some online exchanges like paper stack and a couple of others that you can go and I've bought and sold on paper stack and other exchanges as well.   And you can find assets there. But at the end of the day, have our list of people that we work with regularly. And I would say one thing is that doing due diligence on a note seller is just as important as due diligence on the assets that they're selling. And so it's taken some work and it's a work in progress always. But it is the million dollar question is where do find these assets?   (Seth Bradley) (32:12.598) Yeah. So that's the hard part, right? Finding these assets is the hard part. Have you ever had to foreclose on any of these notes and actually acquire the property? And I guess a follow-up question is, do you ever look at a non-performing note like, hey, I actually want to own that property?   So, great questions. Yeah, great questions. To be clear, we're not trying to kick people, you know, grandma out on onto the street or anything like that. You know, that's not our goal typically. Well, that's never our goal. But we're never trying to kick someone out of their home. But the reality is, some people honestly need a little bit of a kick in the pants. And oftentimes, that's not really the best them staying in the house is not often   the best scenario for them. know that might sound harsh, but at end of the day, if someone can't afford to live somewhere, sometimes these people are living in squalor and they really need a change of environment. To answer your question about do we target the property? Yes, sometimes we do. In fact, we just closed on to, they're called heckum loans or reverse mortgages, where the borrowers are deceased. The property is underwater, meaning, you know,   the loan amount is higher, than the property value. And it should be a quick exit through the property. So HUD will sell off these big pools of reverse mortgages. And we were able to purchase two of them very recently. It's a vacant property, you're not doing an eviction, borrower is deceased, you've got to work through the heirs or foreclosure and exit the property that way.   If your listener wants to go to my website, I've got a really good Jacksonville blog post, I've got a couple of blog posts about this deal. I still hold this rental today. And it was a non performing note that we purchased a few years ago. And I had no intention of exiting through the property or holding, holding the property as a rental property, but running the numbers, it just was too good to, to let go. so long story, but we, we   (Jamie Bateman) (34:22.51) ended up doing a deed in lieu of foreclosure actually in this case and got the property back and now it's a long-term buy and hold property for my own rental portfolio.   Yeah, that makes sense. It makes sense. There's always multiple ways to look at an investment, right? But it does sound, you know, it's not something that I've executed on myself, but it sounds like this is an active business, right? And that's why you've put together an income fund for people that want to get involved passively. as everybody knows, there's active investments, there's passive investments. If you're to do something active.   Maybe your returns are going to be a little bit better, but you're going to give up a lot of time and effort to get those returns. So if you want to go the passive side, if you're still full-time in your career, you're a full-time doctor or lawyer or whatever you are, these passive investments are the way to go without having to know every single detail about a new business.   Yeah, and I don't know if you can see this, but I wear this specifically for your for this   There it is. There it is.   (Jamie Bateman) (35:29.272) Passive income. You're absolutely right. You know, these gurus, some of the some of the note investing gurus out there will try to sell, you know, notes as passive. We have another blog post that talks about just the it's a spectrum, there's active and passive on either end. But at end of the day, if you're going to note investing in my world is very, very active. And we have a non performing note fund that's considerably more active than the performing note fund. So   You're dealing with foreclosures, bankruptcies, deed and loo, tracking delinquent property taxes. Do I have to physically go anywhere? No, but it is not passive. But that's why we offer the passive investment for people who, like you said, have maybe more capital than time or energy, and they want to put that capital to work.   That's right. There are certain gurus out there that, know, whatever it is that they are pitching, they tend to always pitch it as passive, even though it is an active business, that's money. Whether that's a mortgage note or I mean, people will pitch Airbnb short term rentals as passive. They're like, well, you can delegate this and you can, you know, you can automate that and there's software for all these things. But you still got to put all that stuff together.   Mm-mm.   (Seth Bradley) (36:48.396) You've still got to monitor all those things. still got to oversee all these different aspects of a business. And that's what it is. It's a business that you're running and it's not passive. Like, it's not, it's not. And it is on a spectrum. Some things are more passive than others, but when you're investing in, you know, as a passive investor into some sort of a fund or syndication, that's really leaning really far into the passive side.   Absolutely, 100%. And I'm, as you are, Seth, I'm, I assume you are, I know you're an active investor, but I do have passive investments myself in other, other funds, other note funds, and, and my own, my own note funds as well. And so nothing wrong with doing both, but I would say you need to be careful about, you know, you got to make a decision at some point, do you want to scale this thing and make this really a business? Or do you do you are you satisfied with?   potentially a little bit lower return and you are giving up some control but much, you know, much fewer headaches and just a lot less work.   Right. Yeah. And a lot of, you know, lot of the listeners are high income earning professionals. So they've already dedicated, put a lot of time and effort into being able to earn this much money from their W2. And that's probably your best bet, to be honest with you. I've been there. I was in those shoes. You're probably better off putting your head down and like, let's grind for a few years. Let's not spend every single dollar that we make on all the new stuff on a new car every two years or every year.   in a bigger house that you don't need. Like, let's set aside some of that and invest it passively. And then maybe one of those will stick. Maybe one of those passive investments will be a mortgage no fund where you're like, man, I kind of like this business. I like the sound of it. I've learned about it. And then you start maybe progressing on the active side and maybe that takes over. And you want to get into that as a business, as an entrepreneur. But a great way to kind of dip your toe in the water is to become a passive investor. That's the way that I did it in the,   (Seth Bradley) (38:53.186) multifamily syndications. invested passively in a number of deals first and kind of learned about it, learned the ropes and I'm like, I can do this. And then that's when I made the transition.   Yeah, definitely. It really comes down to what your goals are and what your situation is, for sure. I'll say I was too passive initially when I went into notes, because personally, just don't... You were probably a little better student, Seth. Not that I was a bad student, I invest... Unless I'm actively investing, I'm just not going to learn a lot. So the reality is, yeah, it's fine to learn about the asset class. You definitely should learn about the operator for sure.   you're putting capital with them, but you're not going to once you're getting your checks and your disbursements, you're not going to probably learn a whole lot about how to do that on the active side. And so that's what we're here for.   Yeah, yeah, it's more of like a spark of an interest, right? Like maybe you already have that spark and then you invest passively. Then you're like, OK, well, now I'm invested. Like, let me learn about this. And you have to have to actively go out there and educate yourself and network and talk to people that are in the business.   Definitely, 100%.   (Seth Bradley) (40:01.71) Alright man, before we jump into the Freedom Four, you have one last golden nugget for our listeners.   Oh, I would say within when it comes to investing, you know, take the long term view. Don't chase immediate returns. You know, I do think just, yeah, it's certainly we all want to make a million dollars tomorrow. But I think it's it's a play the long game when it comes to investing. I think that's critical.   Love that man. All right, let's jump into the freedom form. What's the best thing you do to keep your mind and body healthy?   Yeah, I mean, one thing that I instituted this year, actually, is breathwork. And it's, you know, it's so it takes 10 minutes. And per day for me, at least. And it's been phenomenal. And it's something that quite honestly, as a, as a, you know, athlete back in the day, or even in the military, I would have scoffed at something like this, to be honest with you, because it's just, you know, it's not manly or whatever. And it's like, it is phenomenal. So breathwork,   I mean, I do other things for sure. But that's certainly this year, it's been a game changer for me. I just feel like it resets my central nervous system. It just gets me focused. And I know there are other physiological benefits that you can ask Dr. Andrew Huberman or somebody else about.   (Seth Bradley) (41:26.153) Cool. I'll have to look into that. actually have it. mean, obviously everybody talks about it's a hot topic. Yeah. I haven't gotten into it. I haven't gotten into that plus like the cold plunges and that sort of thing. Yeah. But I really want to want to   So I don't know how much you can cut this out if we don't have time, but I had a, I'm just going to be, be open about this. I just had a, you know, in late December, I got a viral infection, like a neurovirus. And then I had, I had a, what I think was a pretty severe panic attack and it was super scary. And so that's why I started doing this. And somebody on my team actually sent me a, I guess we'll call it an implement or a tool that   I use for the breath work. It's blue. There's a Bluetooth connection to your phone and it's pretty cool. So it's structured and back to that discipline, right? But yeah, so it's, there was a reason I started doing it and it's, it's so accessible in five to 10 minutes a day. You can start doing it. So I recommend. Cool.   Thanks for sharing that man. With all your success, what is one limiting belief that you've crushed along the way and how did you get past it?   I think just, you know, being afraid to, you know, that you have to be perfect, right? So I used to be an editor back in the day. And so many things would just not get done or not get completed within our team, our organization, because it had to be perfect. And it's like, I think as I've progressed into more of the entrepreneurial lifestyle and   (Jamie Bateman) (43:02.35) is just it's not a it's not an option anymore. So yeah, I think just taking action has kind of overcome that limiting belief of chasing perfection.   Yeah, I can agree with you there. Done not perfect. Yes. My background as an attorney, mean, we're paid to be perfect. We can't make mistakes, especially in contracts and the way that we write things. But when you make that transition over to being an entrepreneur, there's too much to do to be perfect. You just got to get it done. Good enough.   Absolutely. Good enough. You have to be willing to accept that for sure.   What's one actionable step our listeners can do right now to start creating more freedom?   I'll use the military here, which is where I learned kind of reverse backwards planning, reverse planning. literally just, and I'm not going to tell you I'm perfect at this, but, you know, think about what, create a vivid vision for your life in the next three to five years, pick it, pick three years out from today. And what do you want your life to look like? And then backwards plan. And now I'm not saying you need to plan every minute of every day, but   (Jamie Bateman) (44:20.876) you can be that will that will increase the urgency, sense of urgency in your life and the intentionality of every every hour and every day because you realize this is doable, but I got to take ownership of my current situation if I want this to be the reality in three years. So I would say, create a vivid vision and and kind of reverse or backwards plan to get there.   Perfect, perfect. Last but not least, House Passive Income made your life better.   Yeah, I mean, I think in multiple ways, but a big one that stands out is giving me, I guess we'll call it margin to take some more risks on the entrepreneurial side. And because I do have alternative sources of income, passive income, it's allowed me that kind of mental and financial bandwidth or margin to maybe invest in a company that even if it   doesn't go perfectly, or doesn't go well, it's not profitable, that's okay. I still have that cushion for me and my family. that's, yeah, it's a huge, it's been a huge factor in that regard.   Yeah, absolutely. Game changer, man. It just changes your mindset, changes your life in so many ways. Jamie, this has been incredible, dude. You've got so much great content to share in your brain, man. You got to get out there. know you've got an awesome podcast that I was on, Adversity to Abundance. Everybody should check that out. Other than that, Jamie, where else can people find out more about you? Yeah.   (Jamie Bateman) (45:54.924) Just two things I'll mention very quickly. Literally got my book delivered today, like an hour before I hopped on here. It's from adversity to abundance. It is based on the podcast. So I encourage your listener to check that out from adversity to abundance is the book that's out. then labradorlending.com, L A B R A D O R.com is where you can check us out.   All right, man. Awesome. I'll drop all that in the show notes. Thanks again for coming on, brother.   Thanks for having me, Seth. This has been great.   (Seth Bradley) (46:26.978) Thanks for tuning in to Raise the Bar Radio. If you enjoyed today's episode, make sure to subscribe, leave a review, and share it with someone who needs to hear it. Keep pushing, keep building, and keep raising the bar. Until next time, enjoy the journey. Links from the Show and Guest Info and Links: Seth Bradley's Links: https://x.com/sethbradleyesq https://www.youtube.com/@sethbradleyesq www.facebook.com/sethbradleyesq https://www.threads.com/@sethbradleyesq https://www.instagram.com/sethbradleyesq/ https://www.linkedin.com/in/sethbradleyesq/ https://passiveincomeattorney.com/seth-bradley/ https://www.biggerpockets.com/users/sethbradleyesq https://medium.com/@sethbradleyesq https://www.tiktok.com/@sethbradleyesq?lang=en Jamie Bateman's Links: https://x.com/batemanjames https://www.facebook.com/batemanjames https://www.threads.com/@batemanjames11?xmt=AQF0nwaIL6JD_GK94lbTvHphHOmWwlUyt3TkeHLav-vXU_E https://www.instagram.com/batemanjames11/ https://www.linkedin.com/in/jamie-bateman-5359a811/ https://labradorlending.com/about/ https://podcasts.apple.com/us/podcast/from-adversity-to-abundance/id1618672867 https://open.spotify.com/show/7JjGWsKVzzEI8UwXP9GONZ https://www.youtube.com/@FromAdversity2AbundancePodcast

“My definition of success is trusting the universe, stretching for the things I was meant to do, and enjoying them with the people I love for as long as possible.” – Andrew Metzler In this episode of Turmeric & Tequila, host Kristen Olson talks with Andrew Metzler, founder of TLC Property Partners and author of Profitable Mortgage Notes. Andrew shares his journey from ski slopes and adventure travel to financial crisis, foreclosure, and ultimately rebuilding through empathy-driven investing. We dive into: How the 2008 crash reshaped Andrew's values and business philosophy What mortgage note investing is—and why it's a powerful passive income strategy How empathy and heart-centered business can keep families in their homes The role of self-directed retirement accounts in diversifying wealth Redefining success around freedom, family, and legacy This episode blends finance, fitness, and life wisdom—showing how resilience and purpose can guide both personal growth and financial freedom. Learn more: tlcpropertypartners.com Book: https://profitablemortgagenotes.com/ LinkedIn: Andrew Metzler Time Stamps 00:00 – 01:16 | Welcome, sponsors, and introduction of Andrew Metzler 01:16 – 03:00 | Andrew's background & TLC Property Partners' mission 03:00 – 06:20 | Growing up in the Northeast, moving to Switzerland, and discovering skiing 06:20 – 09:45 | Early career shifts, moving across the U.S., and entry into real estate 09:45 – 13:20 | Lessons from the 2008 financial crisis and personal setbacks 13:20 – 16:40 | Launching TLC with empathy and a people-first approach 16:40 – 20:10 | Mortgage notes explained: owning the debt vs. the property 20:10 – 23:00 | Using IRAs and retirement accounts for real estate investing 23:00 – 25:00 | Who mortgage notes are for and diversifying wealth 25:00 – 26:30 | Redefining success: purpose, freedom, and legacy 26:30 – 27:26 | Closing thoughts & where to connect with Andrew   Andrew Metzler is the founder of TLC Property Partners, a purpose-driven real estate investment firm specializing in mortgage notes. With a background in economics, adventure travel, and entrepreneurship, Andrew rebuilt his life and business after the 2008 financial crisis with a focus on empathy, sustainability, and community stability. His book, Profitable Mortgage Notes, is a practical guide for investors seeking passive income and long-term wealth through mortgage note investing. When he's not helping families stay in their homes, Andrew can be found skiing, mountain biking, and exploring the outdoors.   Connect with T&T: IG: @TurmericTequila Facebook: @TurmericAndTequila Website: www.TurmericAndTequila.com Host: Kristen Olson IG: @Madonnashero Tik Tok: @Madonnashero Website: www.KOAlliance.com WATCH HERE   MORE LIKE THIS: https://youtu.be/ZCFQSpFoAgI?si=Erg8_2eH8uyEgYZF   https://youtu.be/piCU9JboWuY?si=qLdhFKCGdBzuAeuI https://youtu.be/9Vs2JDzJJXk?si=dpjV31GDqTroUKWH

In this episode of the Investor Fuel podcast, host Skyler Byrd interviews Brendon Davis, a successful real estate investor from central Illinois. Brendon shares his unique journey from a military career to becoming a prominent figure in real estate. He discusses his investment strategies, the importance of financial literacy, and his goals for the future, including acquiring 1,500 paid-off properties. Brendon emphasizes the significance of building a strong network and the innovative strategies he employs to increase cash flow from his properties. This conversation provides valuable insights for anyone interested in real estate investment and financial success.   Professional Real Estate Investors - How we can help you: Investor Fuel Mastermind:  Learn more about the Investor Fuel Mastermind, including 100% deal financing, massive discounts from vendors and sponsors you're already using, our world class community of over 150 members, and SO much more here: http://www.investorfuel.com/apply   Investor Machine Marketing Partnership:  Are you looking for consistent, high quality lead generation? Investor Machine is America's #1 lead generation service professional investors. Investor Machine provides true ‘white glove' support to help you build the perfect marketing plan, then we'll execute it for you…talking and working together on an ongoing basis to help you hit YOUR goals! Learn more here: http://www.investormachine.com   Coaching with Mike Hambright:  Interested in 1 on 1 coaching with Mike Hambright? Mike coaches entrepreneurs looking to level up, build coaching or service based businesses (Mike runs multiple 7 and 8 figure a year businesses), building a coaching program and more. Learn more here: https://investorfuel.com/coachingwithmike   Attend a Vacation/Mastermind Retreat with Mike Hambright: Interested in joining a “mini-mastermind” with Mike and his private clients on an upcoming “Retreat”, either at locations like Cabo San Lucas, Napa, Park City ski trip, Yellowstone, or even at Mike's East Texas “Big H Ranch”? Learn more here: http://www.investorfuel.com/retreat   Property Insurance: Join the largest and most investor friendly property insurance provider in 2 minutes. Free to join, and insure all your flips and rentals within minutes! There is NO easier insurance provider on the planet (turn insurance on or off in 1 minute without talking to anyone!), and there's no 15-30% agent mark up through this platform!  Register here: https://myinvestorinsurance.com/   New Real Estate Investors - How we can work together: Investor Fuel Club (Coaching and Deal Partner Community): Looking to kickstart your real estate investing career? Join our one of a kind Coaching Community, Investor Fuel Club, where you'll get trained by some of the best real estate investors in America, and partner with them on deals! You don't need $ for deals…we'll partner with you and hold your hand along the way! Learn More here: http://www.investorfuel.com/club   —--------------------

The guys recap the Patriots loss to the Raiders and look back on week two of the college football season. They also look back on some of the big high school games of Week One of the season.

Check out my YouTube channel for deep-dive content on mortgage lead generation, sales tips, and client retention processes

Host: Daniella Shively Guest: Todd Huettner Air date: Sep 08, 2025

Where can you take advantage of the Big Beautiful Bill with your taxes, your real estate and the mortgage market 2025? Jo Garner shares some examples of how mortgage clients are getting bragging rights in today's market. Ken Sullivan of Tax Matters Solved shares some tax tips. Pat Goldstein gives some good real estate tips.

Vlad sips on spicy Psycho Soup, rants on jealous parents, crazy entrepreneurs, why no one is normal and having a migraine at a BBQ DNA DISTILLERY (AWARD WINNING RAKIJA)Award winning Rakija company with immaculate celebratory beverages. Check out the entire range on the below websites, order a tasting pack or some of their flagship, amazing rakija today! https://www.dnadistillery.comCARDSTRIKE! Amazing Basketball cards, Michael Jordan memorabilia and everything collectable sports card buying and selling!!!https://www.cardstrike.com.auMETROPOLITAN STONE (Kitchens, Cabinets, Laundry, All Cabinets)We have a combined 30 years experience in the cabinet making industry in Victoria! Everything from small projects to large projects!Benchtop change overs, Kitchen facilities, Kitchens, Laundries, Bathroom cabinets, T.V units, Wardrobes etc!MENTION: VLADContact: MATT 0425797488Matthew@metropolitanstone.com.auhttp://www.metropolitanstone.com.auORANGE LEGAL GROUP (Specialising in Property law for purchasing and selling, conveyancing, in-house Mortgage broker & Chartered Account! One stop shop for ALL property needs! Wrap! FREE Contract reviews for buyers before purchasing property!Mention VLAD!https://www.orangelegalgroup.com.auEmail: property@orangelegalgroup.com.auContact: mycousinvlad@gmail.comhttp://www.instagram.com/mycousinvladSend Vlad a Text MessageSupport the showBE GOODDO GOODGET GOOD

Inherited Real Estate - You Don't Need To Refinance The Mortgage.

Brian and David Wickert dive into August's surprisingly weak jobs report and what it means for homebuyers and those looking to refinance. With only 22,000 jobs added versus the expected 75,000, mortgage rates responded favorably - giving borrowers some much-needed relief.**“Every month you wait, you're wasting money. Why would you voluntarily be paying more?”** They challenge listeners stuck in the “waiting for rates to drop more” mindset, sharing real client stories about the costs of hesitation.The duo explores Milwaukee area housing data, revealing a subsurface trend: while August home sales stayed flat compared to last year, new listings last month dropped 12% - creating an even tighter seller's market with just 2.15 months of supply.Hear fascinating behind-the-scenes stories from the trenches, including a client who lost their job right after getting an accepted offer (**“Can I qualify using my severance?”**) and how creative mortgage solutions saved the day.Whether you're buying, selling, or refinancing, this episode delivers practical insights. NMLS ID 255369Equal Housing Lenderwww.accunet.com

Follow us on X: @derrickvanorden @americasrt1776 @ileaderssummit @NatashaSrdoc @JoelAnandUSA @supertalk Join America's Roundtable (https://americasrt.com/) radio co-hosts Natasha Srdoc and Joel Anand Samy with Congressman Derrick Van Orden who proudly represents the people of Wisconsin's 3rd Congressional District. He was first elected to the House of Representatives in 2022. He is the Chairman of the House Veterans' Affairs Economic Opportunity Subcommittee. He also serves on the House Agriculture Committee and House Armed Services Committee. The conversation focuses on: * Congressman Van Orden's authored VA Home Loan Program Reform Act, which allows veterans who have fallen behind on their mortgages to receive federal assistance. * The impact of The One Big Beautiful Bill Act | No tax on tips, no tax on social security, and key benefits for the middle class and small business owners. * Congressman Van Orden's Bill to Restore Integrity in Agriculture Immigrant Workforce System, and preventing labor shortages. During his time in office, Derrick has focused on providing for farmers, veterans, and service members, and has been a staunch advocate for fiscal responsibility and accountability in Washington. Derrick's journey of public service started when he joined the Navy at the age of 18. He had the honor to serve our great nation for 26 years. He retired as a Navy SEAL Senior Chief with 5 combat deployments and several others to troubled areas in the world. His first combat deployment was to Bosnia Herzegovina immediately following the signing of the Dayton Accords. During this time, he came to understand how truly unique and wonderful America is, and why She is not only worth emulating but protecting. Derrick continued his service with multiple combat tours to Afghanistan and Iraq. Additionally, he served in the Horn of Africa, Asia, Europe, and South and Central America. During his tour in Europe in 2012, he was responsible for planning Special Operations contingency operations for the European Continent. Follow us on X: @derrickvanorden @americasrt1776 @ileaderssummit @NatashaSrdoc @JoelAnandUSA @supertalk America's Roundtable is co-hosted by Natasha Srdoc and Joel Anand Samy, co-founders of International Leaders Summit and the Jerusalem Leaders Summit. America's Roundtable (https://americasrt.com/) radio program focuses on America's economy, healthcare reform, rule of law, security and trade, and its strategic partnership with rule of law nations around the world. The radio program features high-ranking US administration officials, cabinet members, members of Congress, state government officials, distinguished diplomats, business and media leaders and influential thinkers from around the world. Tune into America's Roundtable Radio program from Washington, DC via live streaming on Saturday mornings via 68 radio stations at 7:30 A.M. (ET) on Lanser Broadcasting Corporation covering the Michigan and the Midwest market, and at 7:30 A.M. (CT) on SuperTalk Mississippi — SuperTalk.FM reaching listeners in every county within the State of Mississippi, and neighboring states in the South including Alabama, Arkansas, Louisiana and Tennessee. Tune into WTON in Central Virginia on Sunday mornings at 6:00 A.M. (ET). Listen to America's Roundtable on digital platforms including Apple Podcasts, Spotify, Amazon, Google and other key online platforms. Listen live, Saturdays at 7:30 A.M. (CT) on SuperTalk | https://www.supertalk.fm

Featured on WGN Radio's Home Sweet Home Chicago on 09/06/25: Green Attic Insulation's Andrei Turea joins the program to talk about the common mistakes homeowners make with insulation. To learn more about Green Attic Insulation’s services, go to greenattic.com or call 847-777-4777.

In episode 45 of Wake Up to Wealth, Brandon Brittingham interviews Sebastian Rusk, Podcast Launch Strategist, Podcast Coach, Host of PodcastsSUCK, as he discusses the importance of sharing knowledge, building relationships, and the unique opportunities that arise from hosting a podcast.Tune in for insights on wealth building and the journey that led to the creation of this impactful show.SOCIAL MEDIA LINKSBrandon BrittinghamInstagram: https://www.instagram.com/mailboxmoneyb/Facebook: https://www.facebook.com/brandon.brittingham.1/ Sebastian RuskInstagram: Instagram.com/PodcastsSUCKFacebook: Facebook.com/sruskLinkedIn: LinkedIn.com/in/sebastianrusk/YouTube: Youtube.com/@PodcastLaunchLab WEBSITESBrandon Brittingham: https://www.brandonsbrain.org/home==========================Need help launching a podcast?Book a call with Sebastian here:PodcastLaunchLabNow.com==========================SUPPORT OUR SPONSORS:Paramount Property Tax Appeal: https://www.paramountpropertytaxappeal.com/MS Consultants: https://www.costsegs.com/Email Carson at The Money Multiplier: carson@themoneymultiplier.comRocketly: https://rocketly.ai/

On today's episode, Editor in Chief Sarah Wheeler talks with Lead Analyst Logan Mohtashami about the Federal Reserve and how labor data is driving mortgage rates this week. Related to this episode: Mortgage rates drop to 11-month low after weak ADP jobs print ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HousingWire | YouTube⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠More info about HousingWire⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Enjoy the episode! The HousingWire Daily podcast brings the full picture of the most compelling stories in the housing market reported across HousingWire. Each morning, listen to editor in chief Sarah Wheeler talk to leading industry voices and get a deeper look behind the scenes of the top mortgage and real estate stories. Hosted and produced by the HousingWire Content Studio. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of the Investor Fuel podcast, host Michelle Kesil speaks with Matt the Mortgage Guy, an independent mortgage broker with over 12 years of experience. They discuss the importance of personal connections in the mortgage industry, the role of technology in educating clients, and various strategies for real estate investing. Matt emphasizes the significance of understanding the mortgage landscape and the value of slow and steady investment strategies. He also shares insights on leveraging AI to enhance client interactions and provide personalized advice.   Professional Real Estate Investors - How we can help you: Investor Fuel Mastermind:  Learn more about the Investor Fuel Mastermind, including 100% deal financing, massive discounts from vendors and sponsors you're already using, our world class community of over 150 members, and SO much more here: http://www.investorfuel.com/apply   Investor Machine Marketing Partnership:  Are you looking for consistent, high quality lead generation? Investor Machine is America's #1 lead generation service professional investors. Investor Machine provides true ‘white glove' support to help you build the perfect marketing plan, then we'll execute it for you…talking and working together on an ongoing basis to help you hit YOUR goals! Learn more here: http://www.investormachine.com   Coaching with Mike Hambright:  Interested in 1 on 1 coaching with Mike Hambright? Mike coaches entrepreneurs looking to level up, build coaching or service based businesses (Mike runs multiple 7 and 8 figure a year businesses), building a coaching program and more. Learn more here: https://investorfuel.com/coachingwithmike   Attend a Vacation/Mastermind Retreat with Mike Hambright: Interested in joining a “mini-mastermind” with Mike and his private clients on an upcoming “Retreat”, either at locations like Cabo San Lucas, Napa, Park City ski trip, Yellowstone, or even at Mike's East Texas “Big H Ranch”? Learn more here: http://www.investorfuel.com/retreat   Property Insurance: Join the largest and most investor friendly property insurance provider in 2 minutes. Free to join, and insure all your flips and rentals within minutes! There is NO easier insurance provider on the planet (turn insurance on or off in 1 minute without talking to anyone!), and there's no 15-30% agent mark up through this platform!  Register here: https://myinvestorinsurance.com/   New Real Estate Investors - How we can work together: Investor Fuel Club (Coaching and Deal Partner Community): Looking to kickstart your real estate investing career? Join our one of a kind Coaching Community, Investor Fuel Club, where you'll get trained by some of the best real estate investors in America, and partner with them on deals! You don't need $ for deals…we'll partner with you and hold your hand along the way! Learn More here: http://www.investorfuel.com/club   —--------------------

Links & ResourcesFollow us on social media for updates: ⁠⁠Instagram⁠⁠ | ⁠⁠YouTube⁠⁠Check out our recommended tool: ⁠⁠Prop Stream⁠⁠Thank you for listening!

This week, the Trump administration announced it would sell around 5% of mortgage giants and government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The sale would begin to reintroduce the two firms to private markets after 17 years of government conservatorship. The decision to re-privatize two of the largest mortgage firms in the world, and a prominent reason why the United States is one of the only countries where people can get 30-year fixed-rate mortgages, will have enormous implications for the U.S. economy, housing market, and the American dream.Fannie Mae was founded during the Great Depression with the idea of making mortgages more widely available to Americans by buying mortgage loans from banks. Freddie Mac came along in 1970 to provide competition and increase liquidity for mortgages. In part, Fannie and Freddie increased liquidity by repackaging their mortgages into mortgage-backed securities and reselling them to investors. In the early 2000s, the subprime mortgage crisis began as smaller, unregulated financial actors started offering risky mortgage loans and likewise repackaged them to investors. When the crisis imploded in 2008, it gutted the market for mortgage-backed securities, and the U.S. government seized Fannie and Freddie to prevent them from collapsing. The government feared that without Freddie and Fannie, many Americans would no longer be able to afford home ownership. Today, Fannie and Freddie still back roughly 50% of all mortgage loans, with other government agencies making up another chunk.The Trump administration's plans to take these GSEs public again will allow the two firms to raise billions through new stock offerings and shift risk back to the private sector. But the question is, why is the government doing this? Will it help fix the country's housing crisis—which Trump has reportedly called a national emergency—or will it make matters worse? Bethany and Luigi get together to discuss what it would mean for Fannie and Freddie to go public, who benefits from these developments, and their implications for home loans, the housing market, and the American economy.Also check out Bethany's book, published in 2015: Shaky Ground: The Strange Saga of the U.S. Mortgage Giants

Wall Street is selling beer, beaches, and barbecue. Want to invest? We also dove into the concerns about the reliability of government data. Investors should focus less on headline data and more on long-term directional trends, since recessions matter less to portfolios than actual corporate performance. We also talk labor markets, employment revisions, and rate-cut predictions, highlighting inconsistencies and the limited value of forecasts. Debt structures like extended auto loans and creative mortgages stress the importance of cash flow flexibility and smart loan structuring rather than simply chasing the lowest rate. Kirk also shares his experience getting an offer accepted on a home during a time of market peaks. We discuss...  Corporate earnings compared to government data; how companies manage expectations to appear consistently successful. Investors should focus on long-term directional trends rather than short-term or inaccurate data points. Whether recessions truly matter for investors compared to corporate earnings growth. Labor market data showed employment revisions and a slowdown in job gains, raising concerns about real job strength. Predictions of interest rate cuts are inconsistent and unreliable. Consumer behavior trends, including retail and food service spending, suggested tightening conditions. Rising delinquency rates in student loans and credit cards signaled growing consumer financial strain. Mortgages and auto loans showed fewer delinquencies since they are collateralized and prioritized by borrowers. There is importance in structuring debt with maximum flexibility and focusing on cash flow management. A home should be viewed as a personal expense rather than an investment. Housing markets are peaking in many areas, with Massachusetts showing declining rents and prices. Mortgage strategies discussed include recasting loans and making lump-sum payments to reduce monthly payments or shorten maturity. Using a home equity line of credit strategically can accelerate mortgage payoff and improve cash flow. Globally, fertility rates in developed countries are below replacement level, indicating shrinking populations. Growth in population is concentrated in parts of Africa, South America, and select Asian regions. Macro trends impacting markets include protectionism, geopolitical tensions, and reserve currency diversification. Policy rewrites under Trump are shaking up traditional approaches, sometimes positively by encouraging change. Many U.S. housing markets are seeing declining sales as buyers and sellers are unwilling to compromise. Tariffs, especially on metals, could spike short-term costs across industries but are expected to normalize over the long term. Unexpected macroeconomic events, such as new technologies or policy changes, can disrupt markets before adjustments occur. Today's Panelists: Kirk Chisholm | Innovative Wealth Douglas Heagren | Mergent College Advisors Follow on Facebook: https://www.facebook.com/moneytreepodcast Follow LinkedIn: https://www.linkedin.com/showcase/money-tree-investing-podcast Follow on Twitter/X: https://x.com/MTIPodcast For more information, visit the show notes at https://moneytreepodcast.com/wall-street-is-selling-beer-743   

Blame it on AI - new excuse: Flirty Chatbots NVDIA earnings the high point for a while? Announcing the WINNER of the CTP PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter Interactive Brokers Warm-Up - Tariffs deemed illegal? - So much for rates coming down - Long bond up again - Announcing the WINNER of the CTP - Blame it on AI - new excuse.... Flirty Chatbots Markets - NVDIA earnings the high point for a while? - Good month - August is green - Sept starting out wobbly - AI News  - Valuations - TO THE MOON NVDA Earnings - From last Wednesday - STRONG: Nvidia reported better-than-expected earnings and revenue on Wednesday, and said sales growth this quarter will remain above 50% - Earnings per share: $1.05 adjusted vs. $1.01 estimated - Revenue: $46.74 billion vs. $46.06 billion estimated - Overall company revenue rose 56% in the quarter from $30.04 billion a year ago, Nvidia said. Year-over-year revenue growth has now exceeded 50% for nine straight quarters, dating back to mid-2023 -Stock opened Thursday at $180 - now trades near $168 --- Some concern over data-center revenue declining 1% from previous quarter due to $4B less in sales of H20 chips NEW CLEAR - The Duane Arnold nuclear plant northwest of Cedar Rapids, Iowa is pressing ahead with plans to restart operations by the end of the decade after shutting down for economic reasons in 2020 - NextEra Energy (NEE) - Duane Arnold would follow similar restarts planned for the Palisades nuclear plant in Michigan and Three Mile Island in Pennsylvania, which plan to resume operations later this year and in 2027 - Big Change on the economics is just 5 years! USA Travel - Who needs those pesky visitors anyway - Overseas travel to the U.S. fell 3.1% year-on-year in July to 19.2 million visitors, according to U.S. government data. It was the fifth month of decline this year, defying expectations that 2025 would see annual inbound visitors finally surpass the pre-pandemic level of 79.4 million. - New VISA INTEGRITY fees on incoming travelers from many countries - The extra charge raises the total visa cost to $442 for non-via waiver countries like Mexico, Argentina, India, Brazil and China - In China, arrivals have remained muted since the pandemic, with July numbers still 53% below 2019 levels. The visa fee also threatens travel from India, where visits are down 2.4% so far this year, driven by a near 18% drop in students. Tariffs Illegal? - A divided U.S. appeals court ruled on Friday that most of Donald Trump's tariffs are illegal, undercutting the Republican president's use of the levies as a key inter - Trump lamented the decision by what he called a "highly partisan" court, posting on Truth Social: "If these Tariffs ever went away, it would be a total disaster for the Country." national economic policy tool. - So, now it goes to the Supreme Court (non - partisan?) - Talk of the Bond Vigilantes making a move if the tariffs struck down because not much to pay the huge deficit and debt encumbered with new OBBBA   Check this out and find out more at: http://www.interactivebrokers.com/ Speaking of Rates - Since the Powell hint of cuts - rates on the rise - -Longer-Term rates - Mortgage rates are the highest in months and the 10-Yr is at approx 4.30% -- Please note, the Fed controls short-term rates.... Some influence on mortgages due to Quantitative easing, but even if rates are dropped does not mean that longer-dated paper will see a drop in the rates DEE MINIMUM US - The de minimis exemption, which allowed shipments valued under $800 to enter the country duty-free, came to an end globally last Friday.

Our Co-Heads of Securitized Products Research Jay Bacow and James Egan explain why the macro backdrop could be changing in favor of agency mortgages after the Fed's annual meeting in Jackson Hole. Read more insights from Morgan Stanley.----- Transcript -----Jay Bacow: Welcome to Thoughts on the Market. I'm Jay Bacow, Co-Head of Securitized Products Research at Morgan Stanley. James Egan: And I'm Jim Egan, the other Co-Head of Securitized Products Research at Morgan Stanley. Jay Bacow: Today we're here to talk about why mortgages offer value after Jackson Hole. It's Tuesday, September 2nd at 2pm in New York. James Egan: So, Jay, let's start with the big picture after Jackson Hole, the Fed seems like it's leaning towards cutting rates in a steady, almost programmatic fashion. And in prior episodes of Thoughts on the Market, you've heard different strategists at Morgan Stanley talk about the potential implications there.But for mortgages, what does this mean? Jay Bacow: Well, it takes a lot of the uncertainty out of the market, and that's a big deal. One of the worst-case scenario[s] for agency mortgages – that the investors are buying not mortgages that homeowners have – would've been the Fed staying on hold for much longer than expected. With that risk receding, the backdrop for investors owning agency mortgages feels a lot more supportive. And when we look at high quality assets, we think mortgages look like the cheapest option. Jim, you mentioned some of the previous strategists that come on Thoughts on the Market. Our Global Head of Corporate Credit Strategy, Andrew Sheets had highlighted recently how credit spreads are trading at basically the tights of the past 20 years. Mortgages are basically at the average level of the past 20 years. It seems attractive to us. James Egan: And that relative value really does matter. Investors are looking for places to earn yield without taking on too much credit risk. Mortgages, particularly agency mortgages with government guarantee there, they offer that balance. Jay Bacow: Right. And it's not just that balance, but when we think about what goes into the asset pricing, the supply and demand picture makes a big difference. And that we think is changing. One of the reasons that mortgages have underperformed corporate credit is that when you look at the composition of the buyers, the two largest holders of mortgages are the Fed and domestic banks. The Fed's obviously going to continue to run their portfolio down, but domestic banks have also been on the sidelines. And that's meant that money managers, and to a lesser extent overseas, have had to be the largest buyers. But we think that could change. James Egan: Right, with more clarity on Fed policy, banks in particular may get more comfortable adding mortgages to their balance sheets, though the exact timing depends on regulatory developments. REITs might also find this more compelling? Jay Bacow: Right. If the Fed's cutting rates, the front end is going to be lower, and that's going to mean that the incentive to move out of cash should be higher, and that's going to help both banks and likely REITs. But then there's also the supply side.Net issuance of conventional mortgage has been negative this year. That's obviously good. And some of the other technicals are improving as well. Vols are trading better, and all of this just contributes to a healthier landscape. James Egan: Right. And another thing that we've talked about when discussing mortgage valuations is the importance of volatility. If you're buying mortgages, you're inherently short rate volatility – and volatility has come down meaningfully since last year, even if it's still above pre-COVID norms. Lower volatility supported for mortgage valuations, especially when paired with a Fed that's cutting rates steadily. Though Jay, some of that already in the price? Jay Bacow: Yeah, look. We didn't say mortgages were cheap. We just said mortgages are trading at the long-term averages. But in an environment where stocks are near the all time high and credits near the tights of the past 20 years, we do see that value. And the Fed cutting rates, as we said, should incentivize investors to move out of cash and into securities. Now, there are risks when valuations and other asset classes are as tight or as high as they are. You could see risk assets broadly underperform and mortgages are a risk asset. So, if credit widens, mortgages would not be immune. James Egan: And timing is important here too, right? Especially we think about banks coming back if they wait for full clarity on Basel III proposals – that could be delayed. On top of that, there's prepayment risk… Jay Bacow: Yeah, if rates rally, then speeds could pick up and investors are going to demand more compensation. But summing it up. Mortgages look wide to alternative asset classes. The demand picture we think is going to improve, and more clarity around the Fed's path is going to be supportive as well. All of that we think makes us feel confident this is an environment that mortgages should do well. It's not about a snap tighter and spread, it's more about getting paid carry in an environment where spreads can grind in over time. But Jim, we like mortgages. It's been a pleasure talking to you. James Egan: Pleasure talking to you too, Jay, and to all of you regularly hearing us out. Thank you for listening to another episode of Thoughts on the Market. Please leave a review or a like wherever you get this podcast and share Thoughts on the Market with a friend or colleague today. Jay Bacow: Go smash that subscribe button.

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