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Russians have a curious trait - people don't mind getting or co-signing loans, even mortgage, for their friends, even not close friends. A personal example:
A few years ago I decided to take a $300,000 mortgage (idiotic decision). First I had to get a letter with my salary from the employer, since I wasn't employed officially - which is common in Russia. The CFO easily signed and stamped it, even though the company could be had for not declaring employees income - it has to be no less than certain threshold, which is small, but not zero.
Then I needed a co-signer. And I mentioned this in the leasure room at the office. A few guys told me - don't worry at all, we'll co-sign for you. I knew those guys for a dozen years, but that's just it - only knew.
From my experience, by far most of the financially crazy critical reasoning seems to occur in the Wall Street/financial services culture of the USA as well as its fiscal policy; from Keynesian delusionism, quantitative easing to infinity to the pretext for the subprime meltdown. All of this appears contingent to systemic greed.
Last edited by Citizen401; 09-24-2012 at 04:54 AM..
Co-signing for someone, especially a stranger is a very, very stupid move. So, I would not describe it as "insane"... and it has nothing to do with being fearless either.
Co-signing for someone, especially a stranger is a very, very stupid move. So, I would not describe it as "insane"... and it has nothing to do with being fearless either.
Most people are not any more stupid than... most people. It's not like all Russians are willing to do this, but... not far from that.
I've never heard of it. And this is actually a requirement?
Yes, for big loans without a stellar credit history... And most Russians don't have any credit history. And even when they do - I have some, but at least one (I bet others too, since I didn't take any loans after my bank began reporting) of the credit agencies, Equifax, doesn't know about it. We can even check "don't report to credit agencies" on the application, and banks can't use this in making a decision.
And I know some people here in Brazil who had really bad experiences for accepting to be the "fiador" of people who didn't deserve to be trusted.
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