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Bankruptcy Judge Denies Lenders Right to Collect on Stated Income Debt

A Northern California bankruptcy judge recently ruled that a lender could not collect on a stated income mortgage loan even though the borrowers lied in their application.  Please click on the following link for additional information: http://www.bankrate.com/brm/story_content.asp?story_uid=25550&prodtype=mtg 
Published Wednesday, June 04, 2008 11:46 AM by Larry Young

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Toronto real estate agent said:

This fish really stinks. I mean, what is the meaning and function of a court if not to punish criminals. There has to be something wrong, when somebody can get away with fraud. If a quarter million isn't enough, how much is? And my other question would be: Where can I get one of those?

In my course as a <a href="http://www.ellidavis.com/index.php">Toronto real estate agent</a> I came across sveral strange stories, but this is really one that makes my top 3. Well, thank you bankrupcty court for this interesting insight.

June 8, 2008 7:00 AM

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