Thread: Why I support the 1%

Originally Posted by ninja9578

Predatory lending is a term used for when banks loan money to people at interest rates higher than they can afford for necessities like housing. The banks can impose high interest on the poorest people (because they are higher risk.) Lots of Americans have paid back to the banks twice what their house is worth, and are still in debt. The borrowers have no choice, no one can afford a house/car without a loan. Houses aren't necessary, but cars are everywhere except the city. Interest rates are also not always fixed, so you don't always know how much you will actually end up paying back.

Human rights like decent shelter should be provided by the state.

If you want to upgrade from necessity to luxury, that's your call.

Originally Posted by Omnis Dei

Xei, What world are you living in? Could we please limit this thread to all discussion related to Earth?

In answer to your question, the banks sell off the toxic mortgages afterwards so they don't have to deal with it when it falls through. The instituions that bought them had no idea they were toxic.

And if that was the result of the fabrication of information then the banks have committed a crime and should be sued by those institutions. Your point?

Originally Posted by Omnis Dei

If you know the way this country's financial system works you'd know that the worst thing a creditor can do for the economy is give out loans that have less than a 51% likelihood of being paid back. Such behavior is intentional destabilization of the financial structure.

Of course, there's nothing banks love more than a depression.