They Never Learn, Do They?

I was walking by a bank on my street right now, and they have a huge flashing announcement: “100% mortgage financing!” They call themselves “Mortgage Makers.”

These people are incredible. And those who take the bait are even more incredible.

3 thoughts on “They Never Learn, Do They?

  1. Ha ha. “Mortgage makers” is really funny. I wonder what they would think of next.

    I don’t think the bank itself has much to lose by giving out bad mortgages these days any more. These mortgages are chopped into little pieces and sold as security to foolish investors, so the bank itself doesn’t actually carry any of the risk. Of course they have to get some rating agency to certify that these securities are high quality; my understanding is that that usually isn’t too much of a problem for these banks, particularly given how the incentive structures work for the rating agencies.

    Like

  2. For some reason, I always associate the word mortgage with death or dying or funeral or something. Maybe because it sounds as if it incorporates the word ‘la morte’ into it 🙂

    Like

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