Yes, let’s bring back the no-doc loans...after all, how else do you expect the illegals to start flipping houses again?!!
I want a $300,000. no pay back loan
If you are really that sort of person, you should be able to borrow broker call money, or get a loan based on your D&B.
Lol! That is two parts of pure BS! In what way are people whose incomes are derived from investments unable to document their income? They have to pay taxes on that income and thus their tax returns serve as documentation. As to people who can't document their income because they have "tax sheletered" it -- well, that's what happens when you conduct all your "banking" in the Cayman Islands. Boo-hoo.
Just in time for Shamnesty II.
No doc loans were intended for illegal aliens who could not provide the proper identification and documentation required for conventional loans.
Eventually it will come out (after amnesty is granted) that the insatiable demands for housing 20-40 million recently-arrived illegal aliens is what gave rise to, and in the short term financed, the mortgage games and schemes like CDOs and phony bonds that set oof the crash we are now in.
But not untill we get those 20-40 million new Democrat voters and cheap labor for the Chamber of Commerce.
Loans are hard to get period, right now.
Listening to the local talk radio host this afternoon (he is a conservative, though leaning more towards libertarian). He spoke with a gentleman who is a loan officer at a local (Little Rock) bank. This person did not give their full name, nor the bank he works for, but indicated that over 97% of loan applications are being turned down across the board at his bank. Long-term customers are being turned down. He said he has had to tell people that loans were declined even though they had been account holders 30 years or more. And he said people with credit scores of over 780 are being turned down.
He said customers are getting very mad, and he can’t give them a “reason” for the rejected loans. Their papers are in order, their employment, income, and resources check out, and their credit scores are fine - and he gets an answer back of denial and the customer asks about the bailout money they got... He said he wishes he could answer. He said that he has been told to tell customers that there was a technicality or something else - essentially make up a reason and move on.
I wouldn’t work for such a bank. But still, from other callers Dave had on his program, it sounds like many local banks, though advertising that they are writing loans, are not really doing much of that.
So I can’t help but wonder... what the heck???? When I read a bit like the start of this thread. It is the high-risk “No Doc” loans that made up a large part of the snowball that got the banks in trouble in the first place. And guess who those loans cater too....
The no-doc loan also helps the self-employed who may have a high cash flow, but may show high non-liquid losses (depreciation). Farmers would fall into this category.