Interesting … a former subprime mortgage exec with Quick Loan Funding states plainly that he sold Wall Street on “sub-500” loans.
That’s not the story one usually hears from the industry … the “party line” is that Wall Street set all the underwriting standards and that the mortgage industry was a powerless victim.
Now they’re interviewing a guy who bought a $584K townhome in San Clemente on a $900/wk job using a stated-income loan. Incidentally it’s a few miles down the road from the far more proletarian duplex I rent.
