Income Below $20K? No Downpayment? No Problem, Here’s $600,000

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I promise, I don’t make these things up. This is part of an Associated Press story about subprime loans gone bad:

‘Her 29-year-old daughter, a graduate student with an annual income of less than $20,000, qualified for a mortgage of $600,000 with no money down, split into two different loans at 8.75 percent and 12.5 percent interest rates ... she hasn’t made a mortgage payment in more than three months, and she’s receiving letters threatening foreclosure.

This particular house was in New Jersey.