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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: ild who wrote (22725)12/1/2004 8:49:25 PM
From: ild  Read Replies (1) of 110194
 
From Fleck's reader:

I was just talking to my daughter who works for a prominent mortgage company and she was laughing about the latest loan, known euphemistically in the industry as the "drug dealer loan". It requires no assets, no income and no employment. It does require a credit score of 750 and 10% down (gee I wonder where that comes from?) or they also have a "stated income" loan where you just tell them what you make, provide 20% down and the house is yours. As Stephanie says "anybody can buy a home".
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