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<blockquote data-quote="Lil ugly" data-source="post: 277462" data-attributes="member: 3188"><p>Our credit system is set up to reward those with bad credit. They pay higher percentages and banks get paid their interest on the front end. On the back end they get to claim the resulting loss on their books and the Fed protects them against too much loss. That is one of the reasons that banks are slow in declaring peoples loans as foreclosed. They can only have so many on the books before it affects their rating, which in turn would hurt their ability to loan money and get money from the feds. The whole economy crashed because the banks had so much bad credit out there during the housing boom that they were bundling it up into packages and then selling it as currency. When it all went south, the public had to pay for it and still are.</p><p></p><p>The guy you are talking about probably just understands this, due to working in the system and does not feel bad about sticking it to the banks. Unfortunately banks just pass it on. You will know if he is really smart if he ends up retiring early because he put all of those mortgage payments into interest bearing accounts.</p></blockquote><p></p>
[QUOTE="Lil ugly, post: 277462, member: 3188"] Our credit system is set up to reward those with bad credit. They pay higher percentages and banks get paid their interest on the front end. On the back end they get to claim the resulting loss on their books and the Fed protects them against too much loss. That is one of the reasons that banks are slow in declaring peoples loans as foreclosed. They can only have so many on the books before it affects their rating, which in turn would hurt their ability to loan money and get money from the feds. The whole economy crashed because the banks had so much bad credit out there during the housing boom that they were bundling it up into packages and then selling it as currency. When it all went south, the public had to pay for it and still are. The guy you are talking about probably just understands this, due to working in the system and does not feel bad about sticking it to the banks. Unfortunately banks just pass it on. You will know if he is really smart if he ends up retiring early because he put all of those mortgage payments into interest bearing accounts. [/QUOTE]
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