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"Stated Income" Loans = Liar Loans?

Posted on July 27, 2006 by S-Crow

And Paul Moulo has this from National Mortgage News:

“According to a new report by the Mortgage Asset Research Institute, “stated-income loans” deserve their nickname of the “liar’s loan.” MARI says that almost 60% of the stated-income amounts are exaggerated by more than 50%.”

Is this for real? Does this suggest that nearly 60% of those borrowers who “stated” that their income was $8000/mo., really made $4000/mo.?

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