What Is Going On

Ron61 · #1 (**permalink**) 10-22-2008, 11:18 AM

I thought that with the mess the country and banks are in, these pre approved credit cards and the no qualification loan stuff was supposed to end. So far just this month I have received 3 pre approved credit card applications which went into the shredder and 4 reverse mortgage letters, the last one this morning from BOA. I thought that just loaning out money with no credit rating needed was part of the problem. Would one of you financial people explain what I am missing in all of this please?

Thanks,

Ron

FWB · #2 (**permalink**) 10-22-2008, 11:38 AM

smoke and mirrors ron, no one is fixing the original problem. just putting bandaides on it

wtm442 · #3 (**permalink**) 10-22-2008, 12:48 PM

It depends on which financial company you are doing business with. BOA is probably the least affected by this mess because the CEO decided that the sub-prime loans and all the derivatives were just too risky. And so BOA stayed away from all of that crap for the last decade. One smart CEO. And the company is in good shape compared to a lot of other financial companies.