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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: loantech who wrote (27601)	3/2/2005 12:15:55 PM
From: Ramsey Su	Read Replies (2) \| Respond to of 110194

stated income loans is a problem that is unique to this cycle, since there were no such thing in the old days. Wouldn't stating income that is not true, and by signing the loan application, an act of fraud? So in theory, if these borrowers eventually defaults, a lender could come after them for fraud and may be exempt from non-recourse limitations. Then again, a defaulting borrower may tell the lender that it was joe loan officer who told them what to put down on the application and passes the buck back to the lender? In either case, I think these stated income loans are going to be one hell of a mess when the excrements hit the fan.

To: loantech who wrote (27601)	3/2/2005 12:29:17 PM
From: damainman	Read Replies (1) \| Respond to of 110194

"No one seems to care anymore. I have been in the business for 20 years and now see myself as a facilitator not a helpful person. Career change soon." If this all ends badly, they will look for someone to tar and feather. You haven't tipped off anyone about a coming collapse have you? <ggg>

To: loantech who wrote (27601)	3/2/2005 12:41:30 PM
From: russwinter	Read Replies (1) \| Respond to of 110194

I feel for you buddy. I could never do it without loud outbursts and sneers. I've already sort of jeopordized a budding friendship with a lady over this very kind of silly season stuff. I'd last about a half day in your business, before management would be calling me in for a pink slip talk.