Ink Pen by Phil Dunlap for November 24, 2015

I’m surprised you agreed to it in the first place.

In many cases the bank said “Sure, you can afford this, and when the rate increase hits you just refinance.” Then the rate increase hits and you go to refinance and the bank just laughs.

Actually sounds like the bank was counting on getting a free house from it.

Then there are the thousands who lost their homes because those same banks bundled and sold mortgages, took the money offshore so avoided paying taxes on it, then financing acquisitions that resulted in millions losing jobs to other countries, devaluing real estate in the US so foreclosures became immensely profitable. Then a non-functioning government program let the banks string homeowners along until the foreclosure sale could be completed, take in the homes and sell them so cheaply that the other homes in the area were all devalued, and all the bank’s senior executives and shareholders could afford mansions.

You have to ask yourself why would banks loan money that they can’t expect to get back – that makes no business sense unless there is a different force acting on them, such as a really stupid government regulation or ‘social justice enforcement policy’