| The many flavors of mortgage loans
I have heard a lot about stated income loans lately, in connection with the turmoil in the subprime market. I also heard of no income loans. Are these the same thing? What is a stated income loan and who would want one of these loans if they are so risky?
Thanks!
Charissa
Dear Charissa,
The range of loan products available to consumers is shocking. It may help to look at types of loans as flavors of ice cream. The plain, standard staple of all ice cream shops is vanilla. In loan terms, vanilla would be a full documentation loan amortized over thirty years.
Full documentation loans are just that - every bit of information you declare on your loan application will be documented, especially if it has a number attached to it (think income and asset figures).
Opposition MNAs are wealthy too
ISLAMABAD: A large number of opposition members of the National Assembly (MNAs) do not lag behind their colleagues from the ruling coalition in terms of wealth, declared in their annual statements of assets submitted to the Election Commission of Pakistan.
A close look at the voluminous official gazette containing the original assets statements of the MNAs shows that there are a sizable number of opposition lawmakers who each own assets worth Rs 30m and more. Even among them stands out Mian Muhammad Aslam of the Muttahida Majlis-e-Amal (MMA) as the wealthiest MNA.
Makhdoom Amin Fahim has not given the value of most of his assets, which include more than 200 acres of inherited land.
He has cattle (Rs 700,000); a DHA Karachi house (Rs 4m), mortgaged with a bank; another house in DHA Karachi in his wifes name (no value given); yet another house in the same area that he holds on the basis of a power of attorney; another house again in the same area, jointly held by his son and wife (Rs 13m), which is mortgaged with a bank; a house also in DHA, Karachi, in his wifes name, mortgaged with a bank; a farmhouse in Islamabad, no value given; and an apartment in the UAE (DHMs 2.2m).
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