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Thu Dec 13th 03:26 AM | Rating: 0 0
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WaMu Acts Tough, but Are There Heavier Losses Around the Corner?

The mortgage I took out 2 years ago to buy my home was stated income. And I did have something to hide- very little income over the previous two years. But I also had significant assets and high FICO scores. I never missed a payment. My income picture has improved and I recently refinanced for 15 years fixed at 5.625%- fully documented. Is it possible that many stated income loans were made to individuals in similar circumstances( very good credit history, documented assets, but low recent income)?
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