The history and opportunity of the modern mortgage [video] • Hacker News Board

Re: The history and opportunity of the modern mortgage [video]

#51

Post by smileysteve » Mon, Jun 10, 2019, 3:23 AM UTC

cheerlessbog wrote: post #32

baybal2 wrote: post #17

Earlier quoted context omitted.

America, a supposedly a capitalist society. I expected Americans to be at least more finally literate than people from the bloc. Artificially low interest rates may well benefit you to some tiny extent, but imagine just how much more benefit is given to a bank. You still take an enormous risk, staking all your livelihood, and the bank get a near free way to make money. That's not equitable. The prime majority of peop…

> The prime majority of people have no genuine need to own a home Many people, including me, value being able to do anything they want to the property, live in it as long as they want, know how much it will be costing them years into the future, and never have someone enter without their permission even (landlords can legally do this if there's an urgent maintenance problem). In my last rental I could not even paint…

> and never have someone enter without their permission even (landlords can legally do this if there's an urgent maintenance problem).

Have you heard of the police? Maintenance problem, signs of forced entry, sounds of a struggle. Here's hoping none of us get pulled up as the incorrect address next time someone is mad at someone on a video game.

Re: The history and opportunity of the modern mortgage [video]

#52

Post by my12345 » Mon, Jun 10, 2019, 5:32 AM UTC

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Re: The history and opportunity of the modern mortgage [video]

#53

Post by m-i-l » Mon, Jun 10, 2019, 3:55 PM UTC

sarah_k wrote: post #27

echopom wrote: post #14

This is really great content by A16Z. It shows how complex building a Fintech in US actually is , often due to how many different partners you will actually need to depend on. In this specific case , you would need to have each partners offer an API that you could call to automate the mortgage workflow. Obviously , due to the nature of the financial sector it's very likely those partners don't have those APIs and don…

Myself and a few others woulc like to use cryptocurrency to enable fractional ownership of property where anyone in the world can buy and sell 'shares' or just own them as an investment. This is happening with art too.

Art is very different from physical property, given it tends not to have any intrinsic value, generate income etc.

Fractional ownership of residential property is already possible in the UK, without cryptocurrency:

- Set up a Declaration of Trust which defines the fraction of ownership of each of the Tenants in Common, along with other details such as what to do if one wants to sell. This is typically used by owner-occupiers.

- Purchase via a Public Limited Company, and issue shares in that company. This is typically used by investors.

- There are also fractional property ownership schemes run by housing associations.

There was even a startup attempting to streamline this process, without cryptocurrency, although it has folded already[0]. Adding cryptocurrency is only going to add new risks such as key management, exchange failure, etc. and doesn't provide any clear benefit(s) to those who don't already have a vested interest in the chosen cryptocurrency platform. Unless the idea is to use cryptocurrency to bypass the existing legal system, but that is going to expose you to the legal (not to mention moral) ramifications of it being used for tax evasion, money laundering, theft, etc.

[0] https://news.ycombinator.com/item?id=19319363