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“We Only Need Tax Returns And A Financial Statement – Which We Won’t Investigate”…

"Do you ever have déjà vu, Mrs. Lancaster?"

Over the past month, I’ve documented the imminent demise of the subprime auto bubble.

All of the signs are there:

This, I argue, is 2006/2007 all over again only on a (mercifully) smaller scale.

With that in mind, consider the following anecdote submitted by a reader, presented here with no further comment:

I have a few accounts with TD Bank. I often frequent my local branch and enjoy talking with the branch manager. I stopped in Monday, and he asked me stop in his office before leaving. Upon completing our normal community lead program chatter, he asked me “Do you need $100k?”, after telling him no, and he knows better, as I am a cash guy. He informed me, that if they didn’t start loaning money, they would lose their rating. I accused him and the other banks of hoarding cash from bailouts, he agreed. But then he tells me,I call it the, we don’t care SB Loan“, basically a No Doc. Informed me, we only need tax returns, and current financial statement, which we won’t investigate

I laughed and told him I was having 2004-2007 deja vu.

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1 comment on ““We Only Need Tax Returns And A Financial Statement – Which We Won’t Investigate”…

  1. Curt Tyner

    It’s like the 2007,8,9 CRISIS NEVER HAPPENED.

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