patrick.net

In America we have fucking 30 year fixed rate mortgages because we don't trust the fucking banksters. The rest of the world has variable rate.

In Europe they have been having a bout of inflation like we have. So the ECB and the BOE raised the rates. The living standards in Europe have decreased even more than they have in the US. Pay not keeping up with inflation. Then add to that the mortgage payments going up because of the interest rate increasing. To keep the peasants from going berserk the banks have decided to reinstate the forbearance doctrine from the Covid days. No need to pay the mortgage, the extra will just get added on.

The European banks are already just pretending to be solvent, what's a few trillion more in bad debt?