« Column Watch: Me on Greenspan's Halo | Main | Volcker: Rebuild Banks. Mundell: Cut Taxes. Stiglitz: Ick. »

Latest Stories

• Palm Pre, Plus Roger and Me
• You Say “Recession”, I Say “Recovery”, etc.
• Quote du Jour: Marc Rich
• South Korea Arrests Barry Ritholtz
• Afternoon Reading 01/08/09

October 24, 2008

From the Newspeak File: No Doc is Full Doc. Really.

John over at Bronte Capital found this gem of a Newspeak-ish disclosure in a filing from troubled mortgage insurer MGIC:

In accordance with industry practice, loans approved by Government Sponsored Enterprise and other automated underwriting systems under “doc waiver” programs that do not require verification of borrower income are classified by us as “full documentation."

Right. But of course they are.

Sphere It   |   Digg it   |   Bookmark it   |   Stumble it   |   Facebook it