On Feb 8, 2:42 pm, (Sharon) wrote:
Young people need to be reminded that the banks are NOT their friends.
It seems like in the 'olden days' banks wouldn't lend you any more than they
felt you could responsibly pay off. These days they love the late fees, and
practically throw money at you knowing you're likely to default.

- Sharon
"Gravity... is a harsh mistress!"

And in the olden days, a bank lost money on a bad loan. This kept
them honest.
These days, most places sell the mortgage to the secondary market.
Mortgage insurance, FHA, VA, Fannie Mae and the rest cover the
potential losses, so there is little downside to most mortgage lending
operations.
You get scammed by the title insurance also.