The Beatles released their 11th studio album in the fall of 1969, and the 15th cut on that album, lasting a mere one minute and 37 seconds, began with the words, “You never give me your money. You only give me your funny paper.” I had to think of those words when I received a flyer in the mail from a Long Island mortgage company that trumpeted in drop-shadow type, “No Income is Back … No Kidding!!” (punctuation in the original), and gave three “Reasons To Go Stated Income”

1. NO tax returns

2. NO paystubs

3. NO income check

If Liar Loans are indeed back, I’m worried. No kidding.

One flyer does not make a trend, I’ll admit. Economists need more than one anecdote to see a story. There is still a lot of evidence, especially in the world of commercial property, that the hard-learned lessons of leverage discipline taught by the Global Financial Crisis are still being taken to heart. Regulators employing Dodd-Frank and Basel III standar