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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Tradelite who wrote (84683)	8/11/2007 1:18:46 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 306849

>>Wonder if anyone ever checked to make sure the most recent crop of foreclosure-prone buyers even had any reserve funds in the bank when they got their loans?<< I'm sure in many (most?) cases they did not, underwriting was either absent or woefully insufficient on all but prime loans over the last 2 years. Combine that with rampant outright fraud (ie, estimates are that 50% or lenders using stated income loans in the Inland Empire in Clownifornia overstated their income by 50% or more over that period) and you've got a foreclosure tsunami heading our way.