The pendulum is swinging wildly in our market. We as Realtors and Mortgage folks are constant having to adjust to a barrage of new Government regulations and guide lines. The fact of the matter is it was the fault of those were were supposed to regulate that were snoozing at the wheel that caused this problem. Now they have had a pot of caffeinated coffee and are hyper.

One of the victims of this hyper activity is the Stated income Loan. This loan has lovingly been referred to by some as the "liars" loan. But here are the facts. NOBODY that got a W-2 should have been allowed to do a stated income loan.The stated income loan was meant for folks with good credit scores, a history of paying on time, who were in business for themselves. Many of these folks today are finding it hard to re-mortgage and keep up with their payments even though they want to.

I am the first to say that the greed cancer needs to be removed. But right now Congress is doing it with a meat ax and not a scapel. I hope the folks at NAR are working over time to assist our representatives in understanding that abuse in loans is not the same as a bad product. The stated income loan is just one casualty of the meat ax approach to the housing mess.