Newspaper article from our research archive:
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Assembly bill would tighten mortgage loan qualifications.
- Article from:
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Las Vegas Review-Journal (Las Vegas, NV)
- Article date:
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October 1, 2007
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Copyright informationCOPYRIGHT 2007 Las Vegas Review-Journal. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: John G. Edwards
Oct. 1--The end is near for so-called stated-income mortgage loans in Nevada because of a consumer protection law enacted earlier this year, some mortgage lenders say.
Assembly Bill 440, sponsored by Assemblyman Marcus Conklin, D-Las Vegas, contains a provision that makes stated-income loans -- mortgage loans made with little or no documentation of a borrower's income -- a crime, according to some legal interpretations.
Stated-income loans have been common in Nevada because of the number of business owners and workers who rely on tips and cannot provide documentation for much of their income.
When AB 440 becomes effective Monday, ...
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