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  • Turning a Costly Blind Eye to Mortgage Speculators [View article]
    Can a lender get the IRS to varify income claims from the loan applicant, otherwise, how does the Lender really varify income?
    How does the lender know that the applicant already owns, several homes? If he can't, is that not a big risk for the mortgage investor?
    The borrower needs to have a lot more skin in the game.
    If I were the mortgage investor, I would want the borrowers money in the game infront of mine. We have made this tooo easy for the borrower to game the system.
    If a borrower wants a loan for his 2nd house, then the equity in his 1st house, should also be on the line. Then, he would not risk losing his actual home, on a spec home.
    Feb 19 12:18 pm |Rating: 0 0
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