중요 한 것 은 DTI 이 며 서브 프라임 모기지 의 몰락 은 DTI 를 고려 치 않 고 많 은 돈 을 빌려 준 것 이 라고 생각 하 네요 . 과연 우리 나라 1 금융 권 이 라 해도 DTI 기준 으로 보 면 안 전하 게 빌려 준 것 일까요 ? 미국 에선 DTI 50 만 넘 어도 서브 프라임 모기 지그 이 라고 보 던데 . What Really Happened in the Subprime Mortgage MarketBy Stefan Lubinski There is a lot being written about these days regarding the " fall - out " in the mortgage industry , specifically in the subprime arena . Quite a bit of commentary as to the effects and affects of the related markets . I think that the answer to the question " What happened ? " is a lot more simple than analysis of various economic indicators . Greed is what happened . That is the one word answer to which everything ultimately boils down . However , I know that I need to qualify that broad brush stroke with some evidence and specifics . I am sure that one could argue that there are a number of facets involved in the so - called , collapse of the subprime market . As a brief aside , the subprime market has not in any way collapsed . However , there are several companies within the subprime arena that have indeed collapsed . At any rate , I think Paretto ' s Principle applies here as it so often does in most situations . The fact is that at least 80 % of the problem had to do with Greed , Irresponsibility , Lack of Ethics and Integrity and lack of Education and Training . What happened ? Loan officers around the country knowingly put borrowers in harm ' s way . Loan officers helped scheme and package so called " stated " loans where income verification was waived allowing loan officers to inflate income on the application to keep the balance of debt to income ( or DTI ratio as it is known in the business ) within underwriting guidelines . In plain English ? Loan officers were involved in lying about how much money a borrower really made so they could be approved for a home loan . Reminder : A loan , that if the underwriters actually knew what the income was . ... would decline the loan ! Here is the real problem , by the way . It ' s not the poor lender , who ultimately was lied to . ... it is the borrower , who with the help of or at the advice of . .. got a loan that greatly exceeded their ability to repay . They were doomed the minute they signed the application . In many cases the loan officer knew that there was no way that this borrower or this family would ever really " survive " the loan . .. but hey , the borrower wanted it . ... so they got it ! So integrity and ethics were sacrificed for the commission from a loan that likely will be the stranglehold that chokes the life out of the family ' s finances . In some instances the loan officer just didn ' t know any better . That simply attests to the lack of training so many in our business get . Can you imagine ? It is estimated that as many as 78 % of all of the loan officers in the business today , has less than 3 years experience ! This is not so much a Subprime issue as it is a " Stated Loan " issue . Certainly , the fact that these borrowers credit suggested that they already struggled financially ( and that . .. by the way is really what bad credit means for most people . ... that at some point , or currently , they struggle to pay all the bills on time . .. or at all . ) certainly adds fuel to the fire . But it is important to distinguish what the problem really was or is in order to avoid making the same mistake again . .. but furthermore not to tarnish the subprime borrower or lender for the wrong reasons . The problem lays much less with FICO score for most of these defaulting loans than it does with generous DTI ( debt to income ) guidelines or low or " no - doc " income or asset documentation . Some of these loans allowed for the stated DTI to be as high as 60 or 65 %. This means that even if the income on the application was legit . .. and was not inflated ( as so many were ) . ... that 65 % of the GROSS INCOME was being devoted to the housing payment ! ! If the income was indeed inflated then many of these loans were extended to people that were likely carrying debt to income ratios more like 70 - 80 %. You do not have to be a Certified Financial Planner to know that you cannot possibly dedicate three quarters of your GROSS income to just your mortgage . The fact that seems to be forgotten somewhere along the line is that the reason that there is an application in the first place is not to say " yes " but rather to say " no " when someone does not meet the guidelines that protect BOTH parties . As experts it is responsibility of the loan officer to advise people what they can and cannot afford . .. NOT to simply be a conduit to approvals for debt hungry borrowers . Loan officers that can see the forest through the trees recognize that by helping their clients stay solvent in the long run they keep a client for life . For if they ultimately lose their home , they are of no use to that loan officer anymore . The mortgage industry presents one of the most wonderful opportunities in the professional world today : An opportunity to serve , to help and to profit . For those who forgot about the first two , shall know what it is like to do without the third . Born in Montreal Canada , raised in New Jersey and a graduate of Rutgers University , Stefan Lubinski is a nationally known trainer , speaker and consultant in the residential mortgage industry . Prior to becoming a Professional Speaker Stefan ' s diverse professional background included : Restaurant Management , Executive Recruiting , Corporate Sales & Marketing and Residential Real Estate Finance . His unique combination of humor , " hands - on " industry knowledge , and ability to make complex ideas simple to understand put him in a class of his own ! Stefan is a proud member of the National Association of Mortgage Brokers , the Association of Coaching and Consulting Professionals on the Web , and The National Speakers Association . He is also a certified Mortgage Planning Specialist . Stefan lives with his wife Shelley and his son Carter ( his four dogs and one horse ) in Pleasanton , California . Although , most of the time , you will find him in the training rooms of some of the best companies across the country .