Bank workers are, at best, getting a small bonus when you sign that mortgage. Your fellow worker isn’t the enemy.
These are the financial professionals that normal people should be able to trust to make important decisions.
I mean… They’re salesmen more than trustworthy professionals.
I see your point but the main issue is that nobody should ever trust the seller of anything to give them the info they need.
People should only ever trust trustworthy independent third parties… But those are hard to find.
I really don’t know what the solution is besides getting a better education, and I don’t mean a crap degree, I mean some more tangibile subjects in lower levels of school. I don’t blame them lightly, but people that accept this kind of thing aren’t the brightest.
Having worked at a bank before (in their IT dept specifically), banks are extremely risk averse (and that extends to all aspects of the bank, from financial risks to HR risks to IT risks), and all of the loan officers I worked with were far more interested in doing their job right than being sales people.
It’s in the banks best financial interest if it’s customers get wealthier because where does that wealth go? Into the bank they already bank at. Banks need to keep a certain amount of deposits in reserve, so the more cash deposited the more money the bank can invest in financial products itself to make itself more money. If all the bank does is mint loans that customers struggle to pay back their deposits will be very low and therefore they’ll make less money.
Also sketchy loans are harder to sell as securities, as security bundles have to have balanced risk profiles both for legal compliance and for investors to be interested. Investors in mortgage backed securities (MBS) aren’t investing in MBSes for insane growth, they’re investing in a relatively safe security to park some cash in as part of their diversification
No, they’re not. A lot of them don’t even have a degree in anything.
Your personal financial advisor is a person you should be able to trust with your important financial decisions. They guy at the bank handing you a contract to sign is an employee with a script on rails, a manager, and a commission structure.
In a better world it wouldn’t be like that but in a better world I don’t think I’d be going to a bank in the first place.
financial professionals that normal people should be able to trust
wew.
I’d like to differ. They are the ones selling you this slavery contract and probably don’t mention the impossible to deal with interest.
A bank worker who is not your enemy would suggest you to switch banks or give you a reasonable contract. Of course depending on bank they might lose their job over the last one.
No, it’s mean that the issue is not the workers, but the bankS. Or to be be even more concrete : the system that produce institutions with the function of bank. Opposing to those workers would not make a change; maybe you could make them fired, and others could take the place, but our choice wouldn’t make much difference compare to those of the employers in the bank industries. We could argue that opposing to one bank is the same; at most it could bankrupt (ironically), but other bank would take they function.
That why this is the whole industry we shall oppose to, to against one bank, but against all of then. This is why people in revolutionary union organize by industry, and not by firm or professions. Helping workers in the bank industries getting less hour/day, less harassement and better stability would make the situation where they could diminish or abolish the predation of their employers against others (that are not only customers). We couldn’t expect solidarity from people we are not solidaire to.
This is not about right or wrong, this is about effectiveness.
Oh of course go against the banks! Those two are not exclusive. You can hate the salesman and his company.
More comfortable working conditions for slave traders! It’s not their fault! Blame the slave industry… \s
That’s ironic, because enforcing your moral code on others was what allow slave trades.
But I will conform to you point of view for the sake of argument. Let say the problem of slave trade is “that’s unethical” If giving “more comfortable working conditions for slave traders” would abolish slave trades, that would unethical to not giving their more comfortable conditions
What kind of wacko lib upvotes this nonsense?
Banks are capitalist AF. Literally the heart of capitalism.
Pretty disgusting to hear these leeches framed as “workers”.
There’s literally no work involved in collecting mortgage payments. That’s why it’s called “passive income.” That’s the whole point of hoarding land and housing.
The guy who facilitates your mortgage contract isn’t getting your mortgage payments. The corporation that employs them is. The guy is making a wage or maybe just an hourly salary, plus commission.
By your logic, the checkout worker at costco is skimming off your wages to gate your access to food and clothing. The only difference is that you wouldn’t personally object morally to that line of work, but your personal morality isn’t a class distinction.
All companies are “capitalist AF”. It’s not just banks. But even a sleezy car salesman who is trained to convince you to sign an extortive lease isn’t oppressing you. He isn’t betraying you at a class level. He isn’t the one getting your monthly payments. His plight is exactly the same as yours.
This isn’t “wacko lib”, it’s literally Marx. And if we can’t understand that and stomach the differentiation, we will forever collectively stay oppressed.
Bro, do you really think the owning class is the one on the other side of the desk when you sign the paper? No, it’s another peon like you or me.
Have some fucking class solidarity
The Nürnberger defense.
Yeah every commissioned salesperson you don’t like is literally nazi ss. Go off, you galaxybrained god.
Generalizing and nazifying doesn’t actually make your bootlicking sound reasonable.
Being able to tell the difference between a fellow worker and a class traitor isn’t bootlicking!
I wasn’t even the person who generalized and nazified, the comment above me did. What in the actual heck, buddy?
In Australia the Average mortgage loan term is over 30 years but the average duration before its paid out or refinanced is only 8 years. Id be more worried about the terms and conditions surrounding early payout and refinancing than the theoretical maximum term of the loan on paper because if they want to be truly predatory thats where it will be hiding.
Well, the USA has 96 month automobile loans and this kind of shit does not surprise me. None of the asswipes in DC are discussing the piss poor income distribution in the USA which leads to affordability and a decent middle class life. In 1789, the French were 100% correct.
Is this an actual thing in the us? We don’t have 50 year mortgages in Denmark but I can get a 30 year fixed interest at 3.5%
trump just announced 50 year mortgages
this is so awesome I can’t wait to be in debt my entire life
and your kids will be in debt.
If mortgages were capped to 20 years, the prices of houses would plummet.
Don’t forget about paying back triple what you borrowed!
Debt slavery is the new black. Indentured servitude is back.
But are they really 17% interest rate?
No, it’s just some exaggeration to make it even more ridiculous. As if 50 years isn’t enough.
What’s really awful is when you see how little the payment lowers between a 30yr and 50yr mortgage with current rates. It’s not nearly as big a difference as you’d think.
No. Mortgage interest rates are in the 6’s right now in the US
That’s the fun part, you probably were already going to be!
No, but our Treasury Secretary recently floated the idea so it might become a thing soon. I believe there are already some 40-year mortgages, but they’re rare and non-standard. The 30-year mortgage has been an American institution since it was standardized under FDR’s New Deal in the 1930s.
Not a thing yet AFAIK, but Trump proposed the idea this week. You can get 30-year ones here in Canada too, but I’m not sure what the lowest fixed interest rate is currently.
Also, if the dealership is offering you 29% on a 7 year loan, please walk away. Stop giving in to that shit. It’s better for you, and it’s better for the rest of us.
I would rather eat my own children than sell them out to the future the banks have in mind.
These people have abandoned humanity.
These people have abandoned humanity.
Well fucking said.
So… how was your vasectomy?
I really don’t understand your comment. Are you implying that I will have children and sell them out despite my claim?
Modesty
These people have abandoned humanity.
I wish they would abandon Earth too.
I’ll counter with a 100 year 2% mortgage
I’m pretty sure interest only mortgages already exist in some places.
Isn’t that just renting?
Almost, it’s just now you also have to pay for renovations and stuff yourself.
You do get to keep any growth in the value of the property too
Or eat any loss in the value of the property
define “keep” if you cant ever put your name on it
translated: you get to fleece the next person who wants to own a house in an utterly fucked housing market
Cool. Put it on my credit card.
I’m gonna be dead in 20 years, so I’m so sorry to have to turn this down lol
They’re considering offering a 50-year mortgage product to a market where the average first time buyer age is 40. Like no joke they’re aiming to lock people into a mortgage that would cost more per month than renting the same property until they’re 90.
they’re aiming to lock people into a mortgage that would cost more per month than renting the same property until they’re 90.
How do you figure that?
Rents are already higher than mortgages and the whole point of the 50 year mortgage is a lower monthly payment, but okay yeah I’m the idiot.
Me too bro, me too.
The american dream of home ownership is rooted in settler colonialism, and used as a tool to keep workers in debt and afraid to take risks organising
Right that’s why no other country had dreams of home ownership.
American exceptionalism really did a number on you guys!
Pretty sure almost every other country also inflicted or was subjected to colonialism/imperialism.
For example, people in Belgium also have dreams of home ownership. That’s part of why they genocided people in Africa. This is ubiquitous.
The Pueblo, Iroquois, and other non-nomadic Native American groups might disagree about the colonialism part.
Why?
Because they built houses. It’s not like white people invented the idea of home ownership.
Did they own the houses, or were they the communities houses?
Depends on the group. Iroquois houses were communal but Pueblo were more like townhomes. Other groups, like the Mississippian culture built individual homes.
Ah yes… The famous Iroquois mortgages… jfc.
I bought a fairly cheap house and paid it off as fast as I could.
Could I have made more by investing that money instead of shoving it into a mortgage? Maybe.
But you can’t live in an investment account. When the markets take a shit, you don’t lose a room from your house. And when it’s paid off, your outgoings are basically food, electricity and internet.
Don’t forget friggin property taxes
At this point I’m just buying an RV.
That’s what I did.
How is it so far? I’m thinking about getting a used motorhome around $15k, most likely from the late 90s or 2000s (one with at least a shower and toilet). I’m not a huge traveller, but boondocking seems interesting if I had a plan lined up, I would be open to living that way. I make around $65k/year and am single, no debt, so I think I could make it out. I already live a simplistic life, all I need is my guitar, laptop, and maybe a dog and I’d be chilling. The only thing I wonder about is surviving winter time or when it gets really hot out.
Make sure you get/got two propane tanks. Winter is kinda hard I just drained my freshwater tank because a freeze happened. I got a 2006 toy hauler it was used and the hotwater heater tank leaked when I got it I just recently ordered a tankless that’s runs off propane. The tires were surprisingly really good. I parked it in my little corner of NM and honestly haven’t moved it since. I’ll do it some day but I kinda like where I live. It’s not in the wilderness and not real safe but it’s real. Load 10k one of the better decisions I’ve made.
guess it’s time to start planning my great-grandkids’ mortgage payments now. gotta secure that intergenerational debt early.
Just more evidence that this administration gladly serves up the American people to wall street. I am not a particularly smart person, but even I know there is zero advantage for home buyers here. It ballons the cost of a home multifold. Since the American leaders are smarter than me, it means that they are proposing these financial slavery contracts ON PURPOSE, and their goal is to bleed away the last dollar from the average American. Didn’t Elizabeth Warren warn this was going to happen?
Such a stupid, stupid society.
So why do houses exist if nobody can have one?
Corporations are people and they can have as many as they want???
Sadly I’m afraid you are correct, that’s exactly what’s playing out. They’re squeezing everyone into becoming renters. We will own nothing and be h̶a̶p̶p̶y̶ vengeful.
Decoration/stepping stones toward getting a hotel.
Same reason that food isn’t free.
Capitalism relies on the violent deprivation of basic human needs in order to create exploitable victims.
