“Why Fannie and Freddie are fidgety” (News & Insights, July 30) talks about “low-documentation loans.” It would be interesting to know how many “fake-documentation loans” have been made.<\/p>\n About three years ago we subpoenaed the mortgage application that a plaintiff in a bogus lawsuit had submitted to a national lender. Attached to her application were copies of W-2 forms stolen from two different people whose annual earnings were much higher than the plaintiff’s. The plaintiff had simply pasted her own name onto the copies. She did not even bother changing the Social Security numbers on the W-2 forms.<\/p>\n Thus, the lender received an application with two W-2 forms, which, between them, contained three different Social Security numbers. They still approved the loan!<\/p>\n David L. Hagan Just ran across this in letters to the editor section of the Aug 13 issue of BusinessWeek. Wanted to pass it along. ___ Approving A Loan The Careless Way “Why Fannie and Freddie are fidgety” (News & Insights, July 30) talks about “low-documentation loans.” It would be interesting to know how many “fake-documentation loans” have […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,10],"tags":[],"class_list":{"0":"post-1960","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-real-estate","7":"category-realty-reality","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1619,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1619\/hard-money-it-aint-stupid-money\/","url_meta":{"origin":1960,"position":0},"title":"HARD MONEY: It Ain’t STUPID Money","author":"Brian Brady","date":"July 2, 2007","format":false,"excerpt":"Hard money is not stupid money. Pragmatic underwriting guidelines are followed so as to insure the principle that the private mortgage really is a temporary loan, designed to solve rather than to perpetuate the underlying problem. I attempted to define this niche in one of my first posts on Bloodhound\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16638,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16638\/va-interest-rate-reduction-loans-irrl-and-forebearances\/","url_meta":{"origin":1960,"position":1},"title":"VA Interest Rate Reduction Loans (IRRL) and Forbearances","author":"Brian Brady","date":"August 21, 2020","format":false,"excerpt":"A VA Interest Rate Reduction Loan (IRRL) is a streamlined refinance mortgage which allows veterans to lower their interest rate and payment without an appraisal, income qualification, or assets documentation.\u00a0 It is a simple process which, over the years, has been subject to lender overlays but still offers veterans a\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16310,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16310\/if-the-condominum-is-not-va-approved-how-do-i-get-a-va-home-loan-offer-accepted\/","url_meta":{"origin":1960,"position":2},"title":"If the condominum is not VA-approved, how do I get a VA home loan offer accepted?","author":"Brian Brady","date":"April 4, 2013","format":false,"excerpt":"Many veterans in California purchase properties which are classified as condominiums.\u00a0 Some are large complexes, with professional HOA management, some are small complexes (under 6 units) with no monthly HOA fee and an informal cost-sharing agreement, and some are townhomes.\u00a0 All share on thing in common--they are listed on the\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9444,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9444\/should-realtors-interview-lenders\/","url_meta":{"origin":1960,"position":3},"title":"Should Realtors “Interview” Lenders?","author":"Tom Vanderwell","date":"August 4, 2009","format":false,"excerpt":"I got what I thought was a very interesting and thoughtful e-mail last week from Jessica Horton, a Realtor down in Georgia, who I\u2019ve gotten to know.\u00a0\u00a0 She and I have chatted a bit both online and over the phone about the markets, the dynamics of today\u2019s lending rules and\u2026","rel":"","context":"In "Dirty Laundry"","block_context":{"text":"Dirty Laundry","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/dirty-laundry\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1123,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1123\/whats-the-rate\/","url_meta":{"origin":1960,"position":4},"title":"What’s The Rate?","author":"Brian Brady","date":"March 7, 2007","format":false,"excerpt":"There are so many ways we were taught in mortgage sales training to answer that question: 1) Well...that depends on your...credit...income...equity...purpose for the loan , etc. 2) What rate are you trying to get? 3) It would be unprofessional of me to diagnose your problem...blah...blah...blah I realize that when a\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2272,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2272\/countrywide-bankruptcy-likely-not-while-the-feds-are-bailing-them-out\/","url_meta":{"origin":1960,"position":5},"title":"Countrywide Bankruptcy Likely? Not While the Feds Are Bailing Them Out","author":"Brian Brady","date":"November 27, 2007","format":false,"excerpt":"I'm a Countrywide watcher. It's size and reach in mortgage loan origination is worthy of any mortgage originator's respect and admiration. I had a lot of confidence in Countrywide as it marched to becoming America's largest originator of home loans. I liked 'em so much that I had a piece\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/1960","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=1960"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/1960\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=1960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=1960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=1960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nPismo Beach, Calif.<\/em><\/font><\/p>\n","protected":false},"excerpt":{"rendered":"