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why does everyone keep saying "seven years bad credit?"...that is not at all how credit works.i was a florida mortgage broker from 2003 til 2009. i saw how banks and lenders gave loans to people who were clearly not qualified, and worse "worked" numbers to acquire these types of loans. i've said it before and i will say it again...the city or county appraisers have some of the blame to take as well. if a property sold for say 100k and next month jonny realtor wants to flip it for 200k that hurts the market. now, what kind of control is there to keep these things from happening? appraisals. the government allows this kind of "predatory lending" because they know eventually someone somewhere isn't going to be able to afford their obligation and then the derivative credit swap comes into play....check mate, the banks win.
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