Relevant:
- Reality Check on Raising Mortgage Caps
- 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
- Countrywide eliminating Non-Conforming Fast & Easy stated-income loans today
- Bring Criminal Charges Against Chief Executives of Leading Originators And Securitizers of Stated-Income Mortgages
2010-07-29 — freerateupdate.com
"Not so long ago, during the height of the housing boom, roughly 40% of all new mortgages originated were stated income or low doc loans. Then came the financial crisis and the housing crash in 2007 during which time 39% of the sub prime mortgages, which included stated income and low doc loans, defaulted. With thousands and thousands of loans defaulting, lenders quickly discontinued their stated income mortgage programs indefinitely. That is until this year."
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Comments:
Ed Wright at 07:54 2010-07-30 said:
Interesting that if you are really rich Obama’s new finance bill might not apply… because it clearly outlaws “Stated Income Loans†of all kinds. The "outlaw" part would seem to mean for everyone; (yes / no) well probably not Barney Frank or Chris Dodd (special people), or Obama’s Chicago friends who helped him buy his home (really special people), ect. PermalinkMortgageDrummer at 00:15 2010-07-31 said:
Really , are you guys surprised? The big banks had to do a stated loan to get our tax dollars. . did you really think they qualified going full doc? I know for a fact they did not dislcose their full REO's! how could they? they are waiting for that 2 year mark to even put it on their books. . but, boy oh boy. . they know about! talk about non-disclosure and the reason we are in this mess. . . I just read that 40% of loans originated were stated? OMG!!! For heavens sake! I didn't know it was that many. . then we are really in for big trouble .. you know 99% of those people did not qualify for full doc and have no means of paying their mortgage. . . but again. . . Barney, Dodd and all their buddies. . got their loans. . . ps.They should put Rangle in jail. . . come on "Rip off the Band-aid" !!! Permalinkadd a comment | go to forum thread
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