Sunday, March 15, 2009
Pure subprime
I picked up this mortgage ad from Soot and Ashes. It is for subprime loans from the US lender Countrywide. Once the US housing crash took hold, Countrywide quickly ran into trouble and was eventually absorbed by Bank of America.
This ad screams out bank failure. Countrywide were happy giving out housing loans to people who were heavily in debt, who could not come up with deposits and who could not verify their incomes. That was the template for an exploding bad loans problem.
Crazy stuff.
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Brilliant - almost seems like a spoof Ad now.
ReplyDeleteCrown,
ReplyDeleteYes, it's almost Daily Mash material from our viewpoint.
"No one can do what Countrywide can"
I presume she means bring the economy to its knees?
Was Carol Voderman working for these guys, too?
ReplyDelete"I despise with every bone in my body these sub-prime slime people who took out loans they couldn't afford": and, I trust, the arseholes who lent it to them?
ReplyDelete