Everyone is waiting for the next housing crash. Chris thinks they may be watching the wrong thing. In Episode 348, he connects the lessons of 2008 to today’s mortgage market, where major non-bank lenders are under pressure, Treasury yields keep climbing, and Japan’s fight to defend the yen could be making America’s mortgage problem worse. This isn’t a call for another housing collapse—it’s a warning that the financial system is showing cracks in places most people aren’t watching.

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🔗 Resources:

U.S. Treasury intervenes to support yen after Japan steps in, FT reports (CNBC)

Every yen rescue is funded by selling treasuries… (Nicholas Crown via Instagram)

Anthony Hsieh steps down as loanDepot’s executive chairman (Housing Wire)

LoanDepot Founder Anthony Hsieh Returns to Executive Team (PYMNTS)

United Wholesale Mortgage plunges 35% after suspending dividend and raising capital (CNBC)

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