Not long ago, a loan agent could fund a mortgage with a borrower’s name and social security number. Those agents are called mirror foggers, as in: “if you can fog a mirror, you can close some loans.” But Quality Control thankfully returned, so you can’t get by on just breathing and self admiration anymore.
Today’s first link on food inflation and last link from working class rappers are both dedicated to former mirror foggers “hungry trying to get the meal.” In between is the latest zero-down gimmickry and analysis on home affordability.
-No Money Down Is Back! (for rocket scientists only) (Nick Timiraos, WSJ)
-This GRAPHIC Explains A Lot: “Subprime Is Back!″ (TheBasisPoint 11/2010)
-The Housing Bear Climbs Over The Mountain (Credit Writedowns)
-Quality Control by Jurassic 5. Real loan agents live by these words (vid below)