Won't mention the lending institution , but I know of a Delta mechanic and his wife that have a gross income of 125 K and got a no money down interest only loan for a 700 K house on Lake Spivey . They are struggling to make just the interest payment alone . They cannot even afford to run the A/C . Stupid stupid stupid . Them AND the dingbat that wrote the loan . THAT'S what's wrong with Fannie and Freddie .
