Comments on -Another F@CKED Borrower- casualty of the housing bubble: Part I - An INSIDE view (LITERALLY) of the subprim...

First Franklin, People's and a few others used to ...

2007-03-14T14:04:00.000-07:00

First Franklin, People's and a few others used to have this one in 2006.

620 FICO - get a CPA letter saying you are self employed.
State your income.
Have 3 tradelines of any amount. 1 must be 24 months old and 2 must be 6 months old.
You get 100% financing up to $650,000. No questions asked...640 FICO if you wanted to say you were not self employed.

Life Inside a Wall Street Chop ShopI used to work ...

2007-03-14T04:05:00.000-07:00

Life Inside a Wall Street Chop Shop

I used to work for one of the oldest and largest financial services companies in the world. But you wouldn't have known it from looking at the sign on the outside of the building. You see, the firm kept its name out of public view when it came to this

Let me know if there is any way in which I can con...

2007-03-14T00:54:00.000-07:00

Let me know if there is any way in which I can contribute to your blog. I am a ex-mortgage retail guy and could add some details that would add to the other side of the story. I don't come from the chop shops and unfortunately know more than I should. If you think it would be beneficial add a 2 and gmail it. I have a copy of an "A" paper rate sheet with a 3.625% rate three year I/O loan.

Add in inflated appraisals, falsified incomes, and...

2007-03-12T20:59:00.000-07:00

Add in inflated appraisals, falsified incomes, and a host of other types of fraud and you have the perfect storm.

Thanks for sharing your knowledge. How about some ...

2007-03-12T08:16:00.000-07:00

Thanks for sharing your knowledge. How about some guidance on other lenders heading south?

Anything thoughts on DSL?

Those are strictly mortgage lates from the last 12...

2007-03-12T08:14:00.000-07:00

Those are strictly mortgage lates from the last 12 months.

I have seen people with low 500 fico scores...they had bad credit...but as long as they pay their mortgage and don't have BK or foreclosure...they will be in 'top' credit bracket.

SoCalMtgGuy

Great post. It is good to see the "insider's pers...

2007-03-12T06:19:00.000-07:00

Great post. It is good to see the "insider's perspective".

Question about the credit ratings: under each letter there is a formula (i.e. AA 0x30, C 1x90). These are obviously the number and severity of delinquencies. Are those on mortgage payments only or does it include credit cards? How does a 500's FICO guy even fit into the AA matrix at all?

I fear this will spread like a fast growing cancer...

2007-03-12T05:44:00.000-07:00

I fear this will spread like a fast growing cancer, through the whole system. Deep recession coming? Big Al thinks so.
Thank you for your insight.