You know you're subprime when...

A classic from Broker Outpost: "You know you're subprime when,"

• When the lender I used for your purchase is now out of business and now we cant get out of your 80/20 that is about to adjust to 12%?

• When you need a stated income letter from the borrower stating what they do for a living (ameriquest) and they fax you "I HAVE A JOB. Signed Joe Borrower."

• Your borrower walks in to your office in his Waffle House uniform and wants a stated income loan.(happened)

The Loan Officer Forum at Broker Outpost is a gold mine for finding out what was going on in the mortgage business during the bubble. You can find out that Countrywide would allegedly loan 95% LTV to a 590 FICO with no tradelines.