Posted by Mark Washburn on Tuesday, August 30, 2005 at 12:10 PM By Mark Washburn / August 30, 2005 Comment
Asset rental service.....unbelievable Can you actually qualify for a mortgage that requires money in the bank if you don't really have any money in the bank? Well, if you utilize the services of an asset rental service you can. Morgan Sheridan, located in Mesquite, Nevada, will rent assets for an upfront fee of 5 percent. The rented funds will appear in an account with your name during the approval process. If you need to "rent" the account for longer than a month, it will cost you three-quarters of 1 percent of the asset amount, payable in advance each succeeding month. Hard to see how this service is anything but outright fraud, hopefully the strong arm of the mortgage industry will put an end to this type of activity. Funny money for the housing boom [Herald-Tribune]
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