the scrutiny they put us thru...all our tax returns, casino winnings, even my electric and gas bill, even had to write a letter stating why I only work "part time" and even had them check my employment status even though we had w2's and several paycheck statements....
if I knew that the house market was going down I might have been tempted to go tell them to pound sand and find other suckers to drill...
Did the same a couple of years ago. It was beyond ridiculous especially when they are looking at your credit record and it shows excellent across the board, they come back and ask for stupid stuff. A couple months before, I transferred some money from my brokerage account at one financial institution to my everyday checking account at another to help pay for our vacation expenses. It was only $1,000, but they wanted a full explanation about where that money came from in the first place? Was it a bonus, salary, savings, etc? I was like WTF and almost said the hell with it if not for the fact it brought down our note to a twelve years from the sixteen years we had remaining. Hopefully we will be in that house for another twelve years and it continues to appreciate in value (Thank you Texas economy), so the next time we move we can pay the whole enchilada off in cash and be done! Screw the mortgage regulators!
I don't understand what's going on but something is cherry. A while back I bought a new boat. It was only $15K. I had $5K CASH on the table. Credit score almost at 800. Four of the country's biggest lenders declined! The salesman called the Credit Union across the street and told them what just happened. They said to send me over there and they jumped on it like white on rice.
What really sucked is that each decline knocked the heck out of my credit score. That's a bunch of bullcorn.