Biggest US mortgage lender United Wholesale Mortgage lost $600 million on rate bets and needed a rescue deal from Oaktree.
Company suspended common-stock dividends and shares dropped about 35 percent in one day.
Credit card balances rose another $21 billion to $1.26 trillion in the latest quarter.
Home equity lines of credit rose $13 billion and sit $142 billion above their 2022 low.
Silicon Valley median single-family home sold for $1.98 million.
Only 0.1 percent of homes sold under $500,000.
Top 10 percent of residents control 75 percent of the region’s $1.17 trillion in liquid wealth.
Bottom half of households hold less than 1 percent.
Analysts warn the US is rolling over $6 trillion in debt every three months while running the worst peacetime deficit in history.
🇺🇸 U.S. consumer sentiment has fallen to a 74 year low.
Consumer sentiment is now worse than the depths of the 2020 lockdowns, the 2008 financial crisis and the 1980s inflation crisis when interest rates were 18%
All of this is happening while the stock market is at all time… https://t.co/GBJy4VUGQi pic.twitter.com/dBDoiVicqa
— Financelot (@FinanceLancelot) August 10, 2026
Prices are falling.
It's not just Florida and Texas anymore. pic.twitter.com/ecx6Cc7nZb
— Jon Brooks (@jonbrooks) August 11, 2026
The first Northeast housing market is starting to crack…
And it's Boston.
Inventory is spiking, hitting 1,800+ listings in Suffolk County.
That's a 62% supply increase since 2023.
Meanwhile, Boston sales are running about 17% below the long-term norm.
The problem is… pic.twitter.com/Tq66VVJKvP
— Nick Gerli (@nickgerli1) August 10, 2026
The ingredients are coming together for a US financial crisis
https://www.telegraph.co.uk/business/2026/08/11/ingredients-coming-together-us-fiscal-financial-crisis/
America’s Mortgage King Lost $600 Million and Needed a Rescue
https://www.wsj.com/finance/americas-mortgage-king-lost-600-million-and-needed-a-rescue-ab39465f
As Credit Card Debt Mounts, Home Becomes a Piggy Bank
https://www.nytimes.com/2026/08/11/business/home-equity-credit-card-debt.html