Ongoing Lax Lending - "The fellow with the velvety voice said that as long as you had three years solid employment and good credit, you could buy a house with zero down."

mousey at greaterfool.ca 5 Sept 2010 11:25 am – “I live in a pretty snotty area of Vancouver and last week on my morning commute, I saw a very strange sign on a local, but busy street corner. The hand written 2′ x 2′ sign read something like, Nice House For Sale – Zero Down – call for more information. I actually thought it was a joke. It was there the next day and it’s a long commute, and the Bluetooth hands free is always fired up so what the hey, I called. It was a recording…no real surprise there…and summarizing, it described how banks only wanted high end debtors because they could make the most profit off of them. He said the banks don’t tell you about all the “other” loan options (read zero down) because it isn’t in their best interest. The fellow with the velvety voice said that as long as you had three years solid employment and good credit, you could buy a house with zero down. Lots of good homes available and he would show you how to get one. A number for a direct line to the broker was provided, but no specifics about the nice house referred to on the sign.”