Mortgage Dopes

We got a memo from the management of Tedious Systems today outlining the proper way to order office supplies. Their plan for the past couple of years has been not to order them at all. Their new guidelines are designed to make it difficult to order without seeming to.

I don't need their grief, their rules or their admonishments. Besides, we are supposed to be in the paperless society, so I rarely need supplies anyway. If I do need paper clips, pens or rubber bands, I walk next door to Office Max and buy them myself. That way I don't have to deal with these fools and their stupid rules. Nineteen more days of this nonsense.

I had to run down to the Home Depot store to pick up some gardening stuff tonight. There were several things that I just had to have. The store is next to one of our dry riverbeds and just as I parked, thousands and thousands of bats emerged from under the bridge over the riverbed, out for a night of feasting. It was an amazing sites. Apparently they are living under the bridge, so if I remember, I am going to go back tomorrow and get a picture.

My opinion of the mortgage business is very low. The business is full of people who are at worst crooks and more commonly just imbeciles. The pressure to produce new mortgages is enormous, making the potential for fraud very high. They routinely participate in people's financial calamities. Way too often the mortgage originator is an actual accomplice in a fraudulent transaction.

Just when you think you've heard every slippery scheme imaginable, another comes along. I read a story today about a company (a generous description) that is in the business of bumping up deadbeat's credit scores. They do it by paying people with good credit scores to add these folks on their credit cards as authorized users. It is called piggybacking or renting credit. Evidently, the lending and credit reporting systems are so screwed up that these deadbeats can benefit from just being associated with a responsible stranger. Go figure.

I can't figure what stops one of these "credit renters" from actually using their new found status as an authorized user to rack up some charges.

The mortgage lenders are having a fit over this practice. Since most mortgage lenders rely entirely on the FICO score, they wind up lending at favorable rates to people who are proven deadbeats. Lending for dummies.

The solution is for lenders to actually do a little work when making a mortgage loan, rather than just looking at the FICO score, but they won't because they are too lazy to do it. They also keep their cost down by eliminating work and being able to employ people with little experieince. A monkey can lend on the basis of a FICO score.

These lenders get exactly what they ask for. Too bad for them if people figure out how to game their system.



Things in this blog represented to be fact, may or may not actually be true. The writer is frequently wrong, sometimes just full of it, but always judgmental and cranky


Tag: Daily Life
Personal Finance
Humor