Relevant:
- Reality Check on Raising Mortgage Caps
- The rush to buy: Dropping contingencies on offers, thinking equity went up in last month, and stated income loans.
- Wells Fargo Considering Eliminating Stated Income
- Countrywide eliminating Non-Conforming Fast & Easy stated-income loans today
- Bring Criminal Charges Against Chief Executives of Leading Originators And Securitizers of Stated-Income Mortgages
2010-07-29 — freerateupdate.com
"Not so long ago, during the height of the housing boom, roughly 40% of all new mortgages originated were stated income or low doc loans. Then came the financial crisis and the housing crash in 2007 during which time 39% of the sub prime mortgages, which included stated income and low doc loans, defaulted. With thousands and thousands of loans defaulting, lenders quickly discontinued their stated income mortgage programs indefinitely. That is until this year."
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