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Rand on the sub-prime crisis
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I learned in High School economics 101 house payments should equal no more than 25 percent of the income. In the 50’s when taxes were lower, the 25 percent was not defined; disposable or gross income.
Mortgage companies now classify some loans as Nodocs; that is, a loan where the borrower’s word is taken on his income without verification.
Even bankers got sucked into this.