So that's comforting. According to mortgage data made available by the federal reserve bank of New York 4 out of 5 homeowners in my zip code state who secured their property with an Alt-A loan used stated income to qualify for their mortgage. Actually it's 83%. And 72% of the loans are ARM loans. That is a jaw-dropping statistic, is it not??? Luckily only about 3% are due to reset in the next 12 months. So we've got some time until the bottom drops out of my zip state.
This is the problem people. 80% of folks in my typical state, California, zip code bought their home with stated income. Max out the loan limits, offer modifications, expand FHA, make Fannie and Freddie buy more and leverage their capital. Guess what? It doesn't
Read...Related Headlines
- Unemployment Home Loans, Are They A Real Alternative To Loan Modificationsposted 115 weeks ago on Blown Mortgage
- Refinancing: What Should You Know Before Applying for Loan Modification?s Rich Cousinposted 113 weeks ago on Blown Mortgage
- Loan Modifications Short Guide To Success Part 2 ? The Guideposted 128 weeks ago on Blown Mortgage
- Despite Loan Modifications, Foreclosures Will Continue To Rise Through 2010posted 130 weeks ago on Blown Mortgage
- Loan Modifications And Balloon Payments What Is The Costposted 135 weeks ago on Blown Mortgage
- Loan Modifications Take Back Seat Due To Unemploymentposted 129 weeks ago on Blown Mortgage
- Loan Modifications: Three Mistakes That Will Cost Youposted 141 weeks ago on Blown Mortgage
- Loan Modifications, lies, scams and misinformationposted 143 weeks ago on Blown Mortgage
- Loan Modifications For Borrowers With Two Homes What Are The Optionsposted 134 weeks ago on Blown Mortgage
- Loan Modifications Update: The Spin and the Truthposted 113 weeks ago on Blown Mortgage