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Loan Modification

: Mortgage Lender Implode-o-Meter

Stated Income (Liar Loans) Still Available for Some

By Implode-Explode Heavy Industries

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"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."

Full post as published by Mortgage Lender Implode-o-Meter on July 29, 2010 (boomark / email).

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