Mortgage Quotes

“Mortgages were less about getting people into property than getting them into debt. Someone had to absorb the surplus supply of credit.”
― Douglas Rushkoff, Life Inc.: How the World Became a Corporation and How to Take it Back

“Step by step, place became property, property became a mortgage, and
mortgages became derivative investments.”
― Douglas Rushkoff, Life Inc.: How the World Became a Corporation and How to Take it Back

“We were taking out mortgages we couldn’t afford because they were camouflaged to look as if we had a reasonable chance of paying them back. Banks then changed the bankruptcy laws so that we could not get out of our obligations once the rates changed. Lastly, they sold us back our own mortgages, shifting back to us any of the risk through our money-market accounts and pension funds.”
― Douglas Rushkoff, Life Inc.: How the World Became a Corporation and How to Take it Back

“Some people will each start investing more of their salary on ‘their’ house and spending less of it on ‘their’ car or cars only when they start being able to take ‘their’ house to work, funerals, weddings, etc.”
― Mokokoma Mokhonoana

“From the 1930s through the 1960s, black people across the country were largely cut out of the legitimate home-mortgage market through means both legal and extralegal. Chicago whites employed every measure, from 'restrictive covenants' to bombings, to keep their neighborhoods segregated.”
― Ta-Nehisi Coates

“To work for salary is to mortgage your life.”
― Sunday Adelaja, How To Become Great Through Time Conversion: Are you wasting time, spending time or investing time?

“One of the most common root causes of our unhappiness is our desire to give people who will get to see the house we live in, and/or the car or cars we drive, an idea of how much we earn, earned, or were allowed to borrow.”
― Mokokoma Mokhonoana

“It was during my explanation to my young daughter that I finally realized why I had been drawn to this particular practice of law. Yes, some of my clients were just gaming the system. They were charlatans no better than the banks they were taking on. But some of mu clients were downtrodden and disadvantaged. They were true underdogs in society and I wanted to stand for them and keep them in their homes for as long as I possibly could.”
― Michael Connelly, The Fifth Witness

“Engaged in a new form of serfdom---only bound now to banks and mortgage lenders instead of to lords---her more highly leveraged neighbors pore over the business section of the newspaper each day looking for some sign that the government will soon step in to “freeze” their mortgage rates where they are before a scheduled adjustment hits.”
― Douglas Rushkoff, Life Inc.: How the World Became a Corporation and How to Take it Back

“It is even more foolish to buy an unnecessary thing on credit.”
― Mokokoma Mokhonoana

“Our primary objective in every mortgage transaction should be to borrow in a way that reduces debt, improves financial stability, and helps us get debt free in as short a time as possible!”
― Dale Vermillion, Navigating the Mortgage Maze: The Simple Truth About Financing Your Home

“The one who hugs a debt also shakes hand with a danger.”
― Amit Kalantri, Wealth of Words

“It’s unthinkable, now to live as her parents had done, going to work from nine to five and enjoying the benefits of the newly-formed health and education services. What paradise it had seemed! Now, in order to pay their exorbitant mortgages, and ever more exorbitant fuel prices, British adults have to work long hours – the longest, it is said, in Europe… Everyone they know, everyone they see, is just like them, living in houses like these, reading the same papers, seeing the same films and TV programmes and plays, buying from the same shops and sending their children to the same schools; and they think it will go on for ever, either ever-mounting property prices cushioning them. But it can’t.”
― Amanda Craig

“The American real-estate industry believed segregation to be a moral principle. As late as 1950, the National Association of Real Estate Boards' code of ethics warned that "a Realtor should never be instrumental in introducing into a neighborhood ... any race or nationality, or any individuals whose presence will clearly be detrimental to property values." A 1943 brochure specified that such potential undesireables might include madams, bootleggers, gangsters - and "a colored man of means who was giving his children a college education and thought they were entitled to live among whites."

The federal government concurred. It was the How Owners' Loan Corporation, not a private trade association, that pioneered the practice of redlining, selectively granting loans and insisting that any property it insured be covered by a restrictive covenant - a clause in the deed forbidding the sale of the property to anyone other than whites. Millions of dollars flowed from tax coffers into segregated white neighborhoods.

"For perhaps the first time, the federal government embraced the discriminatory attitudes of the marketplace," the historian Kenneth R. Jackson wrote in his 1985 book, Crabgrass Frontier, a history of suburbanization. "Previously, prejudices were personalized and individualized; FHA exhorted segregation and enshrined it as public policy. Whole areas of cities were declared ineligible for loan guarantees." Redlining was not officially outlawed until 1968, by the Fair Housing Act. By then the damage was done - and reports of redlining by banks have continued.”
― Ta-Nehisi Coates, Un conto ancora aperto

“In Chicago and across the country, whites looking to achieve the American dream could rely on a legitimate credit system backed by the government. Blacks were herded into the sights of unscrupulous lenders who took them for money and for sport.”
― Ta-Nehisi Coates, Un conto ancora aperto

“Once you're a homeowner, your house will probably be the biggest, long-term investment you have. Every dollar you spend on a mortgage or down payment is like putting money in a house-sized piggy bank, so it makes sense to look at home buying through the lens of saving.”
― Rachel Cruze, Love Your Life, Not Theirs: 7 Money Habits for Living the Life You Want

“Focusing only on the short term puts us in a position to make bad choices. We ignore all other factors that lead to the overall value of the loan in order to achieve that one singular goal now—whether the goal is a lower payment, a lower interest rate, or a dream home. In the long term, this always proves to be costly.”
― Dale Vermillion, Navigating the Mortgage Maze: The Simple Truth About Financing Your Home

“We tend to compartmentalize our debt: categorizing our mortgage debt as one kind of debt, installment loans as another, and credit cards as still another. Most treat all person (consumer) debt separately from mortgage debt. The fact is that debt is debt. All of it is owed and has to be paid back!”
― Dale Vermillion, Navigating the Mortgage Maze: The Simple Truth About Financing Your Home

“At the young age of thirty-two, retirement is not much of a consideration, but when considering a thirty-year transaction it should be.”
― Dale Vermillion, Navigating the Mortgage Maze: The Simple Truth About Financing Your Home

“A man with debt soon becomes a man with disturbance.”
― Amit Kalantri, Wealth of Words

“A man under debt not only loses the peace but also the people.”
― Amit Kalantri, Wealth of Words

“A successful economy wants mass mortgages.”
― Mantaranjot Mangat, Plotless

“Greed owns you and the banks own the greed.”
― Anthony T. Hincks

“I hate loan people!”
― Steven Magee

“I probably will never get another loan in my life for anything.”
― Steven Magee

“Banks will only give you a mortgage if you are low risk and if anything goes wrong in the future, they will throw you out onto the street!”
― Steven Magee

“The anxiety that attaches to periodic payments is very specific. It eventually sets in train a parallel process which weighs down on us day after day even though we never become conscious of the objective relationship involved. It haunts the human project, not immediate practice. An object that is mortgaged escapes us in time, and has in fact escaped us from the outset. It flees us, and its flight echoes that of the serial object ever vainly striving towards the model. This dual movement of things away from our grasp is what creates the latent fragility and ever-imminent disappointments of the world of objects that surrounds us.”
― Jean Baudrillard, The System of Objects

“Not owning a home from your twenties onward is a big red flag that a person is not financially competent!”
― Steven Magee

“If people have been skipping their mortgage payments, they will likely do the same with their rental home payments.”
― Steven Magee

“In the mortgage business, is it wise to be a proponent of the free market? No.

As the economy boomed after World War II, the United States government entered into the housing business.

Post-War, U.S. housing policy backed home loans. When the government enters into any business, that business sector - its size, its shape, its construct, entrants into the business and business behavior overall - changes. Housing is no different.

The Servicemen's Readjustment Act of 1944 - we know this to be the GI Bill - helped Veterans transition from soldier to citizen. A gateway to the middle class for countless U.S. Veterans was homeownership. Homeownership made possible through no-down payment VA loans.

When speaking about the government’s role in housing, the Department of Housing and Urban Development comes to mind. HUD.

HUD was formed in 1965. See low down payment FHA loans. With low down payments, there will be elevated levels of home purchases. Thanks in no small part to the low down payment.

In terms of homeownership, countless Veterans - as well as those who benefit by obtaining an FHA loan - can and should acknowledge that the “free market” is not the reason they have been to benefit from homeownership. Government is the reason.”
― Ted Ihde, Thinking About Becoming A Real Estate Developer?