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My personal pet theory why that script isn't working is that all corporations on the stock market are run on "maximizing shareholder value". Oh times are rough well shareholder value maximizing requires layoffs, good bye for the lifetime employments where get a gold watch after 25 years of loyalty. If lifetime employments with the possibility of buying are reasonably priced house and owning the stuff is being ruined by "maximizing shareholder value". You have no job security in e.g. customer service working your way up is gone, because you have been replaced by a low wage worker who reads of a script and the moment corporations can trust the AI chatbots that entry level job is gone. Banks are interested in loaning you money as much money as possible towards your house so you can never pay it off. If you never can pay off your mortgage you are for all intents and purposes renting a property from the bank who doesn't do any maintenance on it. The reason is "maximizing shareholder value"... That HP inkjet you bought.... well you didn't buy it, HP made an investment in you so you could have a subscription, any issue with payment well you ain't printing shit. And the first thing you contact is usually some kind of customer service bot. Yeah that car you have, if it is newer model with heated seats well those could be a subscription service. Guess why companies do this?
The entry point into the life script is dependent on that you can get a stable job so you can buy a home and have stuff and we are not getting that, and that is feeding into nihilism of some cohort of people that becomes NEETs (Not in Education, Employment, or Training) because they can't enter into "maximizing shareholder value" for some corporation, which can't wait to fuck them over the moment the rogering provides value.
But it is just personal thought...
No, if you can't pay your mortgage, the bank takes the house and kicks you out. In fact, if your DTI is too big, they will not loan you the money. Perhaps you think the cutoff is too big, but ultimately it's the customer who is deciding to take out the loan.
Plenty of homeowners have paid off their houses.
Well that is the general theory of how it is supposed to work. They haven't corrected all of the mess that led up to the subprime crisis back in 2008-2009.. Sure people pay off their loans, but there are a bunch of people that use the raising equity prices to fund that they can on other liabilities.
Sure you can say that it is the customers responsibility and it is absolutely that. And they are plenty of people see that they don't have the economic means of buying property because they are being responsible. A couple of decades ago plenty of jobs it was possible to buy a house and pay it of outright, but now it is fewer and fewer people that get opportunity.
But make no mistake, if someone in the bank thinks that they can make a profit of a loan too you... they will do that, even if it is just the person approving it is just getting a bonus.
I cannot parse this sentence.
Obviously, the bank is not a charity. People enter into agreements for mutual benefit.
People take out more loans when the price of the property goes up, they leverage that as an asset to have as collateral on other loans.
Again looking on the mechanics of the subprime crisis back in 2008, the loans given were not to the benefit of the lender. The calculus for the banks where that the value of the property would be higher when the lender defaulted, thus being the only ones benefiting on collecting the interests and get the money back with the sale of the asset.
They'd take out loans even if the price of the property didn't go up. This is a fully general argument against homeownership.
Why would the borrower take a loan that didn't benefit them?
“Think of how stupid the average person is, and realize half of them are stupider than that.” - George Carlin
I'm not sure that would be the case if they would be targeted with marketing for taking on more loans.
No it is not general argument of homeownership, it is an argument against predatory practices on giving out loans without the safeguards of looking at DTI etc... i.e. the first claim you made on how it is supposed to work.
It's good that you know better what's good for someone than they themselves! If only they had you to run their lives.
And indeed you cannot get a mortgage if your DTI is too big.
No that is not what I'm saying. Back in the day there where a bunch of rules put in place to rein in finance industry. Banks actually had a bunch of duties to fulfill when conducting business. One by one those duties has been removed, so instead of having someone with fiduciary duty now we have someone selling you financial services when invest in funds.
Yes you can if you have collateral that the bank can see as free money. They have no responsibility towards the borrower stopping them making a bad deal, which they used to have.
Edit: to amend. We are not in disagreement here on how it should work. We are in disagreement if it works like this today. The starting point of this whole discussion is that my theory is that the 'life script' isn't working is because there has been an effort over the last 50 years to make companies more responsible towards their shareholders than to the customers of the companies. You as a customer have little recourse against a bank that tricks you out of your house with a bad loan. This is what happened 16 years ago and I've heard nothing that has changed preventing that happening again. If you don't believe me.... I'm done trying to convince you.
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