FYI: the banks also borrow money usually, at low rates (see the amount of interest you are getting on your money at your bank), so their real business is the de

FYI: the banks also borrow money usually, at low rates (see the amount of interest you are getting on your money at your bank), so their real business is the delta between these lower rates and the rates you pay for the mortgage. so they made money in this transaction as well. its the entity at the top of the debt pyramid that lost money. it was probably the depositors in your case.