What boggles my mind is how people from the right give banks a pass and blame the victims of the banks get richer scheme.
With the mortgage crisis starting in 2008, we saw a tirade against people losing their homes for getting into mortgages that they wouldn't be able to pay off. The people borrowing didn't know they were going to lose their jobs. They wanted their own home, they probably paid right up to when they couldn't anymore.
When clearly banks had been approving mortgages where the bank anticipated the mortgagee would not be able to keep up the payments. The mortgagee being the ideal tenant for property the bank was confident would soon be theirs. Mortgagee would happily be turning the house into a livable home, paying the property tax, repairing it and taking care of it, all at the mortgagees expense, while making monthly payments to the bank, until the property was foreclosed upon. This is a much better investment for banks because rental properties require the owner to make repairs and paying the property tax. As soon as the mortgagee could no longer afford to make payments, the bank would then be able to repossess and sell the house for even more money because in the meantime the value of property would've gone up in value and the house would very likely be in good repair. Meanwhile the bank is keeping all the payments made by the mortgagee.
How cruel is this? People set up with the dream of owning their own home only to be used by banks as a long term keep getting richer scheme.
I can only imagine how many people lost their homes and jobs in the 2008 debacle. Banks making a profit and the people are left with nothing.
Banks, of course, meanwhile are manufacturing excuses to generate fees for holding your money if by some chance you are someone who actually has money.
Then you have these RW people who defend banks and blame the people losing their homes for the loss of their home when people lose their jobs and their savings when the banks rigged the system in the first place, engineering that the people taking the mortgages had a good chance of losing their homes, so the banks could later profit from the foreclosure of the house.
I suggest a new law, when the bank forecloses on a house, the bank MUST repay all the funds the mortgagee paid on the loan.