scream-of-consciousness;
"If you're trying to change minds and influence people it's probably not a good idea to say that virtually all elected Democrats are liars, but what the hell."
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Wednesday, March 19, 2008
Subprime Primer
Hey
Rodge, can you explain how the mortgage
business was able to bring the country to its knees?
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!
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
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.
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!
ReplyDeleteHaving 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
ReplyDeleteWere you a "recovery agent?"
ReplyDeleteBrilliance in a nutshell. Subprime Primer. Loved it.
ReplyDeleteAfter 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.
ReplyDeleteThe only 61 year old Lance Corporal left in the world.