A low or no documentation loan, often in the form of a mortgage, provided to a borrower with no assets, no income (NINA). "Liar" refers to the borrower indicating a level of income that is not correct, for instance saying that he or she earned $50,000 while in fact being unemployed. Because physical documentation is rarely required, the borrower is able to obtain the loan. Low documentation loans were originally designed for borrowers with high credit scores but who wished to keep personal income private. also called no docs.
Related information about liar loan:
- Liar Loan Definition | Investopedia
A category of mortgages known as low-documentation or no-documentation mortgages that have been abused to the point where the loans are sometimes ...
- Stated income loan - Wikipedia, the free encyclopedia
The correct plural is either liars' loans or liar loans, of which the corresponding correct singulars are liar's loan and liar loan. ^ [1] Agency Sounds Warning On ...
- In Prison for Taking a Liar Loan - The New York Times
Mar 25, 2011 ... The government did send someone to prison for actions related to the subprime mess. But not who you'd expect.
- The Making of a 'Liar's Loan,' With Help From the Loan Officer ...
Jan 18, 2011 ... It's just one exchange between a loan applicant and a bank loan officer, but it speaks volumes about how the housing bubble was inflated so ...
- Inside the Liar's Loan - Slate Magazine
Apr 24, 2008 ... Here's the narrative we've heard about the mortgage meltdown: miscalculation and unfounded optimism, clueless investors, cash-strapped ...
- Liar Loan - Financial Dictionary - The Free Dictionary
What Does Liar Loan Mean? Slang for any mortgage that is based on low documentation or no documentation. On certain low-documentation loan programs, ...
- UK watchdog bans liar loan mortgages from 2014 | Reuters
Oct 24, 2012 ... LONDON, Oct 25 (Reuters) - Most Britons seeking a home loanafter next year will be required to get professional advice toestablish whether ...
- Calculated Risk: Liar Loan Prosecution
Mar 25, 2011 ... Liar Loan Prosecution. by Bill McBride on 3/25/2011 09:38:00 PM. Joe Nocera at the NY Times has a strange tale: In Prison for Taking a Liar ...