Countrywide eliminating Non-Conforming Fast & Easy stated-income loans today

Breaking news today from Countrywide. Effective today Countrywide wholesale will no longer offer the Non-Conforming Fast & Easy document waiver program. Fast & Easy is Countrywide's version of stated income. Non-conforming loan amounts will no longer be eligible for stated income regardless of credit score. This is a huge guideline change for the company that prided itself on offering jumbo loans with no income documentation in the past. The elimination of stated income loans from Countrywide should further depress home prices in expensive states where income and home prices just don't line up. From an internal email regarding the change: Effective 8:00 pm (PT), Friday June 13, 2008, the Non-Conforming Fast & Easy document waiver program will no longer be availab