"We Barely Say No To Anyone"
Coast Capital Savings has a come-on that should make any lender blush. "Coast Capital Savings No Worry Mortgages™ now make it easier than ever to become a homeowner. We’ve relaxed our lending guidelines to the point where just about anyone qualifies."
"There are all kinds of tiny credit blemishes, like a forgotten parking ticket that can make you hideously unattractive to other lending institutions. But we’re not that picky. Even from here we can say you look good to us. Honestly, we barely say no to anyone."
Maybe this is what these guys were talking about. "OCC examiners are finding that banks are using credit scores to evaluate their HELOC portfolios instead of assessing the borrowers' ability to repay the loans. 'We urge bank management to regularly assess the vulnerability of their bank's portfolio to changes in the consumers' ability to pay and potential declines in home values,' the acting comptroller told the BAI conference." Thanks to the readers who posted the links!