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Boroughs & Burbs 54: ”Bracing for An Economic Hurricane” with Stephen Lascher & David Perry
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"Bracing for an Economic Hurricane"
"That hurricane is right out there down the road coming our way. We don't know if it's a minor one or Superstorm Sandy. You better brace yourself," said Jamie Dimon, CEO of JPMorganChase onstage at a conference just yesterday. What does this all mean? What does it mean for the luxury real estate market? What does it mean for the not-so-luxury real estate market? At what point do rising rates have a material effect on market performance and valuations? Will banks change their lending standards as a result? What canbanks do to continue the flow of home buying?
What is the true relationship between interest rates, housing prices and the supply of housing? What we'd like to know is how are major banks responding to the change, and will the window of opportunity be closing for some buyers?
In the 1980's countries such as Japan and Sweden introduced the 100-year intergenerational mortgage in which the borrower pays little more than the interest payments each month. While still rare in America, is it possible that this kind of mortgage could be introduced as an answer to the rising crisis of affordability?
Co-hosts Roberto Cabrera and John Engel will be asking the regional sales managers of two major lenders these questions.
Stephen Lascher of Wells Fargo Bank Steve is a Sales Manager and a founding member of the Wells Fargo Private Mortgage Banking team in New York. Joining Wells Fargo in 2003 Stephen quickly became a member of the organizations elite President's Club having ranked in the top 1% nationally for the past 16 years. Specializing in new development end-loan financing, condominiums, co-ops and multi-family properties, he has extensive experience with borrowers and developers of all backgrounds and property types – having successfully funded over $2.5 billion in residential mortgage transactions throughout his career. Prior to joining Wells Fargo, Stephen was an associate in the Equity Research Departments at both UBS Warburg and Morgan Stanley.
David Perry of USBank David M. Perry was recently selected by USBank Home Mortgage to lead the bank's Connecticut office. Perry, who has more than 25 years of financial and industry experience, will lead a team of eight mortgage professionals looking to increase the company's market share in the Connecticut region. Prior to working with USBank, Perry was a market manager with Wells Fargo and with PNC Mortgage. Perry is fluent in Spanish and can assist Spanish-speaking customers as part of his new role.
John Engel can be found at http://www.JohnEngel.com. He is a consistently top-producing agent in Fairfield County, Connecticut. John recently won the Realtor of the Year Award in New Canaan where he has been Chairman of the Town Council and is currently a member of the Planning & Zoning Commission.
Roberto Cabrera can be found at http://www.RobertoCabrera.com. With 20 years of experience, I have been recognized throughout the industry for achieving outstanding results: Ranked nationally by REAL Trends as one of "America's Best Real Estate Agents” for avg. sales price of $4.350M. Sold a single family Townhouse faster than any other on the Upper West Side over $10M. I live with my wife and daughter on the Upper West Side, the neighborhood I have called home for the past 23 y
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By John Engel and Roberto Cabrera
5
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Send us a text
"Bracing for an Economic Hurricane"
"That hurricane is right out there down the road coming our way. We don't know if it's a minor one or Superstorm Sandy. You better brace yourself," said Jamie Dimon, CEO of JPMorganChase onstage at a conference just yesterday. What does this all mean? What does it mean for the luxury real estate market? What does it mean for the not-so-luxury real estate market? At what point do rising rates have a material effect on market performance and valuations? Will banks change their lending standards as a result? What canbanks do to continue the flow of home buying?
What is the true relationship between interest rates, housing prices and the supply of housing? What we'd like to know is how are major banks responding to the change, and will the window of opportunity be closing for some buyers?
In the 1980's countries such as Japan and Sweden introduced the 100-year intergenerational mortgage in which the borrower pays little more than the interest payments each month. While still rare in America, is it possible that this kind of mortgage could be introduced as an answer to the rising crisis of affordability?
Co-hosts Roberto Cabrera and John Engel will be asking the regional sales managers of two major lenders these questions.
Stephen Lascher of Wells Fargo Bank Steve is a Sales Manager and a founding member of the Wells Fargo Private Mortgage Banking team in New York. Joining Wells Fargo in 2003 Stephen quickly became a member of the organizations elite President's Club having ranked in the top 1% nationally for the past 16 years. Specializing in new development end-loan financing, condominiums, co-ops and multi-family properties, he has extensive experience with borrowers and developers of all backgrounds and property types – having successfully funded over $2.5 billion in residential mortgage transactions throughout his career. Prior to joining Wells Fargo, Stephen was an associate in the Equity Research Departments at both UBS Warburg and Morgan Stanley.
David Perry of USBank David M. Perry was recently selected by USBank Home Mortgage to lead the bank's Connecticut office. Perry, who has more than 25 years of financial and industry experience, will lead a team of eight mortgage professionals looking to increase the company's market share in the Connecticut region. Prior to working with USBank, Perry was a market manager with Wells Fargo and with PNC Mortgage. Perry is fluent in Spanish and can assist Spanish-speaking customers as part of his new role.
John Engel can be found at http://www.JohnEngel.com. He is a consistently top-producing agent in Fairfield County, Connecticut. John recently won the Realtor of the Year Award in New Canaan where he has been Chairman of the Town Council and is currently a member of the Planning & Zoning Commission.
Roberto Cabrera can be found at http://www.RobertoCabrera.com. With 20 years of experience, I have been recognized throughout the industry for achieving outstanding results: Ranked nationally by REAL Trends as one of "America's Best Real Estate Agents” for avg. sales price of $4.350M. Sold a single family Townhouse faster than any other on the Upper West Side over $10M. I live with my wife and daughter on the Upper West Side, the neighborhood I have called home for the past 23 y