ABX = Approved Bullshit Exchange?

Miesespeter , Freitag, 07.12.2007, 15:01 (vor 6616 Tagen) @ DT

Hier noch mal ein paar nichtwissenschaftliche Beschreibungen des Collaterals, welcher in diesen Wunderpaeckchen so drin ist (schade eigentlich, dass diese lustige Episode jetzt vorbei ist). Stand so jedoch nicht im Emissionsprospekt:

-My mother in law is (well, was) a real estate agent in vegas for a national firm and she would kick back some commission money to the buyer either for first few mortgage payments (or to cover what little cash was required on closing after the exotic mortgage had paid nearly 100% of the price) in order to get a sale done.

-I refinanced my 30 year fixed to a 20 year fixed back in 2004. The Countrywide peddler I spoke with asked if I wanted to buy another home. I said that I was living on Social Security, and had no other income. The peddler said "Wait a minute, I'll be right back." One minute later, he said "You're approved for a $300,000 loan, as long as you aren't going to "flip" the house" As if they really cared. The point is obviously that had I taken up his offer, I would be stuck with 2 foreclosure-headed homes, especially since the equity I once had on my home has gone down the tubes-I live in Las Vegas. Where 1,201 homes are in foreclosure just in my Zip Code! Angelo and his like have hot seats in He** awaiting….

-The ice cream man (drives the little white truck) that stated 17,000 a month on his application(no Nat City didn't do his loan-but some lender did) and the 22 yr old bus boy who bought the 1 million dollar house in Concord with a no money down because he had 720+ FICO are just a few examples of loans I saw come in our door9no we didn't do this one either). I have many more loans that we here at Nat. City DIDN't do, however, some lender did.

-As a loan officer, it made me sick how many of these people played the system. If I tried to talk them out of it…they would not listen. They would just go to the next lender or the next lender after that until they found one that would qualify them…BINGO! After running into so many greedy borrowers stating income(should not be calles Stated, should be called INFLATED income)…I finally had to give into the madness as my Manager frowned on my lack of fundings. I then found JOY into punishing these greedy ba$tards into debt.
“Oh yea, you are approved… Enjoy that million dollar home while you are working at Starbucks”

Ist doch so viel verstaendlicher als die quantenmathematische Umschreibung!

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