David Cook's Blog - Archives November, 2008

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Home : Blogs : David Cook : David Cook's Blog : Archives November, 2008

HOW TO FIX PART OF THE MORTGAGE MESS & FORECLOSURES - 11/19/08 05:16 PM

For the previous 15 years I originated $750 million in construction & mortgage loans. At least 25% of my borrowers needed to go low doc, no doc, NINA, stated income, no income, etc. Now the goverment has told all banks they cannot make a mortgage loan without proving the borrowers income. Even my banker buddies agree, as they understand it, a potential buyer/homeowner could have a financial statement worth millions, but if they can't prove their income, no mortgage loan!
What does all this mean? It means we've taken thousands of potential buyers/homeowners and made them renters!
Yeah, it always bugged me making loans to individuals who said "my tax … (0 comments)

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David Cook

Rockwall, TX

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Texas Express Realty

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