Regarding the "low-documentation" loans in "From the Mailbag: A Potpourri of Tidbits, Trivia and Factoids" by David W. Myers (Jan. 6), I would like to point out the following:
I was forced to pursue a low-documentation loan. This was my only alternative. As a first-time buyer, I had no previous loan/credit history, I had a short escrow and had to qualify quickly. I am self-employed and cannot show a "steady" income.
According to your article, these loans "are popular with borrowers who can't get a conventional mortgage because they've lied about their income on tax returns."
I resent your assumption that all people who use these loans are fraudulent. There are countless reasons people use this type of loan and their reasons are valid and honest.