The Origins of Residential Finance
There’s another very good reason why over thousands of years of human history there wasn’t much borrowing and lending of money. In general, scholars and priests alike condemned the practice of profiting from the activity of lending money – that is, from the charging of interest on loans, which is the basis of today’s residential finance industry.
And here it would be useful to draw a very important distinction between charging a fee for lending, and charging compound interest.
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