The Epic American Credit and Bond Bubble Laboratory Message Board

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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: benwood who wrote (70875)	10/3/2006 7:55:16 PM
From: Lizzie Tudor	Read Replies (1) of 110194

yeah I can see the dangers of allowing everybody to do it. I'm just saying something more meaningful is required than something as simple as at DTI today. IIRC, (and it was a long time ago- 93 timeframe)- I had a ton of assets and they still qualified me on my income! It was ridiculous! IOW, you could have had 500K in the bank, but wanted a mortgage, with a 100K income in 93 and you would have been no better off than somebody who had no money. There were some banks ("Home savings" I think) that made their own loans and if you had a special deal like that it would cost you more in your rate. Maybe 1/3 fico + 1/3 DTI + 1/3 your personal net worth comes up with a score. Then, based on this you qualify for a loan anywhere up to 75% of your income or something.

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