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Loan Modification

: Loan Modification & Home Loan News

Senate votes to ban certain bonuses for mortgage brokers, loan officers

By Moe Bedard

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Amending financial reform legislation as it makes its way through Congress, the Senate also voted to outlaw stated-income mortgages ? loans made without using tax documents, pay stubs or bank records to verify that borrowers actually earn as much as they say they do. These so-called liar loans and the bonus payments are widely regarded as [...]

Full post as published by Loan Modification & Home Loan News on May 13, 2010 (boomark / email).

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