Haven't we been here before?

Zero deposit mortgages for first time buyers,

https://www.morningstar.com/news/marketwatch/20240525280/one-of-the-biggest-us-lenders-is-offering-0-down-payment-mortgages-for-first-time-home-buyers-heres-the-catch

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Yep. It’s one of the Four Horsemen of the Apocalypse.

intercst

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Which one - conquest, war, hunger, or death

Hunger is not necessarily a lack of food. It can be a desperate desire for that which cannot be attained.

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There is a problem for those who more recently have taken loans.

There is a problem in your analysis though. The volume of loans is low because people have been sitting tight regardless of how long they have owned their homes. There has been very little inventory changing hands. The banks won’t be ruined.