When Credit Suisse bankers were debating with mortgage brokers over the stated income of a stripper who had purchased a $1 million home, they probably should have brought in an expert.
The bankers did not believe the stripper, based in Charlotte, N.C., really earned over $140,000 a year, despite her "stated income" claims. But the mortgage brokers who made the loan insisted the number was realistic.
So I decided to ask a former stripper I've known for several years. She's moved on from stripping to pursue a career in law. I can't reveal any more of that because, well, you can probably guess. Makes things awkward with clients when they are imagining you hanging naked from a stripper pole.
Can a stripper really earn $12,000 a month for every month of the year, year after year?
"Although it's possible she made $12,000 a few months of the year, I'd be surprised if she was keeping that pace full time. Stripping is like any other business in that there are high and low seasons. When I was dancing, a good month for most of the people I knew was $8,000 to $10,000 and that was in either New York City or Las Vegas, in well promoted clubs. Charlotte isn't on the list of 'big money cities' like New York, Dallas, Houston and Las Vegas. That makes the idea that she was pulling in $3,000 a week every week seem like a stretch."
She was amazed that someone agreed to lend the stripper money based on her word.
"Did they give her a loan based on her word? I almost feel like they deserve a default in that case. It's like being surprised your beach house was damaged in a hurricane," she said.
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