I wrote about buybacks yesterday, basically saying that the problem is on the rise. I received some comments about my buyback information yesterday. An underwriter wrote and said, "It is ridiculous out here. Recently we were asked to buy back an 11-year old loan! The borrower was not making his payments, and the agency found some ancient flaw in the documentation to 'hang their hat on'. And now they are shoving stated income loans back at us, after forensically documenting the income - with the flaw being that in the past, stated income loans were not supposed to have their income documented! How do we trust the guidelines that we're using now if they're going to be second guessed years down the road?

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