Quote:
Originally Posted by Couch
What is a "stated" loan?
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Stated Loans are basically a mortgage where the issuer (lender) does not take the steps to verify the borrower's level of income. That is to say, they only require the borrower to "state" their income, and take it as their word. So before all of the turmoil in the housing market, anyone could have gotten a mortgage (poor lending standards) which led to the huge meltdown.
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