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NBC's primetime magazine Dateline is airing a documentary on subprime mortgage lending Sunday called Inside the Financial Fiasco. Chris Hansen filed a preview on People's Choice Home Loan, a Los Angeles lender run by James LaLiberte, that specialized in Stated Income Loans, so-called because borrowers merely had to state their income, rather than prove it. Hansen showed us records of a massage therapist's stated monthly income of $15,000, a carpenter stating $12,700 a month and a house cleaner stating $11,500. Dolores Parker Jackson, a day care provider, stated an annual income of $180,000 and ended up with $1.3m in loans, from People's Choice and "from a company owned at the time by NBC's parent General Electric." At the time Parker Jackson's tax returns to the IRS "reported negative income."
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