Stated income loans also help borrowers where fully documented loans normally would not consider the source of income as being reliable and stable, such as investors who consistently earn capital gains. Fully documented loans also do not consider potential future income increases. Another type of loan that uses the same principles is the no income disclosure loan. In August 2006, Steven Krystofiak, president of the Mortgage Brokers Association for Responsible Lending, in a statement at a Federal Reserve hearing on mortgage regulation, reported that his organization had compared a sample of 100 stated income mortgage applications to IRS records, and found almost 60% of the sampled loans had overstated their income by more than 50 percent. In 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act, restricting stated income loans, went into effect. Section 1411 of the Act states: "A creditor making a residential mortgage loan shall verify amounts of income or assets that such creditor relies on to determine repayment ability..." Currently, lenders are conducting their own version of income and asset verification. Stated income loans are still offered typically by small local banks. Qualification requirements are based on stable employment, good reserves, good FICO and no less than 40% equity position in the property. Stated income loan availability changes state to state, county to county. Julius Butty  Julius Butty is a JUNO award-winning Canadian record producer. From 2004 thru 2016, Julius was the owner/producer of Silo Recording Studio. In late 2016, Julius began work on his new recording studio and in August 2018 ARC Recording Studio opened in Hamilton, Ontario. Eighth Council of Toledo  The Eighth Council of Toledo commenced on 16 December 653 in the church of the Holy Apostles in Toledo. It was attended by fifty two bishops personally – including the aged Gavinio of Calahorra, who had assisted at the Fourth Council – and another ten by delegation, ten abbots, and the archpriest and "primicerius" of the Cathedral. Also, for the first time, saecular officials, sixteen counts palatine, participated in the discussion, voting, and affirmation of the council's acts. It was the second of King Chindasuinth's two councils, held under the names of both he and his co-reigning son, Reccesuinth. The eighth council was unique in its calling in that Chindasuinth had written a "tomus" to the bishops describing the issues he wished them to address. Machias Memorial High School  Machias Memorial High School (MMHS) is a public secondary school (grades 9–12) located in Machias, Maine.