Reading a feature on the US subprime lending mess in a re-cent issue of the Financial Times that narrated how a small company in California offered services that can show a low credit-score borrower as an ‘independent contractor’ on its pay roll and also provide a payslip as ‘proof’ for a fee of $50 and give a glowing reference about him to the lender for an additional fee of $25—all to enable the low-rated home loan seeker to avail the loan, one wonders if American borrowers are in anyway different from their counterparts in India.
Posted on: Fri, 04 Oct 2013 12:42:15 +0000
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