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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 |
| 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: |
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| 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 |
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| Consumer Groups Push for Loan Freezes |
| Published: October 21, 2007, 1:25 pm |
| Tags: Mortgage News Insight, Foreclosure, Loan Modifications, Stated Income Loans, Subprime Adjustable Rate Mortgages, Subprime Arms |
| will need to ensure that loans are modified on terms that are affordable to borrowers.” Ms. Ludwig keenly points out that even with a modification these subprime adjustable rate loans will still be unaffordable at the teaser rates they were initial offered at. AND WHY IS THAT? Because people over-stated their income 50-150% on |
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| 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 |
| different from the income on the loan application there could be reprecussions against the loan officer (either retail or broker) for a fraudulent loan application. 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 |
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