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Low Doc Loans








Insurance salesman touting 'low-doc' commercial loans





You know, give or take $60 or $70 possibly, like in terms of the actual, yeah, accurate income. STEPHEN LONG: So you were a sole parent, three kids, $24,000 a year and you were told you could buy a home? MICHELLE MATHESON: That's correct, yeah. STEPHEN LONG: The loan application, which she only received recently, said Michelle was a self-employed professional and had grossly overstated her income. MICHELLE MATHESON: My income has been stated, not obviously by myself, but either by the broker or somebody at the bank - has been stated to be $75,000 per year. The previous year's income was $70,000. <br>For the original version including any supplementary images or video, visit http://www.abc.net.au/news/2012-08-14/australia-faces-its-sub-prime-mortgage-scandal/4196210





Search by borrower can still turn up a 'low doc' mortgage





Otherwise, accounts of the meeting diverge. "The only significant thing which occurred at that meeting," says Brailey, "was Warren Day admitting to me, in the presence of Robert Allen: "Yes Denise, there is no doubt the banks are the engineers". That is, the banks had ultimately engineered the blow-out in low-doc loans, and were to blame for the slew of defaults, rather than the mortgage brokers. Warren Day denies this. "I didn't use those words," he told BusinessDay last week, reiterating the commission's position that the Brailey emails were merely "marketing by the banks" and did not constitute evidence of banks exploiting the brokers as their agents, or of fraud. "ASIC has not received any documents from her in the form of LAFs (Loan Application Forms) which show any evidence of fraud," he told Business Day. Brailey accuses ASIC of being cute on this point - of deliberately concocting excuses for its failure to investigate. <br>For the original version including any supplementary images or video, visit http://www.smh.com.au/business/missing-pieces-in-a-lowdoc-lending-trail-that-shattered-lives-20130602-2njyk.html









So he and a lawyer friend of his are eyeing two lots across from the hospital." They need $200,000 for the lots and $200,000 to construct a building, Bailey said. Then the doctor will set offices on one side and the lawyer will set up offices on the other. "This is an example of the kind of loan we can do. If they can show a decent credit rating, a decent loan-to-value ratio, we can get them a construction loan." Bailey said he is authorized to do loans from $100,000 to $2 million. "They have to be commercial. We don't do residential." ______ Zuckerman Group to build offices near airport The Zuckerman Group is teaming with JEG Properties to build a 23,000-square-foot office building near the Sarasota-Bradenton International Airport. The building, which will be on the south side of University Parkway, will have Mediterranean-style design and should be finished by this time next year. The condo units will range in size from 1,000 to 11,500 square feet and will be available for lease or sale. Marc Greene of JEG Properties said the sales price will be $325 per square foot and the lease rate will be $21 per square foot, taxes, insurance and utilities not included. Despite rising interest rates, Greene said it still makes sense to buy. "I just helped a chiropractor, who has been renting for the last six years and paying $3,000 a month, to buy a $400,000 unit in another building," Greene said. <br>For the original version including any supplementary images or video, visit http://www.heraldtribune.com/article/20060911/COLUMNIST58/609110585





Missing pieces in a low-doc lending trail that shattered lives





The assumption behind the low doc loan was that someone with a big down payment was a good enough financial bet for the lender that he could be spared the kind of rigorous documentation usually required. On a more or less good faith basis, he would be allowed to take a mortgage with a minimum of proof that his income and assets were what he claimed. Regrettably, more than a few people took advantage of low doc mortgages and an even less demanding category called "no doc" loans, according to mortgage experts. They claimed income or assets that they didn't really have and, ultimately, many such loans wound up in default or foreclosure, mortgage experts say. "Because of the abuses we saw occurring industrywide in low doc loans, check this out we started pulling back from these loans early last year," says Robert Engelstad, senior vice president for mortgage standards at the Federal National Mortgage Association. On Jan. 7, Fannie Mae -- which buys billions' worth of mortgages each year from lenders who originate them -- announced it would cease buying no doc loans altogether. Last year, a similar decision was announced by the Federal Home Loan Mortgage Corp., known as Freddie Mac, another big player in what is called the secondary mortgage market. <br>For the original version including any supplementary images or video, visit http://articles.baltimoresun.com/1991-01-13/business/1991013148_1_doc-loan-mortgage-documentation-low-doc



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