Quotes by Anthony Hsieh

“I have seen debt ratios as high as 70 percent or 80 percent. But somehow these people have found a way to pay their housing debt and keep their credit score high.”

“The lending industry is doing what it can to get a piece of the shrinking pie. Youre going to see more aggressive offers in the coming year.”

“We did a million-dollar loan for one gentleman who got four round trip tickets on that loan.”

“[Few people will argue that consumers havent benefited from these changes.] Keep in mind that 20 years ago you couldnt buy a house unless you had a 20 percent down payment, ... You had three choices of loans, adjustable, 15-year or 30-year.”

“Weve seen a dramatic pickup in these loans since rates starting going up,”

“People who calculated what they could afford when rates were 5.25 percent have realized their mortgage payments are going to be a lot higher now that rates have gone up, so theyre going for interest-only loans.”

“Clearly these loans arent for everyone. Unless youve been disciplined about saving the difference youre setting yourself up for sticker shock at the end of five years.”

“From a fixed-income point of view, which Im looking at, its a little bit disappointing. We have seen the bottom on longer-term rates; everybody is assuming this may be the end of this party.”

“There seems to be a sense of urgency, especially among first-time buyers. Were seeing people in their 20s and 30s who have the I need to buy a home now attitude.”

“[With the report now out, rates could come up even more.] Most lenders will increase rates by a quarter to three-eighths of a percent today, ... Remember, rates move up of a lot faster than they come down.”

“But dont just call your lender out of the blue. See what others are offering and then go to your own lender. Theyll dig into their discounts if they feel they are going to lose you as a customer.”

“Studies show that if youre a credit worthy borrower, you will do everything in your power to keep your credit high. That in itself is skin in the game.”

“[Equity might have been the only thing preventing foreclosure a decade ago, said Hsieh, but these days most borrowers understand the importance of maintaining their credit score.] Studies show that if youre a credit worthy borrower, you will do everything in your power to keep your credit high, ... That in itself is skin in the game.”

“[You may be able to get the best deal on rates and closing cots from your current lender.] But dont just call your lender out of the blue, ... See what others are offering and then go to your own lender. Theyll dig into their discounts if they feel they are going to lose you as a customer.”

“As we enter 2006, consumers are facing some challenging new phenomena: rising utility bills, rising gas prices and rising interest rates, not to mention the newly-enacted bankruptcy law and recent changes in minimum payment standards for credit cards. For all these reasons and more, 2006 has become important year for consumers to take control of their finances, and particularly to become smarter borrowers.”

“What we found is that, rightly or wrongly, consumers are accepting increasingly-higher levels of debt as a normal state of affairs. This may not be a problem in a low rate environment, but with interest rates on the rise, the time is now for all of us to take a step back and ask ourselves if were doing all that we should to ensure we make smart borrowing and saving decisions. The good news is, for those of us who need to make changes, there are many simple ways to get started.”

“The key issue here is that everybody is afraid of the I-word, and thats inflation.”

“The mortgage business is becoming a fashion trend.”

“We love debt in America more so than any other country.”