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L-Pink · 01-16-2008, 10:48 AM

"stated income loans" ... "no proof of income loans" And we have a crisis? No shit!

I can remember getting a loan and having to explain why a past cable bill was 60 days late. (I had moved but kept getting billed) That's how lending once was, hard-ass but effective, good business.

Imagine having a category of loans that don't require proof of income ... a category where the customers word is taken at face value? For hundreds of thousands of dollars.

Not all borrowers were fuck-ups many just needed to be told they are approved but for a lower amount keeping within their budgets. It would be interesting to know what percentage of defaulted loans are by first time borrowers. Anyone going thru the old established loan process probably knew better. The lending institutions certainly deserve what is coming the rest of us don't.

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01-16-2008, 10:48 AM
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,151	Subprime loan mess ... Really WTF? "stated income loans" ... "no proof of income loans" And we have a crisis? No shit! I can remember getting a loan and having to explain why a past cable bill was 60 days late. (I had moved but kept getting billed) That's how lending once was, hard-ass but effective, good business. Imagine having a category of loans that don't require proof of income ... a category where the customers word is taken at face value? For hundreds of thousands of dollars. Not all borrowers were fuck-ups many just needed to be told they are approved but for a lower amount keeping within their budgets. It would be interesting to know what percentage of defaulted loans are by first time borrowers. Anyone going thru the old established loan process probably knew better. The lending institutions certainly deserve what is coming the rest of us don't. .