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ZombiFrancis@sh.itjust.works ⁨1⁩ ⁨day⁩ ago

Banks typically ask for you to have cash in hand (deposited), or equivalent leverage, to qualify for loans in the first place.

The bank I used actively tried to get me to go with less down payment, and subsequently take out a larger loan.

But yes it is the height of idiocy to say, ‘down payment deposit’ when ‘qualifying assets’ is a more accurate term for the transactions function.

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null_dot@lemmy.dbzer0.com ⁨1⁩ ⁨day⁩ ago

They need you deposit that down payment cash ASAP so they can lease it to billionaires and crypto exchanges.

No, this is patently false and borne of a misunderstanding. Idiocy.

When providing a mortgage, how does a bank get money to lease to billionaires and crypto exchanges?

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- ZombiFrancis@sh.itjust.works ⁨1⁩ ⁨day⁩ ago
  Banks do leverage mortgage debt. Essentially the same process, in turn.
  
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  - null_dot@lemmy.dbzer0.com ⁨1⁩ ⁨day⁩ ago
    So why do they need your deposit in order to lease it to billionaires and crypto exchanges?
    
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