Banks are just mortgage brokers that have most people fooled.
Banks dont make money lending their money out for 30 years at low interest rates. Banks don’t lose money by originating loans.
Banks aren’t stupid, but many people who deal with them are, and that’s how the banks like it.
Pay high fees, overdraft charges, bounced check fees, ATM fees, and loan money out for much more than it costs them.
Loan originations and loan servicing are like apples and peanuts.
Just because a payment is sent to the LOAN SERVICING department of a bank does not mean that the bank owns the loan.
The bank doesn’t have the authority to modify something that they don’t own.
Profits are higher in the early years of a loan because principal balances are higher in the early years of a loan.
One of the big reasons that there was a depression in the 1930’s was because the government stuck their nose in at the wrong time with the illusion that they knew how to fix the problem, instead of allowing it to fix itself.
This did nothing more than prolong the downturn to about 12 years.
The public was clueless, living beyond their means with a sense of entitlement and unwilling to face reality; desperately wanting to believe that the clueless govt was going to save them.
History is repeating itself right before our eyes but millions of people refuse to see it.
There appears to be no shortage of money available for people who qualify for a loan. People don’t understand what it means to qualify.
Allowing something bad to happen and then pretend like they know how to fix it is a pathetic cycle that repeats itself over and over again.
The wrong people are blamed for what happened and most people want to think that things can go back to the way they were because it was easier for them…
