“I fully anticipate the pendulum will continue to swing towards conservative lending criteria – probably to an extreme equal in severity to the degree of anarchy that fed this last boom.”
What is the opposite extreme from “fog a mirror and I’ll give you a loan”?
How about “prove to me that you DON’T need a loan and I might consider granting you one”
This is one of the factors that could drive us to a 70% decline vs the 50% decline that more and more people are talking about
