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Fintech Insider Podcast by 11:FS
857. News: What does Synapse’s collapse signify for the future of BaaS?
May 20, 2024
Guests Jason Mikula and Aditi Subbarao discuss the fallout from TabaPay's withdrawal from buying bankrupt Synapse, Chime's advance wage product, and risks of ultra-long mortgages. Topics include AI in fintech, Taylor Swift's tour's economic impact, and regulatory challenges in financial services.
01:09:18
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Quick takeaways
- Ultra-long mortgages in the UK pose risks to retirement prospects due to rising house prices and extended loan terms.
- Chime's MyPay addresses financial struggles by offering early access to wages, highlighting the need for income stability solutions.
Deep dives
Risks of Ultra-long Mortgages on Retirement
A concerning trend in the UK housing market reveals a rise in ultra-long mortgages extending beyond retirement age, posing risks to retirement prospects for over a million borrowers. With increasing numbers of loans extending into retirement, particularly affecting younger age groups like 30 to 39-year-olds, this trend is fueled by rising house prices and interest rates, making monthly repayments more affordable but jeopardizing retirement stability.
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