The old adage doesn’t apply to everyone. Not every kid who touched the hot stove never touched it again. Maybe 1 out of a thousand kids doesn’t learn that the darn thing is still hot. Call them challenged, slow, what-have-you, but they don’t get it.
Accredited Home Lenders is that kid. It’s been widely reported that Accredited was trying to regroup and start securitizing subprime mortgages but their recent broker-facing flyers look like the same old mistakes that put them in a world of hurt to begin with. So they are looking at full doc only, but it would be interesting to know the ratios that they’e approving at since they are going to 500 scores again.
Check out the flyer from one of their reps - this looks like a repeat disaster waiting to happen. As the reader that sent this in said “who is buying this stuff?” — and you could easily insert an explicative in that question and still have it be totally valid.
Click for a larger image.
Last 3 posts by Morgan
- Goldman bonuses largest in firm's 140-year history - June 21st, 2009
- No "green shoots" in employment - June 21st, 2009
- Roubini: Obama banking reforms get it 75% right - June 20th, 2009
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April 2, 2008 at 2:56 am
[...] Accredited Home Lenders - the kid that touched the stove again by @morganb [...]
April 2, 2008 at 2:56 am
[...] Accredited Home Lenders - the kid that touched the stove again by @morganb [...]
April 2, 2008 at 7:28 am
[...] Accredited Home Lenders - the kid that touched the stove again by @morganb [...]
April 2, 2008 at 8:02 am
[...] Accredited Home Lenders - the kid that touched the stove again by @morganb [...]
April 2, 2008 at 11:04 am
[...] Accredited Home Lenders - the kid that touched the stove again by @morganb [...]