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Escalating mortgage crisis expected to further depress house

 
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Joined: 14 Jul 2007
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Location: Greater Boston

PostPosted: Sat Aug 18, 2007 10:05 pm GMT    Post subject: Escalating mortgage crisis expected to further depress house Reply with quote

Use this forum thread to discuss the following link.

Description: Escalating mortgage crisis expected to further depress house sales and prices in Massachusetts this fall
URL: http://www.boston.com/business/globe/articles/2007/08/18/mortgage_crisis_may_hur ...truncated...
Info/Broken?: http://www.bostonbubble.com/link_info.php?id=1085

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PostPosted: Mon Aug 20, 2007 5:14 pm GMT    Post subject: Reply with quote

Props to Bubble Meter for pointing out this quote from the article:

Quote:

One of French's clients, who earns about $700,000 a year and has a high credit score, was recently unable to get a stated-income mortgage. These loans became popular during the housing boom because it does not require borrowers to provide a copy of their W-2 tax form to the lender.

Stated-income loans, French said, are "just disappearing."


Why on earth does someone with a $700K income need a mortgage period? And if your income really is an order of magnitude above the norm, wouldn't it just be common sense that any lender is going to want you to show some proof? Seriously, what's the big deal about photocopying your tax returns for the last few years? Maybe this is just a twist on the "big lie" strategy - when you lie, make sure that the lie is so over the top that nobody will think to question you.

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