Bank of America says ?No more garbage loans!?

Bank of America just sent out an announcement to all of their brokers stating that Friday will be the last day of any stated income loans or no income loans.  This officially marks the beginning of the end of the stated income loan days - if BofA is making the change the rest can't be far behind. From Bank of America: Expanded Criteria and Conforming Adjustment Changes August 23, 2007 Bank of America continues to evaluate market conditions to determine necessary changes and improvements to help our products fit an ever-changing environment. As a result, we will be making the following changes: Expanded Criteria Products All Expanded Criteria products will be suspended until further notice.  Expanded Criteria products include, but are not limited to, Stated Income/Stated Asset, St