Word: lenders
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...profoundly embarrassed by his inability to prevent his wife and daughter from becoming Westernized. Nazneen's children and other second-generation Bangladeshis are the obligatory rebels - they all listen to Asian-rap DJs, fall into bad company, become junkies or run away from home. Even the mealymouthed money-lender and the neighborhood busybody are staples of Subcontinental literature, although Ali fuses them together in the unusually female form of Mrs. Islam. As a result, it is almost impossible to feel for these people when they are beset by their many, mostly minor, tragedies. It's hard even to feel sorry...
Imagine if you were allowed to represent your income to the IRS on your 1040 in one way and on your credit application to your mortgage lender in another way. You might, in a moment of weakness, take the opportunity to frame your economic situation in a particularly favorable light to your prospective lender and go to fewer pains to do so with the IRS. Indeed, you might take great liberties to portray your economic situation in two divergent ways that would serve your best interests. While guilt and shame and the possibility of detection might deter you, you might...
...fact, you do not have this opportunity and for good reason. Your lender can rest assured that the 1040 they review in deciding whether you are credit-worthy would not overly inflate your earnings given your desire to minimize taxes. Similarly, tax authorities can rely on the use of the 1040 for other purposes to limit the degree of income understatement given your need for capital. In that sense, the uniformity with which you are forced to characterize your economic situation provides a natural limit on opportunistic behavior that serves the interests of prospective lenders and tax authorities. Indeed, given...
Imagine if you were allowed to represent your income to the IRS on your 1040 in one way and on your credit application to your mortgage lender in another way. You might, in a moment of weakness, take the opportunity to frame your economic situation in a particularly favorable light to your prospective lender and go to fewer pains to do so with the IRS. Indeed, you might take great liberties to portray your economic situation in two divergent ways that would serve your best interests. While guilt and shame and the possibility of detection might deter you, you might...
...fact, you do not have this opportunity and for good reason. Your lender can rest assured that the 1040 they review in deciding whether you are credit-worthy would not overly inflate your earnings given your desire to minimize taxes. Similarly, tax authorities can rely on the use of the 1040 for other purposes to limit the degree of income understatement given your need for capital. In that sense, the uniformity with which you are forced to characterize your economic situation provides a natural limit on opportunistic behavior that serves the interests of prospective lenders and tax authorities. Indeed, given...