Amazon Sets Off to Become America’s Biggest Mortgage Lender

Source: ZeroHedge

First it monopolized the online retail space; then it made a dramatic appearance in the bricks and mortar grocery sector with its acquisition of Whole Foods, and lately it has been preparing to take on both the pharmaceutical & healthcare sector,  and even banking.

And it’s only just starting, because as Housing Wire notes, Amazon is now looking to get into the mortgage lending business. The company for which barriers to entry simply do not exist, was first reportedly planning on starting with offering checking programs first, then move into the debt product space after. And now, Housing Wire confirms that Amazon is currently looking to hire someone to lead their newly-formed mortgage lending division.

Here, a humorous aside from the report author, who refuses to provide the identity of the mortgage lender firm that Amazon has targeted:

Due to non-disclosure agreements, we probably shouldn’t reveal their identities. After all, with Amazon planning a move into mortgage lending, it’s best we work with them and not against them. Am I right?

… but gives the following hint:

We can say that if you look at the top 10 HMDA lenders and pick out the nonbanks, that’s where Amazon is recruiting their talent.

… and adds that “one person we spoke to turned down the job, but couldn’t say why.”

We are confident, however, that the next person Jeff Bezos speaks about the role of starting up Amazon’s mortgage lending division, will be delighted to accept.

The timing of Amazon’s entrance into the highly competitive sector is hardly coincidental: last month we reported that America’s formerly largest mortgage lender, Wells Fargo, just lost its title to Quicken:

Quicken revealed that it originated $25 billion in home loans during the quarter, compared with Wells Fargo’s $23 billion in home mortgages. Wells is the country’s leading bank in home mortgages; Bank of America and JP Morgan Chase & Co. reported $13 billion and $11 billion that quarter, respectively.

In other words, as of this moment, an “online” service is the most popular provider of mortgage loans in the US. It is this niche that Bezos has realized provides a major opportunity for Amazon, and he is not shy of making it clear that in just a few years, your mortgage lender will be none other than Jeff Bezos as Amazon continues on its unstoppable crusade of intergalatic domination.

via Amazon Sets Off To Become America’s Biggest Mortgage Lender

12 thoughts on “Amazon Sets Off to Become America’s Biggest Mortgage Lender

  1. Hi Doc – got to admit Amazon has me hooked. I purchased Amazon Prime and a Fire Stick so I now stream numerous movies, TV series and documentaries directly to my television. I order various and sundries from their website – including diabetic glucose monitoring testing strips at a considerably lower cost than I can get them at a local pharmacy. And I get free shipping on anything I order. I can easily see them buying Quicken Loans and revolutionizing the mortgage markets. Best from Florida.

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  2. According to legal definition, a bank has loanable funds; however, in this debt-based Ponzi Scheme there is no money only credit; credit is merely a debt; and, currency is an IOU; and, everyone owes everyone; and, we all promise to pay somewhere in the distant future; and, we all are insolvent debtors; and, property of London and Rome;

    How can anyone then profess to be making a loan? They are not; all ORIGINAL court orders, invoices, tax filings, utility bills; EVERY money bill, bill of exchange and negotiable instrument that you sign, gets sold on as legal tender for 9x its value on a fractional reserve system; what we think of as government are ALL merely money bill vendors; they collect your signatures and sell them on through private clearing houses;

    Try and find where the original utility bills get printed; not the copies that you get; you will hit a dead end;

    Even your original birth certificate, vehicle registration papers; title deeds, mortgages have been sold on to third parties;

    This also means that everything is pre-paid; by utility services also demanding payment from your pocket, you are being double-billed; this is the biggest fraud scheme on earth; right under our noses;

    Just follow the original money bills; the chain of title; we better wake up fast; the obedient will be slaves, said Paine; in peace

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  3. As we both know, UZA, the legal definition of a loan is a lie and a fraud. And the 10% reserve requirement went out the window years ago. According to Australian economist Steven Keen, private banks create as much money (out of thin air) as they want and later go to the Central Bank to borrow reserves (at 0%). Our NZ are only required to have 3-5% in reserve for their loans and even this isn’t rigorously enforced.

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