What bankers won’t tell you about owning a home | The Coming Economic Depression 2010

Mortgage Definition: Death Grip
Note: the article below gives a slightly different definition, however, I prefer my translation -not that my school boy French has much going for it!
Mixed feelings on this article, after all, renting must be seen as a total loss, investment wise. Granted, borrowing is seldom a good idea, yet it is default thinking in most peoples minds.
Certainly, in business borrowing seems a no-brainer, you have to leverage with 'other-peoples-money' to get ahead. Nevertheless, one rule should be drummed into the mind, "Never borrow money to buy coal", where 'coal' is a metaphor for consumer items. If you eat it, burn it, use it (up), don't borrow to buy it. That's the rule. You can add to it, "Don't borrow on depreciating assets -ever". Sorry, but in my view, that includes a car. So, we come back to the home loan. In my view this is theoretically at least, arguable. On the face of it, I would like to say, 'Don't borrow to buy a home, either', but that seems a very hard ask, especially for folk without cash or other asset base adequate enough to liquidate and pay cash for the home. So, borrowing, at the best and most favorable rates seems the only option. Anyway, the article below is certainly food-for-thought.

What bankers won’t tell you about owning a home | The Coming Economic Depression 2010