Since the great mortgage crash (aka “the bubble”) blew in 2007, two types of mortgages disappeared, both long in use. Possibly held hostage in some Potomac River warehouse or nearby closet, but gone. By “long in use,” I mean that these were not some Frankenstein creation during the bubble, but one as old as banking itself, probably recognizable in Caesar’s Rome, and the second very well-tested and successful since exactly ...
- Loans to asset-heavy borrowers without documentable income, or any income at all, and to borrowers with unsual income, have both been curtailed.
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