The Jon Sanchez Show

08/29-Interest free real estate loans for undocumented immigrants

Lawmakers have sent a bill to California Governor Newsom that would expand a state backed down payment assistance program. It targets Undocumented immigrants who are looking to buy a home. Those eligible will get interest free loans of as much as 20% of a home’s value to a maximum of $150,000. Is this fair? Could it expand nationally? We’ll discuss it this afternoon on the Jon Sanchez Show at 3pm.

Duration:: 36m
Broadcast on:: 29 Aug 2024
Audio Format:: mp3

What's next? At Moss Adams, that question inspires us to help people and their businesses strategically define and claim their future. As one of America's leading accounting, consulting and wealth management firms, our collaborative approach creates solutions for your unique business needs. We leverage industry-focused insights with the collective technical resources of our firm to elevate your performance. Uncover opportunity and move upward at MossAtoms.com. Good Thursday, Ben Chio. Our afternoon, excuse me, the good afternoon on a Thursday. Welcome to the John Sanchez Show on Newstalk 780K, which is a pleasure to be with you and a pleasure to be with my co-hosts around the horn. We shall travel the Cori edge of Israelity. How are you doing, Big C? I'm good, fantastic. How are you? Very well, thank you. Very well. I would say fantastic too. We have a three-day weekend ahead of us. How can we not be fantastic? Last one for a while, that's for sure. Do I have a lot of guild mortgage? How are you, my friend? I'm doing fantastic, John. How are you? Very well, thank you. Very well. All righty, boys. Do appreciate you being here. As always, let me tell everybody what we have lined up for you this evening. We're of course going to go through today's stock market activity. We're going to talk about in the boys' world, the pending home sales data. Do I? You just sent me a great article. Hopefully you can expand on that just a little bit. We'll go through the real estate data on that side of things, touch on some mortgage rates, and then we're going to get down to our topic of the evening, our afternoon. Many of you may not know this, but lawmakers in California have sent a bill to Governor Newsom that would expand a state backed down payment assistance program. Sounds pretty good on the surface, right? But who is this loan down payment loan assistance program target? It targets undocumented immigrants who are looking to buy a home. Those that are eligible will get an interest-free loan of as much as 20% of a home's value to a maximum amount of $150,000. Yes, you heard me correctly. Free loan, 20% of the down payment, undocumented immigrants, maximum loan amount, $150,000. The question is, is this fair? You know, I ran this, I was chatting with my wife earlier today when I came across this story, and she turned to me and she goes, "You mean with all the homeless people we have in our country, veterans, et cetera? They don't get something like this." But yet we're giving it to undocumented immigrants. But the question is, why is this happening? What's it going to do for the real estate market? Could this program expand nationally? Well, keep this in mind, folks. Many things that happen in California because of the size of the state. And, of course, Newsom's buddy-buddiness with Biden, and I'm sure Kamala. Guess what? They, of course, many times follow on a national basis what gets passed in California. We've seen it over and over and over again. So we're going to discuss this, and if you would like to chime in on this conversation, do you think this is fair to everybody else that is out there? Please join us, 852 talk, 1-800-564-KKOH. Mr. Edge, before we get to the stock market side of things, I've had a burning question since I came up with this topic. And that question is, this program's been around for a little bit, but it's expanding dramatically. What if something like this happened on a national basis? What could this do to the housing market? Oh, boy. If you think you have high prices and inventory shortage now, it just expanded. And, you know, to the broader point, elections have consequences. So could something like this roll out nationally? Well, the tensor they vote into the White House in November because if you vote the wrong party, it absolutely could. And it's a scary thought. And I agree with your wife. You have a lot of hard-working people that have served this country and served other things, and they don't get the same type of treatment or the same type of program. So it is a role. It's crazyness, really. It is. It absolutely is. I picked up the story on Bloomberg. And, like I said, this is something I think it's worthwhile for everybody to know and understand, because you absolutely hit it on the head, Corey. These are the kind of things you need to think about come November and, you know, some of the local and state-level elections and so on and so forth. Because, folks, this reality is here. It is absolutely here. Like I said, this program is actually, I was surprised, it's been around for a while. It's called the California Dream for All. It took effect last year, but they're getting a whole bunch of new money. And mind you, this is coming from a state that, of course, is running a budget deficit, right? They're funding it. They're going to put them in, give me putting in about $255 million of new money in this program. Loans are going to be issued by a California Housing Finance Agency. You ever had any dealings with them, Dwight? California Housing Finance Agency? Oh, absolutely. Absolutely. We call it Chappa. Yeah. What do they like? They're very similar. Well, they're very similar to Nevada housing. Just a little more liberal, but yeah. John, this just irks. I don't know. When I saw that, I don't know if I can talk about this. I know. I thought this thing, man. I thought that the same thing. I mean, I have seen so many people. Cory and I just had a mutual client top notch, all that, and they just took them. The industry, the guidelines, took them to the ringer. Man, and this is just, and if I recall, John, when I first heard about and read about it, the qualification is you have to be undocumented, illegal. Yes. Yes, exactly. Yeah. So they're, I mean, why in the world would you not travel to California right now? Why? And you got it. Free loan, a free loan. I mean, I am. Yeah. So, you know, just to put it in perspective right now for the hardworking guy who wants to try to get into the house, I do have 100% FHA, but it's running around seven and a half, seven and a quarter for the first and the second and the second. So they're having to pay back the second. I mean, this is, this is, this is insanity on steroids. I can't for the life of me, but if I'm a taxpayer in California, but come on. What in the world are you doing to me? Yeah. Yeah. But I don't think they know about it. John, I don't think it, it, you know, I mean, they do know about it. I just don't think they're educated about it. Yeah. Well, you know, again, the, the hardest we will get to. It is funded with taxpayer dollars. And, and I'll tell you, I'll be real honest with everybody. You know, I was a California resident. I lived in Lake Tahoe for a number of years and, you know, worked in obviously in Reno and so forth. But I was a California resident. We had a house in, in Tahoe and let me tell you, when I became an Nevada resident and 2018 guys, this, the, the California franchise tax board, they still haunt me. It started with, they want to try to collect property tax on, on a jet ski that I had that, that was never there. Right. And then they, they just keep coming back. I mean, it's constant. Even to, here we are 20, 24, I still get haunted by them. They go after high net worth individuals to pay for programs like this, right? And, and, you know, all the hardworking, everybody here, you know, I want to set the table real quick guys before I really start losing my cool hair. I mean, I have as, I have to see it into my, yeah. Oh, yeah. Absolutely. Oh, no. Oh, no. That's, that's exactly what it feels like. Right. That's exactly what it feels like. I mean, here's what I was going to say. I've got a Z at the end of my name. I am Hispanic by nature, right? My father, my grandparents, on my father's side, one was from Mexico, one was from Spain. My mom's side, no relationship to the Hispanic and Mexican heritage is whatsoever. So it was all on my dad's side, right? So I am all for people coming into this country legally. I mean, that's how this country was built. But, damn it, when you come in illegally and you take advantage of all the systems and now you're taking money out of hardworking people, again, I don't care what color they are that are dying to get into a house, but because you are, Dwight hit it right on the head, that word undocumented, meaning you are here illegally. You are here illegally and yet you're going to get up to $150,000 to buy a house. The scary thing folks, and again, we're going to emphasize this point as we go through this. I firmly believe in my heart of hearts that this will be a program that you will see expanded around the country. I really like it. I just said a moment ago, things start in California and they spread like wildfire to the rest of the country. So don't be surprised if you hear this. Don't be surprised when you go into Dwight, like the people who was just mentioning. You do all the right things. You pay your taxes. You go to work. You take care of your family. You do all the right things. And you're a citizen, by the way. And guess what? There's not $150,000 available to you. Zero. No, nothing like that. So yeah, it's a very, very touchy subject. And again, that's why I want to get, obviously, Corey and Dwight's opinion on this. What could this do to the housing market if this thing does take off around the country? Is no telling what's going to happen, you know, if it does. I think Corey, I think you hit it right on the head. You think inventories are tight now and so on and so forth. I mean, who in their right mind wouldn't take advantage of this if you're an undocumented illegal immigrant? And again, it doesn't matter what color you are. There's a lot of undocumented illegal immigrants from many parts of the world that come to this country. It's not just Mexicans and Hispanics, et cetera. So yeah, it's an interesting topic. And as you can tell, we're kind of passionate about this. All right. Anything else you guys want to mention before we get to the stock market side on this? Okay. All right. Perfect. All right. Let's get started. Let's get the stock market side going today. So we go back to yesterday when Jason and I went through great details. Matter of fact, we devoted the entire show last night after the stock market recap to NVIDIA's earnings that came out after the close. And by most accounts, the numbers were really good as we highlighted. We went through everything line by line. We missed a little bit on some gross revenue numbers on various divisions and things like that. But for the most part, it was pretty good. And again, if you missed the show, please pick up our podcast because this company is so influential to the market. And today was another example of that. Now it's sold off in the after hour session. This morning in the pre-market, it was down and we finished the day down on the video. And the NASDAQ never really could garner much momentum whatsoever because, again, of NVIDIA. So that's how influential they are. So, you know, NVIDIA finished down today about, see my quote here, $7.55, that includes a little after hours selling here down about 6% to $1.806. So that was the real big theme of the day. But then also, we had some very important economic reports. Now remember, folks, you know, again, I don't want to get into the Fed. I'm trying to stay away from that because, again, we've talked to or blew in the face on it. But the Fed is paying very close attention to labor. They got some very nice reports today. The initial claims, which is the report we get each and every Thursday, initial claims down 2,000 filings for the state unemployment benefit, 231,000 historically a low number, continuing claims. Those continuing to accept the state unemployment benefit, standing at 1,868,000 up 13,000 for the week. So, again, very low number. But then we got the second read on GDP and this is what we're going to pick up on when we come back. GDP, which, again, is the overall growth of the economy nudged up. Now remember, we get three reports of GDP. We received one report of a couple of weeks ago. We got today's, which is called the second read. And then we'll get a final read here in a couple of weeks. But the number did nudge up. And I think this is one thing that investors are going to be paying a little bit of closer attention to, could this GDP number, if this number holds when we get the final report, could this make it a little bit more of a tough case for the Fed to cut rates when the economy is growing like it is? We'll discuss that plus more market action with Cori and Dwight when we come back. Let's turn it over to Kristin Snow. She's in the right now traffic center. Hey, Kristin. Welcome back to the John Sanchez show on his talk, 780 K O H with Dwight Mallard of Gil Morgach, core edge of edge reality. All right. We finished it with a strong day. And matter of fact, a record setting day again for the Dow Jones industrial average finished up 244 points, a 0.59 percent gain to 41,335. Nasdaq lost 39.23 percent and a big goose egg unchanged on the S&P 500 finishing up 5,591. Now, before we turn it over to Dwight to get us an update on the mortgage, I want to give you a quick reminder. It's over at S&W Tractor staying in the crew. They got a great selection of Coyote Tractor side by side and incredible service department. They do it all at S&W Tractor and they'd love to earn your business. Stop by and visit them at 4880 East Nylane in Carson City. Fund numbers 882 1225 and online at s&wattractor.com. All right. On the commodity side, strong day for oil, 1.8 percent gain 75.90 a barrel. Strong day for gold, $22.50 rise, 2005, 60, 30 and Mr. Mallard, you nudged up a little bit, my friend, in the 10-year Treasury three basis point increase, $3.87 had we do on the 30-year mortgage. Yeah. So, I mean, we're in a nice little trend here, John. We were yesterday 6.37 today. As you mentioned, nudged up a little bit, 6.41, according to Mortis News Daily. Just incredible numbers that we haven't seen in a long time, 30-year fixed according to Mortis News Daily on FHA is 5.8. So I mean, this is making the consumer who has been sitting on the sidelines or anybody for that matter smiling. So, you know, I learned an article though, John, I want to ask you how to do it. And it said something to the effect that did the bond market jump out too fast, too early on this rate cut. And I wanted to get your opinion, because obviously, if they felt like they did, they're going to correct a little bit, you'll start to see rates drift back up. Yeah. I think the answer is no, Dwight. That's a great question. But I think the answer is no. The bond market is usually very accurate, much more accurate than stock market investors and strategists and things like that. They're more black and white. Look at how bond market is almost like an accountant, right? There's no gray areas, black, it's white, you know, and so they make their decisions on that. But to your point, and again, I'm glad you brought this up, because it's actually been on my mind after, you know, especially after I made that mention of the GDP number, which I'll go to. You know, you've got to think about it, there's no putting the cap back in the bag as the saying goes, right? The Fed has made it very clear just last Friday, of course, with Chairman Powell, they can't turn back now. They can't say, "Oh my gosh." You know, in the last few weeks, meaning up until September 18, the data came in strong. They're not going to do that. They would have an absolute disaster on their hands from an investor standpoint, not "supposedly" that they care, but deep down, they do care. So yeah, maybe if the data reverses and starts to nudge up like this GDP number showed, maybe they would slow down the proposed quarter percent cuts expected for this year, again, two to three, depending upon who you look at. But overall, now, I don't think the bottom market got ahead. Bottom market is usually pretty accurate of things, in my opinion. Well, that's a good thing then. I don't think the consumer can handle another rise in rates right now. No. No. No. What I'm finding out out there, John, is that what you're seeing is activity on the fact that people now believe were now on the downside of rates we've peaked and now we're going to... Yeah, absolutely. So just make some happy go out there looking, and they're not sure where this is going to fall in at, and nobody does. But it's kind of, I think, a little bit energetic for people to get out there going, "Okay, now what I'm looking at may be a better situation than I have experienced the last couple of years." Right. But real quickly, yesterday, of course, being Wednesday, as we do each and every Wednesday, the MBA, the Mortgage Bankers Association, Mortgage Application Index, you nudged up about a half a percent for the week compared to the prior week, which was down about 10.1%. I would have thought, again, to your point, rates declining, that's stuck in the consumer's mind, that we would have saw a little bit more uptick in that. And I can't figure out, Corey, give me an answer on that, or is that a modest number, do I? Half a percent? Yeah. Well, I think it's a modest number, but here's what I will tell you. Back to school is a real thing. I mean, it is a real thing. And people are, and Corey can tell you, you and I have been out, John, but Corey, it's a real thing. I mean, you've got to strategize, you've got to shop, you've got... I mean, it's a real thing. You've got to squeeze in your last vacation. And I normally don't make excuses, but authenticity, a real thing. It really is to get people situated. So that would be the only thing I would say. I think you're going to be surprised. I'm seeing an uptick in activity, so I think you'll be surprised over the coming weeks. Okay. Good. Corey, that feeds right into what you have advised week after week, month after month, that seasonality is a real thing, especially here locally. I assume you concur with Dwight that back to school could have an impact on why that number was a little bit on the week side. I definitely think it's back to school. It's kind of end of summer. It is a seasonality thing. This is kind of a... This is always a weird time of year because sellers are looking at prices that happened in May and June and saying, "Okay, I want that price plus an extra 5 grand 10 grand, whatever." But they sell what they had, or they don't want to understand that you've already crusted. So now you're kind of going through the downside of the year. I'm seeing... I'm sure you see them too. I get a ton of flyers every day by email. I'm seeing a ton of open houses, which usually means houses aren't moving, people aren't walking through. I don't think there's anything extra out of there, I think it's just... That's the seasonality effect. I'm seeing a lot of commercial real estate advertisements also, Corey, from various commercial real estate brokers locally. What kinds of commercial? Warehouse predominantly. Yeah. And I don't know that much about it, so I don't want to pretend to be an expert, but just like the apartments, everybody around this town has noticed how many apartments were built. How many huge warehouses have been built in the last 24 months? I know they're not all occupied because I see so I'm not so much the commercial, but I dig through every once in a while just to see what the rates are at. And they sit there, so you might have an absorption issue going on, and I think a lot of those types of developers, they're long-term people. They don't build it thinking we're going to have somebody day one, they build it thinking eight, ten years from now, we're going to have a shortage. Right. And also the something I thought about too is it's kind of the trade-up factor too, right? If you're sitting over in sparks in one of the major industrial areas and you've been in this building for x number of years, it's getting old, it's getting tired, it's time to expand or upgrade, you're going, "Eh, do I really want to do this?" Yeah, you know what? How about something bright and shiny and new? Let's try to dump this thing in so we can get into a new property. Well, and you can imagine what goes on in the warehouse, and again, I'm no expert in this, but everything is getting AI and digitized in a different way they do the racks, different computers that move things around. You bet. I'm assuming some of these new warehouses are better equipped for today's age. Absolutely. That's a great point. All righty boys, when we come back from this break, we are going to get into our topic this evening. Interest-free real estate loans for undocumented immigrants, yes, you heard me correctly. This is what's sitting, it just got sent to Governor Gavin Newsom's desk. We know, of course, he's going to sign this, and we're going to explain what this program is and really look at the impact overall of what this is going to do, not only in California real estate, but also potentially if this expands nationally. We've got a great sound clip thanks to Mr. Neff from Assemblyman Bill Essley out of Corona Riverside area, talking about this would just be economic suicide if the state pushes this through, which again, I think is absolutely going to happen. There's already a version of it that's out there. They're just getting a bunch of new money, like what I say, $255 million or so. So it's legit. It's going to happen, folks, and hopefully try to keep your temper as we do this, but you want to join the conversation, 852 talk, 1-800-564-5564. It's turned it over to Greg Neff speaking of which, who's got news traffic and weather. Thanks again, Greg for putting that together. Do appreciate it. Welcome back to the John Sanchez Show on Newstalk 780k awaits with Corey edge of edge reliability to White Millard of Guild Mortgage, 244 gain on the Dow today, Nasdaq lost 39 in the S&P unchanged. All right, we're going to get into our topic this afternoon, but first, this GDP number again, something we got to watch closely, again, this was the second read, showed the economy growing at 3% annual rate versus the first read we got two weeks ago showing it growing at 2.8%. So I know it sounds like we're splitting hairs here, but that's a pretty substantial uptick. If that number holds, again, we'll get the final read here in a few weeks and then we'll be discussing, you know, what does this mean for the Fed? All right, time to get to our topic, guys, interest-free real estate loans for undocumented immigrants. That's right. You heard me closely. So let me start going through some of this and we'll discuss it as we get into more details. It's everywhere. This just happened a couple of days ago. So California lawmakers have sent the bill and the bill, by the way, is called AB 1840, an Assembly Bill 1840 to cover Newsom's desk that would expand a state-backed down payment assistance program to undocumented immigrants who are looking to buy a house. Now if Newsom signs the bill, qualified applicants would be eligible regardless of their immigration status. The program called California Dream for All took effect last year to help first generation home buyers get interest-free loans of as much as 20% of a home's value in one of the country's priciest states for real estate. The bill, which the state legislature passed last Wednesday, will potentially put Newsom in the spotlight as controversy swirls around immigration in this year's presidential race. Trump slammed Kamala Harris on illegal border crossings earlier this month. Harris, who liked Newsom as a California Democrat, has vowed to bring back an overhaul of US immigration law backed by many conservative lawmakers in Congress. Now let's get to the details of this, guys. First time buyers, okay, let's get to the criteria of this. First time buyers are eligible to tap the state program, with a loan amount of 20% of the home's value capped at $150,000. If they sell the home, they must repay the original loan amount plus 15 to 20% of the home values appreciation dependent upon their income. In June, Newsom said 1,700 families were conditionally approved to participate in the second round of dream for all, putting them in line for $255 million in funding. The program, how are they going to get the money? Well, it's funded through taxpayer dollars, and money generated by mortgage loans issued by California Housing Finance Agency, Mr. Lard. But the program didn't get any new funds for next year because of a budget shortfall according to the state finance department. While the bill approved by lawmakers wouldn't exclude undocumented immigrants, applicants will need to meet qualifications required by Fannie Mae to be eligible for the program, such as having a taxpayer ID number or a Social Security number. Well, how easy is that? The bill's author, Joaquin Arambula, has said that his goal is expanding the program to help provide an additional support to low and middle income Californians on and on and on. Now, I did a little bit of digging, guys, during the break, and I came across this. There's no money for this. So, they passed it yesterday in the state assembly, but there's no money for it. You know, sitting on a nuisance desk now to sign, but yeah, they have no money. The program, when they launched it last year, ran out of money in 11 days. That's how powerful and how, of course, in demand this program is. And the final thing I want to mention, and I'm going to turn it over to you guys, this is based upon 2024 income limits. Okay, so now, folks, this isn't for, well, what many of you may have in your mind is undocumented immigrant income, you know, making, I don't know, $1,000, $1,500, $2,000 a month. No, no, no. By county, they determine how much they will give you in loan assistance tax-free or interest-free. Alameda County, you can make $246,000 if you're in a legal immigrant and get this money. Alpine County, right in our neighborhood, $189,000, let's see, San Diego, $189,000, San Francisco, $295,000, San Joaquin Valley, or San Joaquin County, $164, San Joaquin Valley, by the way, you can make up to $291,000 if you're an undocumented immigrant and get this money for free. Now, guys, real quickly before I turn it over to you, I want to run this clip by, again, Assemblyman in the Riverside area, talking about this and getting kind of what financial suicide it is. My parents both immigrated to this country. They did it lawfully. And I really feel it's a slap in the face to legal immigrants when we incentivize the breaking of our laws and the normalizing of being in this country unlawfully. Corey, how in the right minds could they give money to people breaking the law coming into the country illegally from a real estate standpoint? Because they need to get reelected. I mean, this comes from the same party that doesn't want any IDs when you go to vote it. This is all part of the stream going here. You know, again, if you think about it logically and you look at it kind of globally and do I can speak to it better than I can, you have a government agency, FHFA, that runs Fannie May, Freddie Mac, and FHA. So if you think about could this go on a national level, of course it could, especially if the wrong decisions are made in November, they can deal with executive order. But the majority and Dwight knows better 90, but I want to say probably 85, 90% of the loans here are government backed so they can make little tweaks to that program. And eventually it's going to be, you know, you're going to give a leg up to people that may or may not qualify for a house because they feel bad for them or they need the election results. And it's going to be easier for them to qualify then. You know, Dwight mentioned we had a client. He just closed yesterday. This is a gentleman, a young kid, black Hawk helicopter pilot, now he serves our local county doing some more stuff than they put this kid through how I'm back. I hate to say the qualify for a government loan. It was insane. To qualify for a government loan when he served our country. You know, it's the guidelines that are published and, you know, I see here when I when I heard about this, okay, we're just starting credit scores off the window now. I mean, do credit scores matter because we are if you don't have that. And John, there are already some loans out that there's already a handful of investors out that they're doing these I-10 loans, which is individual tax identification, tax identification numbers. You've got to put 20, 25%, 30% down and you give me your I-10, which is your individual tax identification number. You don't need a social security, but I do have to have a credit. I have to have a credit score, you know, and so I'm sitting there going to just ignore all the traditional laws and rules and guidelines. If I get pulled over for speeding, why does it the county just pay me for speeding? I don't get what, you know, this is beyond, you know, for someone who's been doing it from, you know, on scratch factor and carbon paper in the 80s, this is this is just lost it. And I don't know, is Gavin Newson trying to hand California over to Trump? I don't know. That makes this makes zero sense to me of how you could give somebody, but to your point, the problem is if they're going out to refund this program because they're out of money, it's going to come on the whole back of the taxpayer. It's going to come from some, some, you know, I don't know, usery, I don't know how they're going to get. It'll come from the taxes. They're going to go after you again. They're going to come after you again. That's right. It'll come from the taxes. Yeah, as they go after people trying to exit the state, the Elon Musk of the world, anybody that's got a little bit of money, they'll come after everybody. And then Dwight, don't be shocked. In your world, all the different fees that you complain about weekly on this show that you have to pass on or that your borrower has to pay, those are just going to increase, right? That's to me being an outsider, that would be one of the first places I'd go to. Let everybody else pay for this, right? Let everybody else pay for it. By the way, I should mention this currently, this is a lottery system, right? And again, it sold out in 11 days. That's the demand that's there. All right. So let's go back to our audio clip from Bill Essley, again, Republicans, some women out of Corona, California. To compete with people like my mom, my mom would love to buy a house. Downpayments, one of the biggest hurdles to being able to afford to buy a house. So her slot could be given to someone who just entered our country unlawfully. That is offensive. So Corey, how do you, how do you, I don't know how to even phrase this, how do you take food away from, I'm going to use the food analogy, take food away from somebody and give it to somebody else that doesn't deserve it, which is essentially what this is. Like this gentleman, this is some women just said, you know, my parents have been here. They would love to have this money. They can't get it. Somebody can walk across the border illegally, put their name in on this lottery system and get upwards as well. Again, it's not even 150. It depends on where you are, you know, Ventura County, 198,000, Nevada County, 178,000. I mean, there's, there's not a lot on this list that I'm looking at guys that's below 150,000. There's just a few places. How do you do that, Corey? I don't know how you do it, but again, to me, it goes back to whether in California or national level, these are people that will do whatever it takes to stay in office. You look at Mr. Newsom, he lives a very posh life. He is not hurting for anything unless he needs some snapshots of him, you know, picking up trash or whatnot for certain votes. But this is, it's all hypocritical. And again, I'm all for helping first time home buyers as long as they're all as long as they're equal that anybody can qualify. Anybody can do stuff. I'm with it. When you start cherry picking these things, like only in my brain, the only reason you do that is it's, it's, it's automatic people that will vote for you. Yeah. No doubt about it. John, I have to, John, I have to be careful about how I document the race or ethnicity of somebody. You know, yes, this is designed exactly for this is reverb. I mean, the very thing you preach to me, you're doing yourself as a governor. It's the hypocrisy of this just thinks like crazy. This is, and John, they've expanded the 10 or three application to include a lot of other information about the person qualifying for the loan you wouldn't believe. I mean, it's DEI inside of the loan application. I mean, so, I mean, it's, it's, and I just don't understand how they can say, okay, you can't get it, but you can all things equal. I mean, first time home buyer, you know, okay, I just don't understand it yet. If I do that, I'm going to jail. That's right. That's right. Exactly. Huh. Yeah. I think hypocrisy is the key word there. Do I? All right. We'll come back to this and a few more audio clips we want to share with you. Let's wrap it up with Kristin Snow, the right now traffic center. Kristin. Welcome back to the John Sanchez show on new stock, 780 KOHH with the core edge of edge. Really. Mr. Edge, your number. 6, 7, 3, 6, 7, 0, 0. Mr. Millard Guild mortgage. Yeah, 2, 4, 0, 2, 0, 2, 2. Perfect. All right, guys, let's, uh, real quickly. Let's go back to a couple more audio clips by, uh, Republican Assemblyman, uh, S.A. out of, uh, Corona, California. Does it mean anything to be a citizen, to go through the process, to learn our system of government, to learn English, to be part of our system lawfully? Why do all that? If you can get all the benefits of citizenship without being a citizen, it makes no sense to me. It's almost like government suicide, I don't understand. Yeah, it could be government suicide, you know, again, right now limited to California, but as we've said numerous times throughout tonight's program, this is something that, in my opinion, could spread like wildfire. Uh, guys during the break, I, I, I was digging into the, uh, the, the website for this. And, uh, it says you can get financial aid with the California Dream Act if there's five points. Number one, at the top of the list, if you are undocumented, number two, you have a valid or expired, uh, DACA status, um, you are a UV so holder. You have a temporary protection status and you meet the non resident exemption requirement or AB, blah, blah, blah. So right at the top of the list, if you are undocumented, you will qualify for this program. So do I really, real quickly, let's wrap it up with you. Say me about 36 or something, I got to get out, uh, but, uh, wrap it up from a qualifying standpoint. What are you going to do when this happens when someone's because there's, there's approved lenders. I don't know if Guild's one of them. I didn't look, but, uh, hey, you may have one of these in front of you at some point. Yeah, John, and I, I don't know what the guidelines are going to look like. How do I doctorate their income and all sorts of things, you know, but, but I don't, to call a friend earlier, this is, this is not coincidental. This is a trial run for a national program. If the election goes their way. Absolutely. It is absolutely. No, there is, like I've said numerous times tonight, there is no doubt in my mind that this program will not spread across the country. And again, it's, uh, pretty amazing up to 150,000 tax free and, uh, oh, you have to share, you know, 20% of your profit when you go to sell the house, but, uh, what happens if the house doesn't sell for a profit? My government or the taxpayer just eats that money. They funded it and then they get to eat it. So we will keep monitoring this folks again, big happenings out of California just the last couple of days. Here's a quick reminder. Are you worried about market volatility affecting your retirement? Well, don't leave that future up to chance. I want you to join Jason and I for our next webinar, September the 4th at 630 to go over all kinds of great things. We're going to be discussing how to assess your risk tolerance, diversify the investments, establish a safe withdrawal rate and make your savings last. Just go to our website at Sanchez wealth management.com to sign up for our September 4th, 630 p.m. webinar. Gentlemen. Excellent job as always. Wish you had more time to talk about it, but we'll do it again tomorrow on the John Sanchez show. This program was sponsored by Sanchez wealth management material in this program was intended as general information only and should not be taken as specific investment tax or legal advice. None of the information on this broadcast was intended to be a solicitation for the purchase or sale of any security further information is available by contacting John at Sanchez wealth management.com or 775-801-01 John Sanchez offers securities and advisory services through independent financial group LLC, a registered broker dealer and investment advisor member FINRA SIPC securities only offered in states, John Sanchez is registered in Sanchez wealth management LLC and independent financial group LLC are unaffiliated entities. Dwight Mallard is not associated with Sanchez wealth management LLC or independent financial group LLC. Dwight Mallard co-host NMLS number 241259, Guild Mortgage Company Equal Housing Opportunity NMLS number 3274 Dwight Mallard NMLS number 241259, Enfee Mortgage Company number 11441, Pranch address 5370 kitsky lane suite 101 and 103 Reno, Nevada 89511, phone number 9723812410. The information provided today is for educational purposes only. The position strategies or opinions of the show do not necessarily represent the position strategies or opinions of Guild Mortgage Company or its affiliates. All information loan programs, interest rates, terms and conditions are subject to change without notice. Guild Mortgage offers home loan financing only. Guild Mortgage Company is not affiliated with the John Sanchez show. Any speakers, companies or institutions featured. This is a paid advertisement. What's next? At Moss Adams, that question inspires us to help people and their businesses strategically define and claim their future. As one of America's leading accounting, consulting and wealth management firms, our collaborative approach creates solutions for your unique business needs. We leverage industry focus insights with the collective technical resources of our firm to elevate your performance. Uncover opportunity and move upward at MossAtoms.com