Posted To: Pipeline Press
Underwriters’ hands are tied in using income from something the Federal Government considers illegal. For example, Washington State had nearly $212 million in marijuana sales in the second quarter of 2016, approaching the $249 million sold in alcoholic spirits. Some argue that someone in the weed business with an 800 FICO is a better credit risk than someone in any occupation with a 580 FICO score for a taxpayer-supported mortgage program like FHA. I love it when the press sneers at making money. One financial reporter wrote, " Steven Mnuchin , the frontrunner for Treasury secretary in the Trump administration, made millions turning around a lender that collapsed after the subprime mortgage frenzy..." What's bad, making millions? Turning around a company? Being involved, even remotely...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/2gFUF1l
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