BEER

[Greta Grabo]

the mortgage business and the stock market are really tied together. When the sub-prime markets heated up and started offering different types of loans such as stated income - no income verification or no doc loans. If the borrower has decent or semi-decent credit but did not make enough money they could fit in these catagories. These programs are good for people who for one reason or another is getting the loan themself and the spouse works but is not on the loan.If the broker didn't care they would put people in these types of loans and the borrowers could not pay the mortgage. High foreclosure rates and fraud abounds in lower income areas. Sub-prime markets have and will continue to take big hits. I know that I have turned down people for loans if I didn't think they could pay, I am sure they went somewhere else and got a loan.