Today's Fresh Blogs...

• The Death of Stated Income Loans

  Published: August 16, 2007, 11:57 pm

  Tags: Mortgage News Insight, Alt, Indymac, Liar Loans, Nina, Niv, No Income Loans, Sisa, Stated Income Loans

  focus on making the “liar loans” stated income and no income loan products completely irrelevant to the majority of lending situations. Regardless of credit score. They also eliminate some of the more “affordability” type products including the 40 year amortized loans. From an IndyMac announcement to brokers:

  Comments (0)   Blog link Rating: 0

• Bank of America says No more garbage loans!

  Published: August 23, 2007, 7:49 pm

  Tags: Mortgage News Insight, Bank Of America, Liar Loans, Nina, Niv, Sisa, Siva, Stated Income

  product* adjustments for all loans locked on or after 8/27/07. Adjustment changes include, but are not limited to: Loans under $50,000: 500 Loans $50,001 to $100,000: 25 Credit scores under 619: 1.00 Credit scores 620 to 659: .625 Additional adjustment changes include high LTV/CTV, cash-out refinances and investment properties. Please see

  Comments (0)   Blog link Rating: 0

• Chase Eliminates Stated & No Income Alt-A Loan Types

  Published: September 14, 2007, 11:45 am

  Tags: Mortgage News Insight, Chase, Liar Loans, Nina, Sisa, Stated Income

  into account when making loans in this environment. Consequently, we have decided to eliminate the ChaseFlex No Doc and No Ratio programs from our Alt A product suite effective September 19, 2007. While there will be hold outs it appears a certainty that lack of capacity will only be tolerated on low LTV and high FICO loans - and little

  Comments (0)   Blog link Rating: 0

• When people get desperate, all bets are off.

  Published: September 25, 2007, 7:24 pm

  Tags: Mortgage Musings, Liar Loans, Mortgage Fraud, Rachel Dollar, Stated Income Loans

  worst vintages of mortgage loans and known for their dubious underwriting quality, or whether we were set to see a spike of fraud cases as home owners became more desperate. Ms. Dollar, author of Protect Yourself from Real Estate and Mortgage Fraud: Preserving the American Dream of Homeownership, argued that fraud levels should increase as

  Comments (0)   Blog link Rating: 0

• OPT ARM - MAX FEES Cousin?

  Published: February 7, 2008, 4:37 pm

  Tags: Why I Hate My Industry, Liar Loans, Mortgage Fraud, Neg Am Loans, Option Arms

  Thanks to a Blown Mortgage reader for sending this gem in. From the “you can’t make this stuff up” department I submit for your pleasure and pain the license plate “OPT ARM”. As the submitter said: I wonder how people who’ve been swindled into an Option ARM feel when they see this car driving down the road.

  Comments (0)   Blog link Rating: 0

• Banks are still fueling the fire

  Published: March 4, 2008, 12:07 pm

  Tags: Mortgage Musings, Fraudulent Loans, Liar Loans, Mortgage Fraud, Stated Income, Stated Income Loans

  Brokers and Realtor Loans Many banks are now eliminating stated income loans for brokers and realtors as conflict of interest loans. Not only is it likely that the broker or realtor making less this year; but the fact that they know how to “work the system” by over-stating income and assets makes them particularly high

  Comments (0)   Blog link Rating: 0