[Taylor Caby]

I'm not sure if this is relevant, but I had an interesting recent experience with refinancing my mortage

At the end of September, I got a new loan (to get out of the ARM that for some reason I was put in). The interesting thing is that they gave me 6% fixed, no prepayment penalty, STATED INCOME loan. This is Countrywide of all people, who got themselves into a ton of trouble partially by doing things like this. Granted, my stated income is very high for the size of the loan I have, but I'm still in my early 20's and self employed so I should be a high risk and I doubt they should just take my word for it.

So I guess this is a little off topic, but it still seems like some of these mortgage companies are loaning out money a little bit too freely. I don't know exactly what, if any, implications this will have on the market.

tc