Quote:
Originally Posted by Smittie61984
Hey Einstein did you read this part???
Reduced rate of interest which means a loss of money for the bank. Perhaps if the bank assumed they would give out a loan with a smaller percentage rate they wouldn't have given the loan in the first place. She agreed to a percentage and should have paid it. If she can't then it should be up to the bank (and not some snooty judge) on wether they want to accept less money.
I don't see the "Win-Win" there. If you loaned a buddy $100 and they said they were only going to give you $90 back, then you'd be pissed off as hell.
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The bank would have made their money from interest even at a reduced interest rate, anything above 0% has to yield money for the bank, hmnn I borrow 200,000 and over 30 yrs my payout to the mortage co. ends up being 325,000, at whatever interest had been established, the bank essentially had 125,000 in that scenario cushioned so even if they reduce the interest a point or few, they are still gonna get their money in the end and then some.