3 ms·
incorrect..sir.. When the regulatory bodies allow a no-doc loan for a house to be entered into by the consumer they are in-fact complicit in fraud.. Uniform Co
by shareme 15y ago
incorrect..sir..
When the regulatory bodies allow a no-doc loan for a house to be entered into by the consumer they are in-fact complicit in fraud.. Uniform Commercial Code already implies that such a loan as a contract is extremely leaning towards fraud.
The biggest entities involved Bank lobbyists encouraging others to look the other way rather than enforce laws and rules laready on the books
- mdda 15y agoThis makes no sense. A no-doc loan is precisely that. If an applicant chooses to lie, the government is not responsible. If your claim is that the applicants are being encouraged to commit fraud (by their local mortgage broker), then the government should start with regulating mortgage brokers. That's where the rot started. While it's natural for politicians to point fingers at their opponents, or the Wall Street bogeymen, the reality is that neither party caused the massive run-up in housing prices, and nor did Goldman Sachs.