WarMachines.com

Industrial War Machine Complex – Buy Bitcoin Defeat Corrupt Governments Everywhere!!


WarMachines.com

Archives by tag

Second Cockroach: Canadian Mortgage Lender Crashes After Admitting Mortgage Fraud

Back in April/May, Canada's biggest mortgage lender, Home Capital Group, crashed its way into the headlines, coming clean over its balance sheet-full of liar loans, suffered a bank run, and was forced  to take emergency liquidty from taxpaying pensioners, and was eventually bailed out by good old Warren Buffett. "Probably nothing…" Well just when everyone […]


Lending Club Crashes Near Record Lows After Slashing Guidance

Despite record high stocks, record high consumer confidence, and 'full' employment, LendingClub is struggling to originate high-enough quality loans – crashing almost 20% after slashing its Q4 outlook. CEO Scott Sanborn on LendingClub’s conference call pointed to a new credit model that represents "a tightening with an overall shift to higher-quality grades and higher quality approvals within grades," […]


S&P Wants You To Know They “Stress Tested” Subprime Auto ABS Structures And They’re “Very Stable”

The same firm that ‘assured’ us all back in 2006 that RMBS, CDOs, synthetic CDOs and CDO-squared structures were all very safe products and well deserving of their AAA ratings would now like for you to know that they’ve “stress tested” subprime auto ABS facilities and found that they’re “very stable.”  According to the Auto […]


Ford To Abandon “Traditional Credit Scores” For Underwriting Decisions As Sales Stall

So, what do you do when your sales are stalling because you’ve already financed new cars for every man, woman and child with a credit score north of 500?  Well, you simply abandon credit scores in the underwriting process and instead explicitly mandate that your loan officers approve every potential car buyer that walks through […]


Carmageddon: Deep Subprime Auto Delinquencies Spike To 10-Year Highs

If you’re still on the fence about whether the auto market in this country is anything but a massive bubble being propped up by extremely loose credit underwriting standards, then we think Equifax has just provided some definitive evidence that just might push you over the edge.  In discussing delinquency trends in deep subprime auto […]