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Mortgage Lens
333 Posts |
 Posted - 03/27/2008 : 4:37:46 PM
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http://www.oregonlive.com/printer/printer.ssf?/base/business/120658650589950.xml&coll=7
From the article:
"A newly surfaced memo from banking giant JPMorgan Chase provides a rare glimpse into the mentality that fueled the mortgage crisis.
The memo's title says it all: "Zippy Cheats & Tricks."
It is a primer on how to get risky mortgage loans approved by Zippy, Chase's in-house automated loan underwriting system. The secret to approval? Inflate the borrowers' income or otherwise falsify their loan application. "
All I can say is that I have little doubt that this type of behavior was widespread.
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moneyluck
3775 Posts |
Posted - 03/27/2008 : 5:18:30 PM
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I once got one from another major lender that said:
Niche:
On stated income loans, the primary wage earner's score is used. YOU choose the primary wage earner.
WHAT??? I could tell our AE hadn't written it, so I sent it back to the AE and asked him if he had read it. He laughed and said yeah, so? |
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