Thank you Bryco!

[This item was originally posted on September 18, 2005 and led to a series of events, some of the details being shared here in early-2007 with "What to do with the Bryco post?" and then again in early-2008 in "Goodbye Bryco!" An interesting saga to be sure.]

Well, it looks like all the home equity lending risk management guidelines are working wonders. As you'll recall, five federal agencies issued these guidelines back in May. At the time we likened this guidance to fitting a patient suffering from back pains with a back brace, while a cancerous tumor was growing inside, impinging upon his spinal cord.

It looks like the patient isn't even wearing the back brace.

Here's the transcript from a TV commercial that we stumbled across this morning. Fortunately, thanks to DVR (Digital Video Recorder) technology, the only time we watch commercials is by accident - this was just such an accident, however we did learn something.

We don't know if what Bryco Funding is offering the public is typical of others in the industry - our sample size of one is probably too small, but here it is:

If you are backed up against the wall financially, and you own a home and have a mortgage, there is a simple easy way to get fast cash.

Even if you've been in your home for six months, one month, or a day, Bryco Funding can use a new appraised value to get you cash instantly.

Credit scores as low as 500, bankruptcies, or foreclosures are not a problem. You don't even need proof of income or past tax records.

Call Bryco Funding now to pre-qualify, there's no obligation and there are no charges or fees for pre-approval. And since Bryco Funding lends their own money, they can make instant decisions and approvals.And, they can wrap up your loan in as little as ten to 14 days.

Stop worrying and screening phone calls from nagging creditors. Help Bryco help you today with a quick-cash loan. Just call the toll-free number on the screen. Our number one goal is to say yes.

At Bryco Funding we believe in loans, not limitations.

Yes, things are much better now that five federal agencies have weighed in on home equity lending, and Bryco must have some very cooperative appraisers to work with. While not stated in their advertisement, we can reasonably conclude that the minimum requirements for a home equity loan from Bryco are a home with equity and a pulse.

You have to wonder if the grand plan is to forestall as long as possible the inevitable outcome of the housing bubble. At least in California, as long as home prices remain elevated, with all the equity in California homes, we could probably go on for at least another five years borrowing against our homes even if everyone lost their jobs.

With a median income of around $50,000 and say, $250,000 equity in your home, that's an easy five years living off your house with no other source of income.

Maybe someone does have a plan.