WTF is going on with escrows?

Thomas Hicks — Calculating— Museum of Fine Arts

Many want the convenience of including their property tax payment and their homeowners insurance premium with their mortgage. Lenders like it because they know it will get paid on time — protecting their mortgage against any liens jumping to the head of the line (tax liens) and the collateral — your home — against any damage.

If escrowing, when you pay your monthly mortgage payment, 1/12th of the property taxes…