The BIG CHILL HITS THE CAROLINAS

[Jaime Kosofsky]

The new North Carolina law, which goes into effect January 1st, essentially ends stated-income loan applications for state-regulated loans, applications where borrowers estimate their income and lenders usually don't check. Since stated-income loan applications represent additional risk, lenders get a higher interest rate when such applications are used -- even from borrowers with jobs, W-2 forms, payroll stubs and tax returns who can readily document their income.

y'all bring cash! ya hear!

Coming soon to your state--- We have an incredibly strong bank lobby-- If it happens in the home State of Wachovia and Bank of America it can happen anywhere

See the whole article on Realty Times