Quote:
Originally Posted by afc wimbledon
Banks, they're just as ignorant of history as the people asking for the money.
I just remortgaged, asked for an extra two hundred grand for unnamed renovations, which was bull**** actually, I'm hoping to buy out the leasehold on my dads apartment in London, now granted I've got around 1.1 mill in equity right now so the market would need to lose 60 or 70 percent for the money to be at risk but they didn't even ask me what it was for, they could care less, want to buy a Porsche go ahead, hookers and blow in Vegas, fill your boots, you own a house, their only real question was did I need the money right away or could it wait a few weeks, In the process they essentially pre approved me for up to a million in the future, which is absurd but they think it's a never ending elevator to riches just as much as the buyers.
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For the banks it is though.
Banks are definitely aware of history. Recent history suggests they can hand out as many bad loans as they want because eventually the federal government will bail them out.
Pretty good gig you can get it.