Economy
When mortgage brokers approved loans for pets
HERE’S THE INTERESTING PART
When brokers are getting paid purely on commission, the concept of a "credit check" becomes completely detached from reality. During the peak of the subprime mortgage frenzy, loan officers were so desperate to generate fake volume that they falsified applications using the names of borrowers' pets, proving once and for all that Wall Street algorithms are easily outsmarted by a golden retriever.
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