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Predatory Subprime Lending Still Prevalent

Lying Gets You Nowhere, Unless You Want a Subprime Loan

The housing crisis has spun out of control to the point that the Federal Reserve has begun to probe the government for immediate and effective interference. Home foreclosures have been unfortunately common across the US, as more and more homeowners can no longer afford their mortgages. While you might assume that lenders have seen enough bad press over the course of the current crisis, it seems some haven't witnessed enough foreclosures to put their predatory practices to bed.

When one woman told her Countrywide loan officer that she was a stay at home mom, the officer suggested that she could lie about her husband's total income because of his managerial title. On top of that, she said the loan officer asked her to claim that she earned $60,000 a year when she wasn't actually earning any income. The woman inquiring about the loan summarized these actions best saying, "It was really every sleazy move in the book."


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