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Politics : Formerly About Advanced Micro Devices
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To: bentway who wrote (362039)12/10/2007 2:17:20 PM
From: tejek  Read Replies (1) of 1579512
 
The biggest victims of liars’ loans are the lying borrowers who overstate their incomes, buy houses they can’t afford, and go bust. Here are three pieces on the topic:

This has always existed. People lie on their applications. Its been going on for years.....particularly in hot markets.

What I am talking about are loans to low income people where no money down is required and interest rates are lowered to a level that makes the numbers on their applications 'work'. To my knowledge, that kind of crap has never been widespread......in fact, this is the first time I've heard it done....it came as a complete surprise to me. And I think that's true for the banks that bought the garbage. Remember the packagers mixed it in with the good stuff.......its like giving someone a roll of bills with thousand dollar bills on the outside while inside there are only ones. The roll looks to be much more valuable than what it really is.
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