And Paul Moulo has this from National Mortgage News:
"According to a new report by the Mortgage Asset Research Institute, "stated-income loans" deserve their nickname of the "liar's loan." MARI says that almost 60% of the stated-income amounts are exaggerated by more than 50%."
Is this for real? Does this suggest that nearly 60% of those borrowers who "stated" that their income was $8000/mo., really made $4000/mo.?