> Most home owners have mortgages with 3-5 year terms. As an American, this is easily misinterpreted to mean the mortgages are expected to be paid off in 3-5 y

> Most home owners have mortgages with 3-5 year terms. As an American, this is easily misinterpreted to mean the mortgages are expected to be paid off in 3-5 years, which would be mind-blowing if true, because it would mean that either houses are super cheap, or only the rich are buying. IMO, adjustable-rate mortgages are almost a scam. Are there any legal protections in place to disallow a bank from deciding "In the next period, we're going to raise your rate to 20% because fuck you the CEO wants another yacht"?