Big Dog's Boom Boom Room Message Board

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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: jim_p who wrote (40863)	3/27/2005 7:47:12 PM
From: Think4Yourself	Read Replies (2) of 206206

It's going to be even uglier this time than last time. This time we have Adjustable Rate Mortgages, Interest only loans and something I just read about in today's paper, Stated Income Mortgages. With a Stated Income Mortgage, the lender verifies your employer but not your income. You tell them your income on the loan app and they take your word for it. It's supposed to be for the small business owner, independent contractor, and commissioned salespeople. I can't conceive of any way this could be abused! How soon before the tearjerker stories start again about the poor dumb fools who lost everything by getting into debt way over their heads?

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