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

To: Ramsey Su who wrote (27611)	3/2/2005 12:25:06 PM
From: loantech	Respond to of 110194

I think it is a terrible offering that originally came up for self emplyed borrowers only at 80% Loan to value or less and it has morphed into just baloney.And yes I think it borders on fraud. Tom

To: Ramsey Su who wrote (27611)	3/3/2005 12:20:52 AM
From: John Vosilla	Read Replies (1) \| Respond to of 110194

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. It is just insane to see where we have come in so short a time period. Less than a decade ago the industry was still reeling from the S&L collapse. Its not like this happened so long ago that no one remembers.