Uncle Billy Shorthairs

Did Fannie and Freddie Cause the Mortgage Crisis?

As I've mentioned in other places, and Tanta has explained most clearly, loan originators would game the gse automated underwriting systems. They would massage their loan scenarios until they got an offline approval with limited or no documentation, and only then hit the submit button. Documentation needed? No problem, there are many accounts floating around the internet of "art rooms" at various lenders -- going back to the pioneers Ameriquest -- where counterfeiters would cut and paste documentation at will.

(with apologies to Tanta.. we're not in the same league)

Uncle Longhair, nice to see that there are other thoughtful uncles out there.