What really happened with subprime? Why does my mom ask me every week, “Are you a bad subprimer mortgage person?” The sad part is, that in 2005, someone with a 560 FICO was getting 100% financing on a $400,000 house without a job. “Bad subprimer mortgage persons” would simple make a job up out of no where and state an exuberant income that a bank would not verify. “On your application, Mr. Borrower, you are not a busboy at Lupe’s Restaurant, but the ‘Waiter’s Head Assistant’ making $7,000 monthly”. Now here is the irony…

Just recently, we had a borrower with a 795 FICO score, wanted a 15 year mortgage, didn’t need any cash and has $800,000 in assets! But nooooo, he could not get a loan because he just recently decided to become self-employed after working for Motorola for 20 years. Unbelievable! GO FIGURE (http://www.goofigure.com/).

Another day in the mortgage world!