I would love to know how many full doc loans had an IRS tax return form completed and requested to verify income. Any mortgage people here to provide info?
I believe there was sooo much money chasing these loans that the fraud involved in all levels of credit/classifications is enormous. There isn’t anyone I know from my hair dresser to my cleaning guy that didn’t buy a house in the last two years.
I predict the lending will get very tight next year and the real bloodletting will begin then. This is only a prelim.
