 Between October 2005 and May 2006, Serin purchased eight single-family homes using stated income loans.These loans required no documentation of income, nor any down payments.Before quitting his web design position in January 2006, Serin claimed an over-inflated income (roughly five times his actual pay) on his loan applications, reasoning that many other borrowers were using similar strategies to obtain mortgages for which they would not otherwise qualify.