Sure, but you likely don’t have the cash to put down on a house you like. This is a pretty normal scenario if we look at human history. As soon as we invented cities, land in and around cities was expensive. It could take a lifetime to save up enough to buy a house. Hence a mortgage - the bank (which is mostly just the savings of other people around you) gives you the money right now to buy a house. Then you get to live in the house while you “save up” for it.
If in the current day, the bank will have digital backups of everything. Also cameras everywhere. You go to jail, and still have a mortgage.
If you manage to destroy all the banks records, then this creates a crisis around cybersecurity in the financial industry. This lack of trust collapses the housing market. 2008 again.
If in prohibition era western town, fdic insurance isnt a thing. You’ve just burned up the wealth of everyone in the town that kept money in thd bank.
If you just burn the mortgages, then the bank fails because their whole job is using peoples savings to make loans and then pay them back interest. With no ability to make money to pay the tellers or repair the roof, the bank goes under, and people have to hide their savings in their mattresses. Also, no one can get a mortgage anymore
Sure, but you likely don’t have the cash to put down on a house you like. This is a pretty normal scenario if we look at human history. As soon as we invented cities, land in and around cities was expensive. It could take a lifetime to save up enough to buy a house. Hence a mortgage - the bank (which is mostly just the savings of other people around you) gives you the money right now to buy a house. Then you get to live in the house while you “save up” for it.
I think you misunderstand.
We need the bank to get the mortgage.
Then we burn down the bank and don’t have to pay the mortgage
Profit.
If in the current day, the bank will have digital backups of everything. Also cameras everywhere. You go to jail, and still have a mortgage.
If you manage to destroy all the banks records, then this creates a crisis around cybersecurity in the financial industry. This lack of trust collapses the housing market. 2008 again.
If in prohibition era western town, fdic insurance isnt a thing. You’ve just burned up the wealth of everyone in the town that kept money in thd bank.
If you just burn the mortgages, then the bank fails because their whole job is using peoples savings to make loans and then pay them back interest. With no ability to make money to pay the tellers or repair the roof, the bank goes under, and people have to hide their savings in their mattresses. Also, no one can get a mortgage anymore