First things first, independent mortgage banks. Don sent me a flurry of things about mortgages. And the first one, this one’s fantastic. Independent mortgage banks. In the first quarter of 2024 did pretty well. They only lost $645 for every loan that they wrote. That’s the average loss. Think about what I just said. They lost $645 alone that they wrote to write a mortgage. Who’s in business to lose $645 per loan? This is why the real estate industry is in so much trouble and just teetering. You can sit there and I get stories sent to me all the time, just like today, where, hey, we just saw a massive increase in the price of real estate.

All these people have, uh, you know, mortgage handcuffs where they can’t sell their houses. But the loans that are being written right now, they lost $645 per loan. Okay, on average for the independent mortgage bankers. Now, here’s the best part of this. Last year, fourth quarter, they were adjusted. They lost an average of $2,109 per loan. $2,109 per loan. They wrote a mortgage and they lost money. If you bought a mortgage in the last quarter, the bank lost money on you. Is that crazy to think about? Now, here’s the other thing.

Forbearance. I get people that say, hey, Dan, forbearance is over with. And again, Don sent me this and a quarter of 1% of the loans out there, a minimum of 110,000 people out there right now are still in forbearance. Now, during the height of the pandemic, there was 8.1 million people. Now it’s 110,000 people. There are 110,000 people that are not making their mortgage payments for God knows what reason. Okay. And it could be a myriad of things from health to job loss to anything divorce, you know, business failure, whatever.

But that’s what these people are experiencing right now. And the banks are calling these in. So you’re going to see a serious, serious problem when it comes to 110,000 people that it’s either pay up or else. And again, these people cannot get their loans refinanced. They cannot go out and and get a loan, you know, at this time for whatever reason, everything I just talked about. Okay. Now, here’s the other thing that’s crazy. 20% of all the commercial loans come due at the end of May. So at the end of May, you’re going to see a myriad of commercial real estate come due once and for all that these people have to refinance.

So come June, you’re going to see a huge, huge problem where these people will not be able to refinance because they don’t have the tenancy. They don’t have customers, they cannot afford it. Interest rates have doubled since they refinance last time. And they cannot make these payments, you’re going to see more and more buildings be given back to the bank. Again, I told you about this, I have a friend that’s in the mortgage business and they’re going to swoop up and start to foreclose on buildings that are under $10 million.

So I just can’t wait, it’s exciting, Dan, because there’s so many of them. So what do you guys think about this? I mean, it is, it’s crazy, the number of loans that are going to be turned back, the number of buildings are going to be turned back to the bank, because the loans can’t be written. You haven’t seen anything yet, guys, you just haven’t seen anything yet. You know, one thing that is great is the European Central Bank has said, the time is ripe, not right, ripe, it’s ripe to go out and to lower interest rates.

Okay, I’ll believe it when I see it. Guys, one thing that the Fed has said, that you have to look at is that they thought that raising interest rates as quickly as they did would curb inflation, and it hasn’t. I bought my daughter and I sandwiches today, okay? And then we spent $40 on sandwiches. It’s crazy, guys. It’s absolutely crazy to go out and eat that way. No one can afford this, no one can eat this way. And it’s just a matter of time until this comes crashing down. But let’s lower interest rates right now because the economy is so good.

You know, it’s not everybody’s out there experiencing this. And mortgage bankers are out losing losing $645 alone right now, on this Memorial Day. Isn’t this nice? Look at this. Is that a shirt? Look at that. You know what this shirt screams? One thing, guys. Hi, I’m here for your daughter. Okay, and God bless America. But I like the daughter part. Anyways, share your thoughts on that so far. Let’s talk about our sponsor, sat123.com. Whenever I travel now, the very first thing that I pack is my satellite phone.

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Check it out today. Go to Dan’s sat phone.com. Now, here is a recall that is crazy. Frigidaire and Kenmore electric ranges. These are being recalled because sometimes they can spontaneously turn on without anybody touching them. Well, that’s not safe. Sometimes they will stay on even after you turn them off. Again, that’s not safe. And the other one is they will go to different temperatures than you set them at. Which again, they anticipate there’s 203,000 of these Kenmore and Frigidaire electric stoves. You have to look at that. Again, guys, look at these recalls.

You know, there’s all these different places, but check below for that one. Synapse bank. One thing that we’ve talked about is the middle man for banking right now. The check clearing houses synapse is a middle man for banking transactions for FinTech companies, financial technology companies. People have put their money in these banks and some of them have not been able to get the money out for a month now because this happened in April that this company went bankrupt. Some of the people are showing accounts with zero money in the account.

Once again, guys have multiple bank accounts. Make sure that you, you know, are aware of the financial status of your bank. And again, what would you do if your bank locked you out for a month? Well, Dan, that would be bad news. Yeah, it would be for 99% of us. So take a look at that. Read the story below again. You know, Jerome Powell is beginning to think that they didn’t do enough to stop inflation. Okay. Well, the only thing else would be raise interest rates. But what’s he gonna do? Seriously, wish it away.

It’s not gonna work, guys. It’s not gonna work. So you know, one thing that we keep hearing about is the interesting story with the National Association of Realtors and the buyer’s commissions and seller’s commissions. Now, temporarily, the VA is stopping any buyer commission deals. So you can go buy a house if you’re a VA without a buyer’s commission right now. And they don’t want this to where the seller is paying the buyer’s commission. But they don’t want the VA and they don’t want veterans to be excluded from purchasing homes right now.

So they’re making this deal, read it below and you get all the details on that. We talked about the lock and effect for mortgages. So many people are upset right now because of the lock and effect for mortgages. In other words, their mortgage is so low right now that they can’t move. And again, guys, eventually life gets in the way. Eventually, all the kids move out. You know, it’s it’s funny. I think about in my life in the last two years, the houses that I’ve looked at the different sizes and oh, it’s big.

Oh, it’s small. I want this. I want that. You know, I need nothing, guys. I’m telling you I I can live with very little right now as a single father. When my kids come visit me and friends come over and things like that. It’s it’s much easier now. But if I owned a big house would be very enticing to get rid of it right now. But people feel that they can’t do that right now. So, you know, it’s funny. All these opportunity zones are seeing real problems when it comes to real estate prices and that the home prices are still high in certain areas.

And they didn’t feel that that would be they thought it would be fixed by now. And one thing that I talked about in the past is being in the medical space. I would have people talk about how tattoos can cause cancer. And you’re going to see different rare types of of cancers come out as a result of people having tattoos. What the problem is, guys, it’s not the tattoo in general. OK. It’s the chemicals used. It’s the unregulated chemicals and people go out there and they spend X on the chemicals that are regulated by certain agencies here in the country.

What if somebody buys that from an unregulated source? OK. Well, gee, I just saved $75 for every gallon of tattoo ink I buy. You know, I’m exaggerating. You know what I’m saying? That’s what your risk is. That’s what you run the problem with of getting yourself sick. And that’s what you have to look at. I have my late girlfriend had other friends that had breast cancer. And one of her friends had a couple of tattoos on her body. And when they were doing surgery on her, one of her lymph nodes showed up black and they said, we have to test this.

So they sold her up, had her go home and heal and determined that what made her lymph nodes black was a small tattoo about two inches wide on her back. And it was the tattoo ink and her lymph nodes. OK. And again, unregulated tattoo ink that she had on her body caused her lymph nodes to go black. Do you want that? Who wants that? OK. So, you know, Bass Pro Shops, you know, hunting, fishing, outdoor lifestyles, boating, camping, that type of stuff. The CEO of the company is committed to making sure that everybody can afford to have a Johnny Morris says everybody should be able to afford going out and being able to camp and go outside and enjoy the countryside and things like that.

So he’s determined to lower prices. They just opened up one of these in Irvine, California, when I was in Las Vegas last week. I got to see the other one that’s right by the Cracker Barrel. It was great. But again, you’re starting to see all these retailers that are getting together and saying, hey, wait, we’re going to we’re not going to be the problem. We’re going to try to fix this because of all the problems with the issues with with prices and with the dollar stores going down and people just fearing inflation right now.

So I try not to trip and fall. What else? What else? Oh, yeah. One thing that’s funny is and I’ll end the video with this one is that, you know, the Roosevelt Hotel is an iconic New York hotel and they they have great news for people that want reservations. There’s two things. Hey, listen, you can reserve the Roosevelt Hotel. It looks like in January 2025, we’ll get the migrants out by then who want to go stay at that hotel right now with how these people are literally smoking dope and hanging out and eating in the living rooms and in the hallways and everything that they’re doing is chaos, complete chaos.

Okay. Final, final story. And it’s also New York City is that these stores are fuming because the migrants are out selling fruit in the street right in front of their markets. How is that legal, guys? Where do they get the fruit from? Okay. Who’s giving them the fruit? Where do you get the money to buy the fruit? Oh, yeah, us. Okay. So let me know what you think, guys. Let me know what you think because this is just craziness. But starting to see a lot just a quick video today.

And again, God bless America. I want to thank, you know, remind everybody what Memorial Day is all about. And Memorial Day is about everybody who sacrificed so that we could be free. All the men and women and part of our military that gave their lives for their, you know, for our country. You know, God bless America. Don’t forget to hit the like button. Don’t forget to subscribe and share your thoughts and everything. And the final, final story is Dan out of Houston sent me something I asked for.

And that was so many people have told me about how they are fleecing the Tesla charging stations and he found one. Hey, Dan, here’s one for you. They cut the cables to steal it so nobody can charge at the Lakita Hotel. So isn’t that terrible? No charging at the Lakita Hotel. Oh, honey, all we got to do is make it 28 more miles and we’re going to be able to charge our Tesla. Uh oh. No cables. Okay. So you’re going to see this more and more often, guys.

Let me know what you think. Don’t forget to join the email list because an email is going out in the middle of the week. Onward and upward. I’ll see you guys soon. [tr:trw].

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