Richard Riley wrote:
(sorry for not trimming the quote, Google doesn't seem to let me)

I called a couple of mortgage brokers in Las Vegas to ask them if it
made sense. I stipulated Wingies limits - 70% loan to value, no rural,
no construction loans, no rehab, etc. I also stipulated no
documentation of income and a 400 credit score. They said they could
do a 30 year fixed in the mid 7% range.

In the current environment, the only loan they'd demand 12% for would
be a second trust deed for someone in deep trouble - missed 1st
trustdeed payments, no job and no prospect for one, no cash on hand.
AND a terrific rate on the first trust deed that they don't want to
lose by refinancing the whole thing and getting cash out. The broker
would make his money on the points, the interest rate would pass
through to the investor.

Maybe there's a niche market for that kind of loan in Las Vegas - but
the people I talked to said they see that situation perhaps once a
year.

When posting from Google, click the "show options" then "reply"
buttons. If you use the instan "reply" you get what shows above, i.e.,
no quoted text and can't tell who you replied to.

Harry K