Quote:
Originally Posted by Bladewire
Investopedia
Investopedia is your source of FACT?
Investopedia?
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What do you have? ABC told me blah blah blah? Borrowers that can't afford to pay? I use to co-own a mortgage brokerage so I do know a few things about that. If someone was getting a "no doc or stated income" loan it means they had a really high credit score otherwise they wouldn't even be offered it. And even then the term "no doc or stated income" is silly. These would generally be self-employed people who had to provide more documents than a W-2'ed person such as bank statements for 2-3 years, income tax returns etc, etc. Truth be told they were always the better borrower because they had flexibility in their income over a fixed income.