Duck into a loan booth2 of 7In 1996, the idea of a real estate bubble was preposterous. The Internet was starting to take off and ATMs had recently become the preferred way for people to get cash. So it's kind of hard to blame Ellison Clary, then senior vice president of corporate affairs for NationsBank (now Bank of America), for his enthusiasm.In an interview with publishing firm Frank Cawood & Associates, Clary spoke of a future where applying for a loan would be an automated, streamlined process."In 10 years, you won't have to visit your local bank to apply for a loan," he said. "Instead, you'll simply enter a booth and apply at an automated loan machine. Within approximately 10 minutes, you'll know whether or not you were approved." Related Articles:Guard against bank failureBest savings interest rates2010 list of failed banksChecking account tipsRelated Links:137 banks failed in '09Deposits insured to $250k3 tips for personal bank loansMoney market lifeline advertisement
In 1996, the idea of a real estate bubble was preposterous. The Internet was starting to take off and ATMs had recently become the preferred way for people to get cash. So it's kind of hard to blame Ellison Clary, then senior vice president of corporate affairs for NationsBank (now Bank of America), for his enthusiasm.
In an interview with publishing firm Frank Cawood & Associates, Clary spoke of a future where applying for a loan would be an automated, streamlined process.
"In 10 years, you won't have to visit your local bank to apply for a loan," he said. "Instead, you'll simply enter a booth and apply at an automated loan machine. Within approximately 10 minutes, you'll know whether or not you were approved."
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