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Mass Mortgage Fraud Is Coming Back?

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http://market-ticker.org/archives/1199-Mas...oming-Back.html

Mass Mortgage Fraud Is Coming Back?

So hope The Realtors!

No-doc loans are particularly hard to get, locking out people whose incomes are derived from investments or who are able to tax-shelter significant dollars.

The California Mortgage Bankers Association spokesman Dustin Hobbs says the industry understands that banning most alternative financing isn’t the long-term answer.

What a total load of bilge.

I bought my first piece of real estate while self-employed and didn't need to use a "no-doc" mortgage. Oh they were available, but there was no reason to use 'em - they were more expensive. In fact, I told the mortgage banker that I could see no reason for these products at the time unless I was intending to screw someone, probably the government.

I was asked for (and supplied) tax returns for the previous several years, along with P&Ls and balance sheets for my business activities. The loan was actually underwritten by a banker who asked for evidence that I wasn't full of it on what I was claiming, including requests for a couple of dated and original bank statements to back up my claims.

The mortgage was approved as my income supported the loan.

There is only one purpose behind no-doc loans: You are cheating someone.

You're either cheating on your taxes or you're intending to cheat the bank - that is, you don't really make what you say you make.

Period.

These products should be banned outright under penalty of law.

I wonder how many of these types of loans are in trouble?

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There is only one purpose behind no-doc loans: You are cheating someone.

Ultimately, you are cheating the taxpayer.

A very bad state of affairs indeed :angry:

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What is bizarre about this is the fact that in order to purchase an overpriced house, these people are willing to lie and bury their heads in the sand. All rational thinking but a distant memory.

Any body responsible for or encouraging this should go straight to jail, not pass go and not collect £200.

Nothing short of an awakening by the general public to this madness will stop this. We have to stop believing the man.

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