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Joined 2 years ago
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Cake day: June 16th, 2023

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  • Everyone should meet someone that worked in the mortgage industry pre 2008. The number of things that were not only allowed, but perfectly legal were absurd.

    • appraisal was basically a bribe for any number you wanted.
    • no document loans were far more available for anyone.
    • mortgages had no real chain of custody after sale.
    • there wasn’t any real way to verify the risk of a mortgage security pre 2008.
    • variable rates didn’t have lifetime caps on rates, and reporting the details of how they functioned weren’t required.