No-Doc Loans and the Phoenix Housing Crash
The recent credit crisis in America has tightened most lending standards. Gone are the days of “no-doc”, “stated income” or “liar loans” where no documentation was required. Looking back, it really is quite amazing that anyone with a pulse could walk into a bank and simply say they made big bucks get a mortgage with absolutely no income verification. A mortgage broker told me she routinely was told by people that they made 10-15 thousand per month. As we all know, there is only a slim portion of
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