SimpleFi and other employer-based loan products join payday loans in the emergency and short-term lending markets, providing relief for employed borrowers needing quick low-doc
Just as mortgage lenders got into trouble with no-doc, low-doc
loans, there is a concern government student loan requirements aren't strict enough.
Many experts blame the securitization of low-doc
loans--the very instruments Paul helped pioneer--as one of the causes of the Great Recession, but Paul doesn't agree.
This includes the information memorandum and high-level data relating to the asset pools underpinning the securities, such as the share of prime domestic full-doc and low-doc
Since this is low-doc
financing with no credit pulled or reported, most LeverageLines are available for drawing within two weeks.
You take an alt-A loan or low-doc
or no-doc loan, and there is no documentation of the borrower's income--then you can't necessarily get full goals credit for any of the goals that are income-based.
Figure 4 shows a sharp increase in the share of low-doc
loans in post-2004 Alt-A originations.
loans were justified by the expectation that property appreciation would offset the risks.
The mortgage industry's acceptance of risk in the form of low-doc
no-doc and subprime housing loans, the securities industry's acceptance of the risk represented by the bundling of these loans into vast mortgage-backed debt obligations, along with their further acceptance of the risk represented by exotic, leveraged derivatives based on these same securities, has led to a meltdown of historic proportions.
Lending practices such as low-doc
and no-doc loans (where the borrower certifies their own capacity to pay) and asset-based lending enable loans to be provided with the creditor making few or no independent enquiries into the borrower's ability to repay.
A sampling of more specific forms includes alien employment certification, LOW-DOC
application, company profile, and Freedom of Information Act request.
If you need a little more--say, $20,000-$100,000--check into bank loans, credit lines from banks, the SBA Low-Doc
program, strategic partners and other sources.