--- title: "Meaning & Key Takeaway of: We were taking out mortgages we couldn’t…" description: "\"“We were taking out mortgages we couldn’t afford because they were camouflaged to look as if we had a reasonable chance of paying them back. Banks then..." image: "https://sms4smile.com/quotes/i/b9d/douglas-rushkoff-2188_customer_we-were-taking-out-mortgages-we-couldn-t_574094.jpg" --- # We were taking out mortgages we couldn’t afford because… ![“We were taking out mortgages we couldn’t afford because they were camouflaged to look as if we had a reasonable chance of paying them back. Banks then changed the bankruptcy laws so that we could not get out of our obligations once the rates changed. Lastly, they sold us back our own mortgages…” quote by Douglas Rushkoff](https://sms4smile.com/quotes/i/b9d/douglas-rushkoff-2188_customer_we-were-taking-out-mortgages-we-couldn-t_574094.jpg) [Download](https://sms4smile.com/quotes/i/b9d/douglas-rushkoff-2188_customer_we-were-taking-out-mortgages-we-couldn-t_574094.jpg) [Open image](https://sms4smile.com/quotes/i/b9d/douglas-rushkoff-2188_customer_we-were-taking-out-mortgages-we-couldn-t_574094.jpg) > ““We were taking out mortgages we couldn’t afford because they were camouflaged to look as if we had a reasonable chance of paying them back. Banks then changed the bankruptcy laws so that we could not get out of our obligations once the rates changed. Lastly, they sold us back our own mortgages, shifting back to us any of the risk through our money-market accounts and pension funds.”” [Douglas Rushkoff](https://sms4smile.com/quotes/author/douglas-rushkoff/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Financial institutions disguised risky loans as affordable, altered bankruptcy rules, and transferred risk back to consumers via investments. **In simple terms:** Banks hid loan risks, changed laws, and shifted risk to investors. Key Takeaway Beware hidden loan terms and protect your investments. Themes finance risk consumer protection regulation investment Mood cautious critical informed Type warning analytical When to use this quote - home buying - retirement planning - investment decisions - policy advocacy Key Concepts mortgage securitization financial engineering systemic risk regulatory capture Questions to Reflect On - How can individuals detect hidden loan risks? - What reforms could prevent risk shifting to consumers? A Different Perspective Complex financial systems can obscure true risk, making informed decisions difficult. ★ ★ ★ ★ ★ No ratings yet [Customer](https://sms4smile.com/quotes/about/customer/) [Wall street](https://sms4smile.com/quotes/about/wall-street/) ## Related quotes > [The same with the mortgage brokers that were selling people mortgages they couldn't afford. We shouldn't pay them on each mortgage they write. They…](https://sms4smile.com/quotes/richard-thaler/the-same-with-the-mortgage-brokers-that-were-selling-people-mortgages/) [Richard Thaler](https://sms4smile.com/quotes/author/richard-thaler/) > [Fannie Mae has traditionally only bought and sold mortgages. But when a loan held by the company goes into foreclosure, Fannie Mae gains ownership…](https://sms4smile.com/quotes/charles-duhigg/fannie-mae-has-traditionally-only-bought-and-sold-mortgages-but-when/) [Charles Duhigg](https://sms4smile.com/quotes/author/charles-duhigg/) > [“Step by step, place became property, property became a mortgage, and mortgages became derivative investments.”](https://sms4smile.com/quotes/douglas-rushkoff/step-by-step-place-became-property-property-became-a-mortgage-and/) [Douglas Rushkoff](https://sms4smile.com/quotes/author/douglas-rushkoff/) > [“Engaged in a new form of serfdom---only bound now to banks and mortgage lenders instead of to lords---her more highly leveraged neighbors pore over…](https://sms4smile.com/quotes/douglas-rushkoff/engaged-in-a-new-form-of-serfdom-only-bound-now-to-banks-and-mortgage/) [Douglas Rushkoff](https://sms4smile.com/quotes/author/douglas-rushkoff/) > [“Mortgages were less about getting people into property than getting them into debt. 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