Appreciate the focus on structured deals and long-term ownership—always good to see disciplined underwriting and clear documentation emphasized.

With the year coming to an end, I think it's important to emphasize the sentiment shift from speculative to hard, real, tangible assets and commodities. 

I cannot emphasize how much I appreciate your response.

FDICIn the context of real estate and promissory notes, stress-testing is best viewed as a risk awareness tool:It doesn’t remove risk, but it helps identify what could go wrongIt helps quantify how sensitive the deal is to changes in key assumptionsIt informs whether there are adequate buffers (reserves, conservative pricing, clear legal position) if stress scenarios occurThis perspective is consistent with commonly published guidance on note investing and risk management, which emphasizes both default risk and market fluctuations as primary areas of concern for potential investors. guideforinvestment.com

It is great that you emphasize contract management, risk mitigation, and strong operational controls.

Subject-to was repackaged as new, while the real risks around due-on-sale, insurance, and long-term liability were rarely emphasized, also highlighted as "creative finance".2.

I would emphasize that HUD is not only looking at the reason you rejected one person, but those reasons were applied equally to similar candidates.

Chicago Fed President Austan Goolsbee and Kansas City’s Jeffrey Schmid favored holding rates steady, while Governor Stephen Miran pushed for a deeper 50-basis-point cut.Chair Powell described the decision as a “close call,” emphasizing a data-dependent approach going forward.

Retail rates reflected the move, with the 30‑yr fixed averaging around 6.22% by day’s end; notably, pricing improved on the presser rather than the cut itself as Powell emphasized labor‑market risks and kept the door open to data‑driven easing.

The irony is they bought the STR's to reduce their W2 tax burden but are now using their W2 to keep the properties up and running.Stuart you are absolutely right, but that’s exactly what I emphasize.