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

To: russwinter who wrote (46603)	12/4/2005 4:00:45 PM
From: Jim McMannis	Respond to of 110194

RE:"The LA Times reports on the burgeoning crackdown in the mortgage industry. "'Fraud for property' is the industry phrase used to describe usually honest folks who exaggerate their incomes or tell other white lies to obtain financing. Now lenders and the authorities are turning their attention to borrowers encouraged to falsify their applications by loan officers who tell them 'everybody does it.'" I think it's like illegal immigration." We all looked the other way while 20 million illegals poured in. Now we can't afford to kick 'em out because the economy will fall. Reminds me of all the easy mortgages. The taxpayer will have to bail 'em?

To: russwinter who wrote (46603)	12/4/2005 4:09:57 PM
From: sciAticA errAticA	Respond to of 110194

Ben Jones has selflessly provided consistently tireless, stellar reporting on his Housing Bubble blog. Let's all chip together and award him with an interest only, zero equity, hybrid loan on a property of his choice...

To: russwinter who wrote (46603)	12/4/2005 6:56:57 PM
From: ild	Read Replies (5) \| Respond to 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".