Texture of the Credit Crunch, Not So Good
As a mortgage broker I can tell you that the past several years have been bludgeoned with careless and inappropriate lending. It’s no surprise to me that large well known banks are suffering huge losses as a result of bad mortgages turning sour. Whatever you do, do not feel sorry for them. Everyone from WAMU a.k.a. Long Beach Mortgage, Countrywide, Chase, and a slew of companies you’ve never heard of all flooded mortgage brokers with short skirt account reps pushing crazy ideas like a 580 credit score mortgage with no money down and no real income verification. Are you kidding me?Good lord. Lets see. You’re a substitute teacher with marginal credit, lets say a 599 credit score and we just approved you for a mortgage loan of $150,000 and you put no money down. Here in Texas that’s a monthly payment of at least $1500 with taxes and insurance included. [...]
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Posted: December 10th, 2008 under Identity Theft.
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