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@concodanomics "keep" is a simplification, in the cases I've read about it would be more accurate to say you put BTC into mafia-loan escrow and if you miss a payment you don't get to "keep" anything, you lose house AND collat. terms are quite different from traditional mortgage collateralsPermalink On twitter.com
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@concodanomics i read somewhere that these kinds of loans are not available in all 50 states because many states have predatory lending laws against this kind of draconian collateral staking. the states that allow it generally intended it to be used B2B, not for first-/only-home mortgagesPermalink On twitter.com
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@concodanomics or maybe, in a few corner cases, collateralizing your first house to buy a smaller, cheaper second (vacation or retirement house), but that's a vanishingly rare case. the BTC's primary function seems to be to distract from the sketchiness of the terms qua mortgage...On twitter.com