Finally had a chance to watch this trailer for Wall Street: Money Never Sleeps, the sequel to the original and best all-time movie about money (except for maybe Rodney Dangerfield’s Easy Money). There’s almost no way this movie won’t be entertaining. Trailer is below (along with a trailer for Easy Money—watch that one to the end, when voiceover asks you to mail your request for information about new movie releases. Classic. Truly.)
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“Manually underwritten loans are subject to scrutiny such as we have never seen before and we do not have the courage to paint outside of the lines because we cannot afford to have a loan purchase refused by an investor. Today, it takes two to three times as long to underwrite a loan and we have checklist upon checklist that help us make sure all of the i’s are dotted and the t’s are crossed. I have been doing this for over 30 years and frankly we are back to the rules of the early 80’s or worse when it comes to documentation.”
— A senior mortgage bank underwriter, on why loan approvals are so hard, even for the most qualified borrowers.
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