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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 (46738)	12/6/2005 3:41:32 PM
From: ild	Read Replies (2) \| Respond to of 110194

<<<Let me give you a scenario. Here is a loan application, Jack and Jill Borrower are both high school teachers in their 30s. The stated income is $185,000. >>> Are you saying somebody states their income for them? On a standard mortgage application you state your actual income. I don't know if there a special application for "stated income", but I'm sure it has the same line where the borrower state his/her/their actual income. As I understand with "stated income" you don't have to prove your income, but you still have to provide your actual income and sources of it. Am I wrong?