snax
NES Member
A freind of mine worked for Countrywide back in the day and he was pressured to approve EVERYBODY. He'd send me his good ones, but he would tell me all the time that he would approve people who worked part time for $10/hr for a $300K loan. He would routinely write up what was called a "stated income" loan. Basically, whatever they said their income was, the lender would take their word, and that's what he work up the approval for. Insanity.Yeah I remember getting approved for a rather large loan back in 2013 when my wife and I bought our house. We were making almost half of what we make now and what we were approved for was insane. We would have been living paycheck to paycheck just to afford the mortgage each month. Needless to say, we bought a house for like $150k less than what we were approved for lol