I was reading an article on stated loans.   The article was pretty typical regarding these loans about the history og the loan, and how lenders intended these loans to be used for professionals with unpredicatable income.  However, stated income loans or liar loans became an industry standard.  

Anyway, the survey asked how big a role have liar's loans played in O.C.'s housing market?

- Huge.  Every landscape worker claimed 100k in income.

- Not so much.  Most local folks are pretty honest.

- Don't know.  Only time and the foreclosure rates will tell

Not one preson clicked on "not so much"

 
Posted by Chadd Ciccarelli on 04/25/2008 04:26 PM   Comments (2)   , , , ,  
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2 Comments on Stated Income Loans

Chadd,

Very funny (liar loans) and yet not......the Lenders ate them up......too competitive themselves......

04/25/2008 07:22 PM by Dan Brudnok - Realtor, e-PRO, ABR, CSP - Chester County RE Professional (Keller Williams - Exton - PA License Number #RS225179L )

We only sold loans that WALL STREET gave us, and I ever did one stated loan ever and the one person that I know preaching it's head off, every other loan it did was stated.  I hated them, they were not easy and they took too much time. 

04/26/2008 02:44 PM by Dave Woodson (Indigo Financial Group Inc.)

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Real Estate Media: Chadd Ciccarelli (The Orange County Register)
Chadd Ciccarelli
Los Angeles, CA
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