And from the latest soon to fail government "program" on loan modification...
"They must also fully document income and prove occupancy..."
In my more than 28 years in the mortgage business I don't believe that
I have seen more than a couple of dozen self employed 1040's that would
qualify the client for anything more than food stamps! The tax code is
about to bite these people in the ass... If you want a real estate loan
you must not take legitimate business deductions... thereby paying far
higher income tax... but we aren't raising your taxes!! If we keep or somewhat
lower the tax rates... severely limit or reduce deductions, resulting
in a higher tax bill, have we raised your taxes??!!
If, as the president states there are millions of small business owners...
most of whom files as "Sole Proprietor's... or S-Chapter Corporations (in
effect self employed)... then he has determined that these millions of
Americans are not worthy of any assistance...