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Old 03-30-2008, 12:31 PM   #41
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Join Date: Sep 2005
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Originally Posted by chinaco View Post
Black list them for future loans! They present a High risk! That will make them responsible for their actions... If the house was damaged... no matter how or who... You are on the list.

Banks and Mortgage lenders should build a list of the damaged homes and refuse to lend to these people money in the future (say 20 years)... they pose a high risk. Obviously a high interest rate does not mitigate the risk. Or if a loan were to be granted... require them to hold PMI until they have 50% equity in the home or pay 30 to 50% down. Plus, Banks providing HELOCS and Seconds should be wary and mitigate the risk.
That sounds fair to me. Any bank should be able to know the history of someone applying for a loan.

Does this happen in reality? Or at some point is the slate wiped clean (like a statute of limitations?)?


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Old 03-30-2008, 01:39 PM   #42
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supposedly some banks have blacklists where if you default on a credit card they will never give you another one

in reality all this stuff is securitized and sold off so most banks don't really care anymore. check the investments of your money market fund sometime. it's all credit card and auto loan debt

funny thing is i defaulted on a car loan like 11 years ago and a few years ago got a CC from the same bank. after the whole subprime thing hit i started getting collection calls again. i guess they are shaking anyone they can for anything to keep earnings up

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