Posted by cork horner on September 17, 2009 at 09:33:59:
Perhaps, this is not rocket science, after all.
Something is ‘wrong’ with credible accounting standards?
cork horner
san diego
Was told by a banker - Posted by kertis
Posted by kertis on September 08, 2009 at 23:13:24:
was told by a banker That alot of banks are doing away with stated income stated asset loans…Anyone else being told this??
even with 20 to 30% down…they still look at your previous years earning…etc…
Re: Was told by a banker - Posted by D.McGehee.sf
Posted by D.McGehee.sf on September 09, 2009 at 23:44:55:
Yes, it is true. Banks are actually underwriting income and trying to break years of bad habits (aka terrible lending standards).
Banks are realizing that stated income often led to people inflating their incomes.
There are still a few stated income lenders but they are pricing deals w/ huge risk premiums.