Quote:
Originally Posted by HotHotHeat
Does this really hold any weight? I've bought and sold three homes in the past 2 years, the bank seems to love using 'gift letters' to get around creative down payment financing.
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Banks that allow this should have people lose their jobs and whatever certifications that allow them to issue mortgages. If it's a corporately condoned practice, executives should be charged for it.
These rules are important to protect people from losing their houses, and also keeping artificial inflation of prices for everyone due to loose credit, and it seems so slimy how banks will do anything to get you to sign a massive loan you will be paying back the rest of your working life.