no doc loans: Liar Loans a Mystery? - 07/12/12 03:08 AM
Liar Loans a Mystery?
 
We used the phrase in a post yesterday:
Robbing Peter to Pay Paul; And You & I are Peter! Part XIII!
 
Since a couple of the commenters were unaware of the phrase we thought we'd provide our interpretation.
 
Liar loans are also known as no doc or no documentation loans. They are near impossible to get now. But back in the bubble, you could "state" an income and if you had a decent credit score, lenders would approve you based on that information. Since many overstated their income they became known as "liar loans".
 
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