Age of Denial

Hi, my name is Sk33z3rz and I'd like a new home loan.

This is not meant to imply that denials in general are rising at an alarming rate. I just found it interesting to see the large spike in loans turned down because of "unverifiable information."

It isn't just us fascinated with "no documentation" loans. Here's a sample from Australia.

In from the cold, but still owing thousands
Predatory lending practices revealed by consumer groups include a $182,250 loan to a unemployed couple with four children. Interest on the loan was almost 9 per cent on the first $110,000 and 23 per cent on the rest - or repayments of $510 a week.

The campaign has been spurred by problems associated with the rapid growth in subprime lending in Australia, which is non-bank lending to borrowers with poor credit histories and little or no documentation of their incomes.

Source Data: Home Mortgage Disclosure Act

NATIONAL AGGREGATE TABLE 8-2: REASONS FOR DENIAL OF APPLICATIONS FOR CONVENTIONAL HOME-PURCHASE LOANS, 1 TO 4 FAMILY AND MANUFACTURED HOME DWELLINGS, BY RACE, ETHNICITY, GENDER AND INCOME OF APPLICANT