2010-07-08 — go.com
"Did you think the housing collapse killed off "liar loans"--those infamous bubble-era mortgages for which people were allowed to get creative in portraying their ability to make the payments? Well, they're back, and that may be a good thing."
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BIGTXLENDER at 05:22 2010-07-09 said:
Nothing wrong with Stated Income loans, never was a problem until they allowed 100% Stated Income loans and or NINA's when I first started in the mtg biz a Stated Income loan was 6 mos personal bank statements minus 30% and 80% LTV with 720 min fico.. Permalinkmortgagemess at 05:24 2010-07-09 said:
Lol....liar loans NEVER left...the only difference now is that the information you put on the loan application can land you in jail..for fraud.. PermalinkRobin at 05:53 2010-07-09 said:
The problem came into play when it was no longer required to verify self-employment. Suddenly, you had waitresses and hair-dressers in Rabbit Hash, KY (no offense folks) bringing in Manhattan revenues and W-2 employees whose 'reported' commissions, OT and bonuses would have made Jamie Dimon jealous. Only justification required was a high-enough FICO score to avoid scrutiny. Permalinkcatherine at 08:10 2010-07-09 said:
why not, when the taxpayer is buying up anything...........subprime will be back like we have never seen before as long as fannie and freddie buy them. Permalinkadd a comment | go to forum thread
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