From Fox: Queens Housing Advocates at Front Line of Mortgage Crisis.
Consider one of her clients, a babysitter with a stated income of $10,000, who obtained two mortgages on two properties with a combined value over $1 million. The broker who approved the mortgages told the babysitter the purchases would pay for themselves if she used rent from one property to pay the mortgage on the other.
Foxy lady!
"Stated" income: $10K.
Controlled Property: $1M
Leverage: 100X
Entertainment? PRICELESS!
For everything else, there's credit!
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