10
Jul
No-Document Home Loans to Make A Comeback?
San Diego real estate
Chris George, president of CMG Mortgage, predicts that no-docs and other nontraditional loans will be back within the next six months as lenders gain confidence. “As with injuries, as with your credit, as with the economy, time heals all wounds,†he says.
The no-doc loan, or stated income loan, is one of the main reasons for our San Diego real estate bust. It’s incomprehensible that there is even talk of its return. I suppose it will be ‘re-packaged’ into a more PC acceptable connotation. Perhaps, they should call it the California recovery assistance program … CRAP for short.