Today's Fresh Blogs...

• 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

  Bank of America just sent out an announcement to all of their brokers stating that Friday will be the last day of any stated income loans or no income loans. This officially marks the beginning of the end of the stated income loan days - if BofA is making the change the rest can’t be far behind. From Bank of America: Expanded Criteria

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• Wells Fargo Considering Eliminating Stated Income

  Published: November 13, 2007, 3:47 pm

  Tags: Mortgage News Insight, Home Equity Loans, Sisa, Siva, Stated Income, Wells Fargo

  borrower selected SIVA [for equity products]. A Newsflash and an Iland are in the process of being prepared and will most likely be distributed on Friday. The effective date will be applications received on or after Tuesday, November 20th. For standalones, any SIVA applications will need to be received by end of day Monday,

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• Impac to Report Larger-than-Expected Quarterly Loss

  Published: November 19, 2007, 12:53 pm

  Tags: Mortgage News Insight, Alt A, Alt A Loans, Impac, Impac Mortgage, Near Prime, No Doc Loans, Sisa, Siva

  Impac Mortgage company, the Irvine-based Alt-A lender who specialized in near-prime loans to people with limited income documentation, reported that it would need additional time to file its quarterly reports with the SEC due to the cessation of business activities in the mortgage origination segments of its business. From Market Watch: The

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• You Can Go Stated as Long as Your Not Industry'

  Published: January 29, 2008, 1:58 am

  Tags: Mortgage Musings, Mortgage Fraud, Sisa, Siva Loans, Stated Income, Stated Income Stated Assets

  Stated income has always been laughable to me. For the most part the way that it’s been implemented in the industry is as outright fraud - pick a number that makes the loan work and find a way to justify it to the brain-dead underwriting team that is just trying to hit their numbers. Now, I don’t need the 10 comments about what

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