The guy that stares back at you when you shave every morning.
Insane. So a loan issued on perhaps 200% [exaggeration!] of the homeowner’s lied-about income must now be reduced to 31% of his actual income? And who makes up the difference?
When one of my kids worked as an ED for a Habitat affiliate, she discovered that most of the “homeowners” had 100% government income (a no-no in the Habitat guidelines). Interestingly enough, these people were frequently in default, even though the mortgage payment was low and, obviously, their government income was quite regular.
She insisted that people have actual income to get homes and this improved the repayment stats considerably.
The guy that stares back at you when you shave every morning.