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Forum Post: Be thankful to banks

Posted 1 year ago on March 24, 2013, 11:31 p.m. EST by grateful (259)
This content is user submitted and not an official statement

Banks take the excess money from one person who doesn't need the money right now, and gives it to someone who does need it now. Because of the banks, you can buy a house that you would otherwise take years to save enough cash to buy. Then over time you can pay back the debt and own it outright. Then when you retire, you can reverse mortgage your home back to the bank, where the bank will pay you monthly, even while you live in your own home. Without banks, only the very rich could afford to own your own home. So all you 99%'ers, you should be thankful that Banks are on your side lending you money so you can buy your house.



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[-] 3 points by elf3 (3206) 1 year ago

What is the precise interest rate on your thirty year mortgage ? Go look at your paperwork add up your amortized payments.

  • I estimate I will pay them twice the market value at the end of the thirty years - that's a hundred percent profit !! BECAUSE drumroll - amortization is a scam. With