The chinese Canadian developed a formula for measuring relative mortgage risk that spit out an easy to understand number. He told people the limits of the equation and that you can't just use it blindly.
Bank managers choose to ignore him and used it blindly.
Because it is relative, it only ranks your risk compared to others in the group, so if everyone in the group is at a high risk, you still got a good score even if you are high risk.
The idiot mortgage managers did their jobs poorly.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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