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

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To: russwinter who wrote (46603)	12/4/2005 6:56:57 PM
From: ild	Read Replies (5) of 110194

<<<burgeoning crackdown in the mortgage industry>>> Yesterday I went for a walk and stopped by this open house realtor.com MLS=S418282 Tiny two bedroom condo with little patio and carport for $460K. Two agents were on site. In order to start a discussion I said that I had a friend with a family in LA who wanted to move down here but makes only $40K per year. I asked if he could buy this property. 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".

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