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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth
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To: TimF who wrote (146002)11/6/2008 4:25:18 PM
From: geode00  Read Replies (1) of 173976
 
You are mixing up low doc and no doc loans.

The LENDER, the PROFESSIONAL is still in charge in either case. If they do not want to make the loan they simply do not. The borrower has no say in the matter.

The right wing keeps on letting the lenders off saying that the PROFESSIONALS were duped nationwide by lying borrowers. That may happen in some cases but that is what credit reports and income verification and lending criteria are for.

It is the SECURITIZATION of loans that led to this massive bubble in the first place. That article that said credit card debt backed bonds weren't selling should lead to even more contraction of new debt. That should have happened in the housing market which would have led to a much smaller or even no bubble.
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