Relevant:
- Reality Check on Raising Mortgage Caps
- Stated Income (Liar Loans) Still Available for Some
- The rush to buy: Dropping contingencies on offers, thinking equity went up in last month, and stated income loans.
- Wells Fargo Considering Eliminating Stated Income
- stated income bad for loan modifications too
2008-01-25 — marketwatch.com
"Without stated income for wage earners, how much will this raise really matter? From 2005-2007 70% of all jumbo loans were stated income…and for a reason: Ninety percent of all stated income borrowers lied about their income to qualify. Fifty percent by more than 5% and 50% by more than 50%."
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