No Doc

A few years ago, anyone with a heartbeat and the willingness to lie on a no-doc, no-down loan could access enough credit to buy a home. ❋ Natalie Pace (2011)

Think about it this way: Two rival banks get together and offer you a "no-doc" mortgage for 115% of the value of your home. ❋ Jr. Holman W. Jenkins (2011)

Everyone thought the rising prices would mitigate the imprudent loan processes and structures, the no-doc loans, the 97% loans or 120% home equity loans. ❋ The 14th Banker (2010)

Fannie and Freddie had kept their exposures low to loans made with little or no documentation no-doc and low-doc loans, owing to their internal risk-management guidelines that limited such lending. ❋ Charles W. Calomiris (2011)

In another email that day, Mr. Bisenius wrote to Michael May another senior vice president, we did no-doc lending before, took inordinate losses and generated significant fraud cases. ❋ Charles W. Calomiris (2011)

And so when newcomers like Ameriquest and New Century found a market appetite for no-doc loans with killer teaser rates, Countrywide did too. ❋ Jr. Holman W. Jenkins (2011)

After all, the Canadian banks didn't make all the foolish sub-prime no-doc loans that were made in the US, the Canadian unemployment rate is somewhat less than in the US, and Canada is rich with natural resources with worldwide demand. ❋ Unknown (2009)

In a Sept. 7 email to Freddie Mac CEO Dick Syron and others, she specifically described the ramifications of Freddie Mac's continuing participation in the market as effectively "making a market" in no-doc mortgages. ❋ Charles W. Calomiris (2011)

Commenting on what others referred to as the "push to do more affordable [lending] business," Senior Vice President Robert Tsien wrote to Dick Syron on July 14, 2004: "Tipping the scale in favor of no cap [on no-doc lending] at this time was the pragmatic consideration that, under the current circumstances, a cap would be interpreted by external critics as additional proof we are not really committed to affordable lending." ❋ Charles W. Calomiris (2011)

The decision by Fannie and Freddie to embrace no-doc lending in 2004 opened the floodgates of bad credit. ❋ Charles W. Calomiris (2011)

It became pathological only when it became the vehicle for all forms of lending, and when mortgage originators took advantage of the law to create massively abusive and fraudulent mortgage instruments, including exploding ARMS, NINJA loans, liars' loans, no-doc loans, and the rest. ❋ James K. Galbraith (2011)

The no-doc loans originated by Goldman and the rest of wall street created the collapse. drhunt says: ❋ Unknown (2010)

We are witnessing the piecemeal exposure of a vast criminal conspiracy, consisting of "affordable housing" policies at Fannie Mae and Freddie Mac, low-doc and no-doc "liar loans" by dumb and greedy mortgage bankers, and time bombs set by deliberately manipulative securitization of these loans and sale of "protection" by smart and greedy folks like GS and AIG. ❋ Unknown (2010)

Politics—not shortsightedness or incompetent risk managers—drove Freddie Mac to eliminate its previous limits on no-doc lending. ❋ Charles W. Calomiris (2011)

one of [the doc's] [hot tracks]: its [funky] enough ❋ RaphaelFrank (2006)

[That man] is Doc. ❋ Mr.E61 (2017)

[typical] no doc [patient] ❋ Nodoc (2021)

[Jandy's] dog is [obese], and thats [on docs]. ❋ DaddyJandy (2019)

Person 1: Hey ,What's your DOC?? [Person 2]: [Mine] is [Cocaine]... ❋ KIran (2015)

1. Hey, I'm off to see [the doc] about my cold. or 2. Hey Doc, [cure] any [heartbreak] lately? ❋ NemesisKismet (2005)

Damn- [I just] [scuffed] my new [Doc's]!! ❋ Bruno (2004)

[On the street]: "What's your DOC?" "[Herb]." "How much you [want]?" ❋ Johnny Haze (2007)

[The DOC] runs [the jail] in which I [serve]. ❋ T-Dog Jenkins (2005)

[yerrr] doc doc, [thats] [my guy] doc doc, ❋ Suhhmee (2019)