Unemployment and economic news

dark_crystal · 01-07-2011, 02:32 PM

i know credit is what got us into this mess (beLIEVE me, i know- as a sub-prime mortgage broker i saw close-up how borrowers with absolutely nothing to recommend them could get 100% home financing)

i GET that we needed to stop approving anyone and everyone

BUT it's like the banks have gone as far off the rails in the "strict" direction as they went in the "lenient" direction- and they chose a really bad time to do it- even people who had excellent credit before the crisis took a few dings

banks raised the scores needed right when everybody's scores took a hit

banks need to find a happy medium between "credit for anyone with a pulse" and "no credit if you've ever been even five minutes late" so that consumers can spend and businesses can expand and companies can hire.

01-07-2011, 02:32 PM	#1
dark_crystal Infamous Member How Do You Identify?: jenny Preferred Pronoun?: babygirl Relationship Status: First Lady of the United SMH Join Date: Jan 2010 Location: Houston, Texas Posts: 5,445 My Photo Gallery Thanks: 1,532 Thanked 26,552 Times in 4,688 Posts Rep Power: 21474856	i know credit is what got us into this mess (beLIEVE me, i know- as a sub-prime mortgage broker i saw close-up how borrowers with absolutely nothing to recommend them could get 100% home financing) i GET that we needed to stop approving anyone and everyone BUT it's like the banks have gone as far off the rails in the "strict" direction as they went in the "lenient" direction- and they chose a really bad time to do it- even people who had excellent credit before the crisis took a few dings banks raised the scores needed right when everybody's scores took a hit banks need to find a happy medium between "credit for anyone with a pulse" and "no credit if you've ever been even five minutes late" so that consumers can spend and businesses can expand and companies can hire. __________________