I would like to do a loan modification thru Aurora Loan Servicing, but I do not know if they go off of the gross income or the net income. I need help with this. I would like to get my modificaiton approved. I currently in a 30-year interest only program.

Please help

After 9/11, the economy was at stall speed at best.
So the Fed cut rates to stimulate spending. Which, given incomes that weren’t growing, meant it wanted to stimulate borrowing. The Fed didn’t know precisely WHERE the cheap, borrowed money would go, but AG certainly advocated the use of ARM-based home loans. So this was planned to a large degree, at the highest levels.

Most of the folks who signed on to this fraud, had essentially received explicit or implicit encouragement to do so. That doesn’t exonerate anyone of course.

But lets put the ultimate blame where it belongs, at the hands of the Soviet monetary planners that override the functioning of the most important market in our economy. The Fed created the boom, just as they more recently created the oil and foodstuffs pricing ‘booms.’ They will point OVER THERE and say oh my, “look at that inflation.” That’s awful, and we now be vigilantly keeping that under close watch .. maybe even do something about it! But it was the Fed (and their overseas pals) that CREATED these problems in the first place. Just like the housing boom .. & bust.

Lets get to the ROOT of the problem. Indeed, the Fed is the root of many other major economic problems this country faces today, as they ENABLE our Federal government to borrow recklessly, affording Congress the ability to spend like drunken sailors.

If this country is to recover, we need to get to the ultimate root of its problems. Not trying here to dismiss ANY of the concerns noted above, but to take the scrutiny to its logical limits.

pdl

Now the light is turned on for what it really is and they all act indignant, how could these scum bags have done this? I was doing loans, with holes in my shoes back before the stated loan was invented. Think of that, before stated loans came into being?

Well, let me tell you that if you sat down and invented a loan product and called it stated you could figure out the entire problem.

Everybody just needs a big bag of “shut the hell up” and take their medicine!

Your country will be saved by those stupid and dumb Russianss, Chineese, Japaneese, Libaneese, and ah yes those stupid Canadians anamoured with pieces of corporate american garbage.

So AIG needs much much more money ? Good! Who else ?
Go and get the stupid jerks from Libya and Singapore. Nothing better than a stupid sucker from Saudi Arabia or Kazahkstan. The choice of foreign suckers is infinite.

The story says that on limited documentation loans “income was inaccurate to the high-side in 90% of the cases studied.”

Borrowers generally paid a premium price for limited documentation loans instead of full doc.

If a borrower could document income, why would they pay a premium for limited doc?

The obvious question is: Why did 10% of the borrowers pay a premium for limited documentation when they could have had a cheaper loan by simply providing pay stubs, W-2s, or tax returns?

Why would anyone be surprised that income was overstated on these loans? It seems that the people writing the guidelines were simply saying that for a pricing premium they would allow the borrower to overstate the income. In fact, that’s exactly how the loans were presented by AEs to brokers. The big lie is that the people writing the loan guidelines, buying the loans, and insuring the loans didn’t know what was going on.