ING Suspends Stated Income Loans

ING suspended all stated income loans effective today. Hat tip reader Dan for the news. Interesting to note that the bank claims that performance of the loan isn't the issue; rather the perception of a problem by the investors of the product. With no transparency and the inability of investors to figure out which way is up right now it's no wonder their backing away - even from product that may have inherent benefits. It will take a long time for investor confidence to return after the binge of fraud and lack of underwriting standards. I believe we'll continue to see more of this from big lenders. ?Stated Income? Suspended We are suspending our Stated Income program effective for loans received today (03-12-08) after 10:00 am ET (7:00 am PT). Income must be verified on all loans re