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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: ild who wrote (46625)	12/5/2005 12:54:13 AM
From: John Vosilla	of 110194

<They said "well, yes, but he'll have to do "stated income" loan". I asked, if they meant that he would have to state that he makes more than $40K. They said "yes". I replied that to me it would be a fraud. They said "No. That's what everyone does". > Apparently they take your occupation, upgrade it a bit and use the median salary for the area via government statistics. I heard on one of these mortgage broker radio programs of a very young plumber's assistant with only a year or so experience upgraded to the average plumber with his own biz who has perhaps 15-20 years experience and several people working under him. Using stated income the salary came in five times what he actually made. I think he actually made perhaps $20k and qualified for $350k with zero down..

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