Send a Tweet
Most Popular Choices
Poll Analyses
Share on Facebook 5 Share on Twitter Printer Friendly Page More Sharing
OpEdNews Op Eds    H4'ed 5/7/09

How Bankers Seized America through Liars' Loans and Accounting Fraud

By       (Page 1 of 1 pages) (View How Many People Read This)   1 comment

When I refinanced my home through Ameriquest, the loan officer said something that seemed quite strange to me. He asked me if I wanted to qualify for the loan using "stated income." He explained that this would simply require me to state my income without the need for verification.

I thought that this method of loan qualification was crazy because anyone could lie and get a loan. I didn't lie, and gave him the correct information because it was simple, and I just couldn't resist because I was curious to see how this worked. It went through. I just stated my income, and got the loan.

I have never ceased wondering how many people lied to get a loan that they simply could not afford. This video explains how and why the bankers used this outrageous loan qualification process.

 

Rate It | View Ratings

Barbara Peterson Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Barbara H. Peterson is retired from the California Department of Corrections, where she worked as a Correctional Officer at Folsom Prison. She was one of the first females to work at the facility in this classification. After retirement, she went to (more...)
 
Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
Name
Email
   (Opens new browser window)
 

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

A Call to Boycott Monsanto - Seminis Seeds

Monsanto's Global Pollution Legacy

America's Silent Killing Fields - 2009 Update

GMO and Morgellon's Disease

HCR 6 - New Hampshire Affirms States Rights

Death by Multiple Poisoning, Glyphosate and Roundup

To View Comments or Join the Conversation: