No FICO but Got Crypto?

[NoMoreE46]

So one firm looking to use alternative currency for your mortgage.

https://cryptoslate.com/you-can-now-get-a-bitcoin-backed-mortgage-without-a-credit-score/

[pizzadude]

Nothing like the possibility of a margin call on your house to keep you up at night 

Milo will issue a margin call if the value of your crypto holdings dips below 65% of its original value. If this happens, you are then given 48hours to increase your collateral.   They  claim they do not “automatically liquidate,” but they will manually liquidate your assets if the value drops to 30% of the original collateral

[unsungivy]

Well that's not utterly terrifying or anything.

[iced]

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@NoMoreE46 wrote:

So one firm looking to use alternative currency for your mortgage.

https://cryptoslate.com/you-can-now-get-a-bitcoin-backed-mortgage-without-a-credit-score/

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The collateral has changed to 100% of the value in crypto instead of body parts and the name changed from Guido to Milo, but it still looks like the same old predatory loan. Probably the same target client base too -- what is the profile of the person sitting on a house worth of crypto but has bad/no credit with actual money?

[unsungivy]

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@iced wrote:

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@NoMoreE46 wrote:

So one firm looking to use alternative currency for your mortgage.

https://cryptoslate.com/you-can-now-get-a-bitcoin-backed-mortgage-without-a-credit-score/

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The collateral has changed to 100% of the value in crypto instead of body parts and the name changed from Guido to Milo, but it still looks like the same old predatory loan. Probably the same target client base too -- what is the profile of the person sitting on a house worth of crypto but has bad/no credit with actual money?

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Um, 18 year old TikTok stars maybe?

[iced]

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@unsungivy wrote:

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The collateral has changed to 100% of the value in crypto instead of body parts and the name changed from Guido to Milo, but it still looks like the same old predatory loan. Probably the same target client base too -- what is the profile of the person sitting on a house worth of crypto but has bad/no credit with actual money?

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Um, 18 year old TikTok stars maybe?

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Even a social media influencer is paid in dollars (or another national currency), and child celebrities have been around a long time and haven't needed this sort of offering to get in a home.

[NRB525]

I used five spectacular tulip bulbs as collateral for my mortgage. The bank is very happy. Only two of the bulbs turned out to have worms eating their insides, which is pretty good from what I hear.