Episode Transcript
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Speaker 1 (00:00):
Our phones are always open at two o five four
to three nine nine three seven two. Come on in
here if you'd like. Dave's got U signed in Hoover
this morning. Dave, good morning. You're on Alabama's Morning News.
What's going on?
Speaker 2 (00:10):
Well, you know, I've been in the mortgage business jat
for a little over thirty years, and you hear handed
he talking about housing market. He's absolutely right, and that's
the problem. And if I'm not mistaken, Powell was appointed
by Trump originally. Is that correct?
Speaker 1 (00:24):
That's right.
Speaker 2 (00:25):
Yeah, So you know the problem we're having in this industry.
We now finally have starting to have some inventory, which
problem is people can't qualify. People can't They're struggling. So like,
for instance, I've got a lady I've been working with.
It makes about eighty five grand a year, pays nineteen
hundred dollars a month in a rent. But I can't
(00:45):
get her qualified for a fourteen dollar a month mortgage payment.
Why because she has almost well, she has almost a
six hundred dollars a month car payment. So between credit
card rates, the country was using credit cards at record numbers.
Rates on cars roof unless you're like eight hundred credit score,
what have you? So all that couple together. You know,
(01:05):
if I was able to get her in the house
and save her five hundred bucks a month, she goes
some running to buy and which means she now gets
to write off interest on her mortgage at the end
of the year, which means she can't even get more
money back on her income taxes because now she can itemize. Right,
she hits that threshold. So what does she do? She
takes that five dollars my savings, and what does she do.
She puts a little in savings, and she takes part
(01:26):
of it and she puts it right back into the economy.
I don't understand what Powell is thinking here. I mean,
this is an little brainer. I do not my rate
is below three percent, it's two and three quarters, Okay.
I don't think that's where we need to be. I
think we need to be at five percent to five
and a quarter five and a half percent. I think
we can get to that rate and the E commedy
(01:46):
will blow up.
Speaker 1 (01:48):
So she was churned.
Speaker 2 (01:49):
I don't understand.
Speaker 1 (01:50):
So this this woman you're talking So this woman you're
talking about was to decline because of her debt to
income ratio co correct too high.
Speaker 2 (01:57):
And if you take the car payment out of there,
it's all good. But she got to have a car
to get work, right, No, I got so. Really, what
the world also happened, though, JT is people start moving
out of apartments and buying houses. Guess what's going to
happen the apartment rent it's going.
Speaker 1 (02:10):
To draw No, I look, I get it. Supplying demand
is also a factor in all this. What grabbed me
to was her six hundred dollars a month car payment.
Speaker 2 (02:18):
All right, Uh, well, you know what, and it's not
a fancy car. I mean it's it's it's like I
know car.
Speaker 1 (02:27):
I mean it's all right, I like f one fifties,
but I'm not paying one hundred grand for the new one.
I just I can't do it. So you know, there's
you know it as well as I do. You work
with money in in in numbers and qualifying people for
thirty years, the debt to income ratio, she's got to
change that. She's either got to get rid of some
expenses or increased revenue or both if she can in
(02:48):
some way.
Speaker 2 (02:49):
Right, but the rates are so they're only making minimal payments.
So I mean she said, you know, if I'm and
plus what credit cards do. If you're if you're one
day past the due date, there's like a forty five
dollars lazy. So they're just making minimal payments and tools
she can get some relief there, you know, and there's
a lot of people who go in and having that problem.
Speaker 1 (03:10):
Look, I get it, and I think we are going
to see the Fed make a decision in September, maybe
another one before the holidays get here. I think it's
all part of Donald Trump's strategic planning in his chest
moves to make it look real nice. Right now, the
economy in general is doing pretty well. I understand your
specific niche in the economy in that your business and
these people need a break here, and I think it's coming,
(03:32):
but you know, and it'll look great when it does.
But in the meantime, Yeah, Jerome Pal he's playing it
close to the vest. He's a conservative, you know, guy.
He doesn't want to Florida, he doesn't want to get crazy,
and you know, YadA, YadA, YadA. I also think if
he did do it, that inflation would not be an issue.
I think Donald Trump, you know, how, go ahead.
Speaker 2 (03:51):
Well we'll say now people get people confused. Now when
he lowers a rate and he's not lowering mortgage rates.
Speaker 1 (03:56):
I know they're I got you. There's shoot too, there's
two different factories. They don't always parallel and marriage, right,
But in the meantime, clients like you're talking about, I mean,
Dave Ramsey, you say it all the time. Beans and rice,
I mean, you got to stop driving the car that
(04:16):
costs you six hundred bucks. You gotta stop buying steak
and get some beans and rice. You got. You gotta
decrease expenses and increase revenue. And there's ways to do that.
And the credit card companies, unlike student loan, they'll work
with you on pennies on the dollar to you know,
get that thing figured out. She just gotta get going. Yeah,
so I hear you, buddy. I'd like to see the well.
(04:38):
I appreciate you, Dave, Thank you so much,
Our phones are always open at two o five four
to three nine nine three seven two. Come on in
here if you'd like. Dave's got U signed in Hoover
this morning. Dave, good morning. You're on Alabama's Morning News.
What's going on?
Speaker 2 (00:10):
Well, you know, I've been in the mortgage business jat
for a little over thirty years, and you hear handed
he talking about housing market. He's absolutely right, and that's
the problem. And if I'm not mistaken, Powell was appointed
by Trump originally. Is that correct?
Speaker 1 (00:24):
That's right.
Speaker 2 (00:25):
Yeah, So you know the problem we're having in this industry.
We now finally have starting to have some inventory, which
problem is people can't qualify. People can't They're struggling. So like,
for instance, I've got a lady I've been working with.
It makes about eighty five grand a year, pays nineteen
hundred dollars a month in a rent. But I can't
(00:45):
get her qualified for a fourteen dollar a month mortgage payment.
Why because she has almost well, she has almost a
six hundred dollars a month car payment. So between credit
card rates, the country was using credit cards at record numbers.
Rates on cars roof unless you're like eight hundred credit score,
what have you? So all that couple together. You know,
(01:05):
if I was able to get her in the house
and save her five hundred bucks a month, she goes
some running to buy and which means she now gets
to write off interest on her mortgage at the end
of the year, which means she can't even get more
money back on her income taxes because now she can itemize. Right,
she hits that threshold. So what does she do? She
takes that five dollars my savings, and what does she do.
She puts a little in savings, and she takes part
(01:26):
of it and she puts it right back into the economy.
I don't understand what Powell is thinking here. I mean,
this is an little brainer. I do not my rate
is below three percent, it's two and three quarters, Okay.
I don't think that's where we need to be. I
think we need to be at five percent to five
and a quarter five and a half percent. I think
we can get to that rate and the E commedy
(01:46):
will blow up.
Speaker 1 (01:48):
So she was churned.
Speaker 2 (01:49):
I don't understand.
Speaker 1 (01:50):
So this this woman you're talking So this woman you're
talking about was to decline because of her debt to
income ratio co correct too high.
Speaker 2 (01:57):
And if you take the car payment out of there,
it's all good. But she got to have a car
to get work, right, No, I got so. Really, what
the world also happened, though, JT is people start moving
out of apartments and buying houses. Guess what's going to
happen the apartment rent it's going.
Speaker 1 (02:10):
To draw No, I look, I get it. Supplying demand
is also a factor in all this. What grabbed me
to was her six hundred dollars a month car payment.
Speaker 2 (02:18):
All right, Uh, well, you know what, and it's not
a fancy car. I mean it's it's it's like I
know car.
Speaker 1 (02:27):
I mean it's all right, I like f one fifties,
but I'm not paying one hundred grand for the new one.
I just I can't do it. So you know, there's
you know it as well as I do. You work
with money in in in numbers and qualifying people for
thirty years, the debt to income ratio, she's got to
change that. She's either got to get rid of some
expenses or increased revenue or both if she can in
(02:48):
some way.
Speaker 2 (02:49):
Right, but the rates are so they're only making minimal payments.
So I mean she said, you know, if I'm and
plus what credit cards do. If you're if you're one
day past the due date, there's like a forty five
dollars lazy. So they're just making minimal payments and tools
she can get some relief there, you know, and there's
a lot of people who go in and having that problem.
Speaker 1 (03:10):
Look, I get it, and I think we are going
to see the Fed make a decision in September, maybe
another one before the holidays get here. I think it's
all part of Donald Trump's strategic planning in his chest
moves to make it look real nice. Right now, the
economy in general is doing pretty well. I understand your
specific niche in the economy in that your business and
these people need a break here, and I think it's coming,
(03:32):
but you know, and it'll look great when it does.
But in the meantime, Yeah, Jerome Pal he's playing it
close to the vest. He's a conservative, you know, guy.
He doesn't want to Florida, he doesn't want to get crazy,
and you know, YadA, YadA, YadA. I also think if
he did do it, that inflation would not be an issue.
I think Donald Trump, you know, how, go ahead.
Speaker 2 (03:51):
Well we'll say now people get people confused. Now when
he lowers a rate and he's not lowering mortgage rates.
Speaker 1 (03:56):
I know they're I got you. There's shoot too, there's
two different factories. They don't always parallel and marriage, right,
But in the meantime, clients like you're talking about, I mean,
Dave Ramsey, you say it all the time. Beans and rice,
I mean, you got to stop driving the car that
(04:16):
costs you six hundred bucks. You gotta stop buying steak
and get some beans and rice. You got. You gotta
decrease expenses and increase revenue. And there's ways to do that.
And the credit card companies, unlike student loan, they'll work
with you on pennies on the dollar to you know,
get that thing figured out. She just gotta get going. Yeah,
so I hear you, buddy. I'd like to see the well.
(04:38):
I appreciate you, Dave, Thank you so much,
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