Relevant:
- Citi wholesale eliminates popular stated and 40-year products
- Countrywide eliminating Non-Conforming Fast & Easy stated-income loans today
- 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.
- Radian losses widen to $1.1 billion in fourth quarter
2008-03-31 — thetruthaboutmortgage.com
``Mortgage insurer Radian said Friday that as a result of current market conditions, the company would no longer be able to insure stated loans.... Basically anything with a stated element will no longer be eligible for mortgage insurance, including SIVA, SISA, No Ratio, SISA, NINA, and No Doc, some of which were previously unacceptable.'' -- Surprise, surprise...
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