When and why did banks start owning houses and land? When did mortgages start?
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Well one way is for example you buy a house using a loan from your bank. Unfortunate circumstances happen and you lose your job and you can’t pay off loan, so of course this makes the bank mad at you and they do what is called a foreclosure.
Since you can’t afford to live there you have to move out (or force by eviction) and the bank buys the house so they can sell it and make their money back. Well if you want to go deeper, technically they didn’t lose any money but they sure are making more. And banks sure do love making more money any chance they get.
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