You said "You, and others, seem to think they fraudsters and "predatory" and people that make a poor financial decision and get a mortgage are victims of predatory practices and should be allowed "do overs" if it goes against them."
Financial institutions, collections agencies, and insurance companies are not charities. They are profit driven. They study demographics and statistics, and target sales to customers and services that provide the most profit.
Profit does not come from fees alone. Profit is generated by add-on fees and penalties (which is why credit card companies go on campus to target sales to college students, who have a statistically high rate of late payment) (reverse mortgages sold to elderly people who are likely to go into long term care) (mortgages given to high risk customers), recovery (when a bank repossesses a house or car they write off the loss, sell the item, and charge the customer the difference between the auction price and the amt on their loan - and the bank itself often 'wins' the auction and then turns around and sells the item at full market value) (a collection agency in NJ gets default judgments against people who have similar names as one of their accounts, knowing few people will hire a $10k attorney to recover $2k) (real estate agents in FL are turning down listings for short sales because banks wait until the seller has a buyer then forecloses, cheating the listing agent out of their fees and charging the seller with legal and court costs), and bundling (one company sells high fee credit cards to high risk groups that default, then sells that debt to a collections agency, which gets default judgments against innocent people who cannot afford to recoup their money - this is done with hundreds of accounts at a shot).
You said, "Anyone can become a victim of fraud, however if you follow the rules I outlines above, which you didn't quote, the chances become almost nonexistent."
I dispute all but the first part of that statement. Anyone can become a victim of fraud. Period. Vigilant, careful people who follow all of your rules, suffer great losses every day.
Sit in bankruptcy court, or divorce court, as completely innocent people lose everything they worked for with the stroke of a gavel. Read dave manuel's stock market scandals
to see the billions upon billions of dollars stolen from savings and investment accounts and pension funds.
No, Pote. You cannot be smug about financial loss because it can, and does, happen to those who are very, very careful with their money.