experienced the stupidity first hand.

When I bought my first and second house, I had to provide 5 years of bank and credit statements, as well as letters of ref.  I also had to have a specified percentage of the total value of the property in cash.  This was all in the 80's

Then, I bought another house...  in the early 90's.  While I still had to provide bank and credit statements, they were not as extensive - and I did have to provide a letter of employment... now I will say that my credit is outstanding, so there were no problems... but there was a noticible difference in what was required... oh, and I still had to have a minimum percent of the value of the house in cash....

Then I bout a house in the late 90's.....  First, the paper work was limited to only a couple of bank statements, no letter of employment, no credit check, and some guarantee of financial solvency... and although we could put a percent of the value of the house down, it was NOT required...

and now?  I bought a place last year... WOW... hey, how ya doin?  sign here, here is your key....  All I had to do was sign that I had the money!  No bank statements, no credit check, only a check with closing costs... (certified, but that was the only requirement...)

now, what did I do?  I ensured that 1) I own most of the house with the Downpayment, 2) Bought the APR down and 3) cut 1 1/2 percent of the broker's fee....   all in all, not bad, but I gotta say, with the change in lending and credit checking - who expected this thing to go on and on with no end.... certainly I did not.

My dad was a big believer in living BELOW your means.... - same should be true in business. - particularly the business of finance...