Sub-prime loans STILL being offered. Look at this ad:

[dixiegrrrrl]

[sakabatou]

1. Motherfuckers

[phantom power]

2. They'll keep doing it as long as it's permitted.

[YOY]

3. I'd say we're at a pretty fucking big "Caveat Emptor" situation.

Not that it should be legal to offer such shit...with such wholesome imagery I may add....but really...who is still falling for this crap?

[NJmaverick]

4. What exactly does a photobucket picture prove?

:shrug:

[napi21]

5. I wonder what you are actually told if you contact them? I'm

always suspisious when an ad says "FROM" a certain amount. Can't say that I'vew ever heard of anyone actually getting the lowest FROM rate, no matter what they're selling.

[dixiegrrrrl]

6. I did further research.

The "sloan" webpage pops up as Innovative Mortgage Capital.
That alone is fishy.

Google reports that Innovative Mortgage Capital was closed down in several states in 2007
for fraud.

I reported this just now to Craigslist.

[notesdev]

7. LOL

Love the fine print. "With approved credit"

After the whole ad says "bad credit or no credit" in headline font

The whole damn industry is a bunch of scammers, they must teach them how to lie and cheat in business school ('cuz they sure ain't teaching them how not to collapse the country with Ponzi schemes).

[abelenkpe]

8. Was looking for a new place to rent on craigslist

And there are listings all over that site of homes and apartments to rent for what seems like a great deal. Once you call the number though it's a realtor trying to get you to take over a bad mortgage (rent to own) or to buy the place. The place pictured is almost never the place they are talking about either. And the prices and financing is super sketchy: no money down, bad credit, etc.

There are so many of them that they drown out the real ads for available apartments....atleast in Los Angeles.

[dixiegrrrrl]

9. I used to spend hours a day flagging those ads.

I gave up.

[upi402]

11. Thanks for that -me too

spam is ruining CL, but I need it for now so I flag the crap.

[FBaggins]

10. There's nothing wrong with subprime loans per se

They just need to be priced/underwritten appropriately.

The problem was that they were far too easy to get and they were packaged and sold as better loans.

[Taitertots]

12. Don't fall for the illusion that sub prime lending is/was the problem

The problem was the securitization of mortgage debt. The problem was dividing pools of under collateralized mortgage debt in tranches to obtain undeserved ratings. The problem was using these securities as collateral. The problem was off balance sheet operations.

This is just attempting to blame the poor for problems caused by the rich.