2008-02-20 — cnn.com
Herb and Marion Sandler, the husband and wife team behind Golden West, were legendary for their rigorous underwriting standards and had nimbly steered their S&L through the ugly California real estate downturn in the early '90s when other banks failed to.
...
One factor that makes things different from past downturns is that borrowers are showing a new willingness to walk away from their mortgages, even if it means destroying their credit. "We're in a brave new world of consumer behavior with all mortgage products," says Frederick Cannon, an analyst at Keefe, Bruyette & Woods.
Yeah, and don't forget job loss. You can underwrite strict to your heart's content, but that isn't going to help you from rising delinquencies in a recession.
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