Easy Credit Caused Big Problems
If you could fog a mirror you could get a mortgage. If you had the wonderful ability to get your credit score up above 700 then it was pretty easy to get a stated income mortgage loan. You did not even have to prove how much money you made if your score was good. You could just state that you made a certain amount and then you were able to get a loan. This is just one of the main contributing factors that led to the global credit crisis that we are experiencing today. The default and foreclosure rates are higher than ever due to this grand ease of the granting of credit.
