Wednesday, March 19, 2008

Subprime Primer

Hey Rodge, can you explain how the mortgage
business was able to bring the country to its knees?

Sounds like you need the Subprime Primer!
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”

Reader Jon asked if this stick figure explanation for the subprime mess was mine?
 It is now!
3/19/2008 07:57:00 AM 5 Comments

"If the number of Islamic terror attacks continues at the current rate, candlelight vigils will soon be the number-one cause of global warming. "
Argus Hamilton


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5 comments:

Timbeaux said...

That's it in a nutshell, the only part missing is that the bank, to "cut costs", layed off the person who used to make the decision on risk, and now lets a computer review your application (read: compare your credit score to an arbitrary number). Lending so easier, a chimpanzee could do it!

3/19/08, 8:33 AM
Anonymous said...

Having worked in repossessions, I can say this is the same story for most car dealerships as well ... Once the car is off their lot, not their problem if the driver can't pay. Vice Sgt Boone

3/19/08, 9:09 AM
Rodger the Real King of France said...

Were you a "recovery agent?"

3/19/08, 9:13 AM
Juice said...

Brilliance in a nutshell. Subprime Primer. Loved it.

3/19/08, 2:53 PM
Peter said...

After my Mother's estate was probated and we got our little share I paid off my mortgage. People who are now screeching about "predatory lenders" laughed at me for not buying a boat and motorcycle. I'm laughing now.

The only 61 year old Lance Corporal left in the world.

3/19/08, 3:46 PM

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