How it goes down, US style ...

From the BBC web site 25th April

A little sentimental, but a story that reflects the impact of shoddy lending.

So, they didn’t read the paperwork, and took out a loan of $381,000 + $ 96,000 a total of $ 477,000 on an income of $ 23,000!!! Now that’s a multiple!!

Wait! There’s more …

Poor quality, over vauled property and “someone” incorrect reported the income levels on mortgage applications. I suspect that would lead to some problems in the housing market … just as well “it’s different in Ireland”

Blue Horseshoe

Getting worse in the USA … e_id=15570

This was the front page feature on USA Today newspaper on Thursday

Minorities hit hard by rising costs of subprime loans … htm?csp=34