You wanted Rick, we’ll now you’ve got him. Find out how Santelli answered some of your most pressing questions.
Joe from Virginia
Joe has a question about housing. He says “FHA underwriting rules require two appraisals and if the home does not appraise for the respective sales price it devalues the property for 6 months. Please explain why this is causing more harm than good?"
If you’re getting a traditional mortgage you don’t have to worry about that second appraisal, says Rick Santelli. If you’re doing a cash back mortgage then you’re open to that problem.
Ron from Ohio
Ron asks, “Why do interest rates keep declining on longer term Treasurys when supply keeps growing?”
It’s largely because we’re going through a crisis and there’s a safe harbor appeal to Treasuries, explains Santelli. The real test will be what happens when we see the light of day and recovery.