(Reuters) - Lenders in the midst of an unprecedented U.S. housing boom pared borrowing requirements to a minimum -- a single number, known as a "FICO score," that was supposed to reflect the borrower's ability to repay a mortgage.
Traditional down-payment demands were dropped. Borrowers were taken at their word because checking a salary took too long. Proof of savings, housing history, a job -- sometimes these, too, fell by the wayside.
Read more at Reuters.com Bonds News
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