Liar Loan is a kind of mortgages known as low-documentation or no-documentation mortgages that have been abused to the point where the loans are occasionally referred to as liar loans. On definite low-documentation loan programs, such as stated income/stated asset (SISA) loans, income with assets are simply stated on the loan application. On other loan programs, such as no income/no asset (NINA) loans, no income with assets are given on the loan application form. These loan programs open the door for disreputable behavior by unscrupulous borrowers and lenders.

Incoming search terms:

• liar loan definition