Are 'Liars' Loans' Bad for America?
Comptroller of the Currency Barbara Grunkemeyer (pictured) has been in the forefront of the fight against so-called "liars' loans"--that is, loans that don't require documentation of income.
The biggest victims of liars' loans are the lying borrowers who overstate their incomes, buy houses they can't afford, and go bust. Here are three pieces on the topic:
A report last year by Grunkemeyer's office on the problem of predatory lending;
A first-person story (can't verify its accuracy) by a woman who bought a house with a liars' loan and got into deep financial trouble;
A column by ace blogger David Porter of Pacesetter Mortgage, who says liars' loans ought to be banned.
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