[centex]

In addition to all of the liar loans, you had people all over the boards that were getting AU accounts and seeing almost instantaneous increases of 30-50 points which then put them in a position to get their precious mortgage...they had already demonstrated that they had no fiscal sense and shouldn't have been in a position to be approved, but because they had artificially inflated their scores, they now 'qualified' for the liar loans.

The culmination of events has resulted in the loss of a number of mortgage products that had legitimate uses until they reached a point of abuse.

There are obviously still people writing jumbo paper, but it is a more complex process. It actually took about ten days to get a contract pending sign on a neighboring property that appears to have sold for $850K (slightly less than asking but still far more than taxable appraised).

There is NO LEGITIMATE REASON for anyone other than a spouse or child to need AU access and I will continue to hold strongly to the opinion that anyone else using them (much less charging for or paying for them) is perverting the intent of the ECOA. I can only hope that legislation eventually gets passed that bans the sale of AU access...