For all you folks that think there is nothing wrong about this behavior, please add that statement to all of your load applications....
After all, if you fail to make your views known, you might then be a liar, or is telling the truth now “optional”?
CC
Your wrong... Interest is paid to them for the risk they are accepting.
Why do you think that the mortgage company considers your home as collateral and can repossess it if you can’t make the payments? A person has no control over what may happen in the future. You could lose your job, get in a disabilitating accident, etc. Get off your moral high horse. We have 25 million Americans looking for full time employment. 40 million are on food stamps.
For all practical purposes, those statements are already in the contract.