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What does the phrase liar loans (associated with home mortgage loans) mean?

Asked by Trulia Brooklyn, Brooklyn, NY Mon Feb 11, 2013

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Liar loans were the no documentation loans that were very popular when the real estate market was rising rapidly. It allowed people to say they made x amount of income without providing proof.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
917-991-2528
mrichman@kianrealtynyc.com
http://www.kianrealtynyc.com
1 vote Thank Flag Link Tue Feb 12, 2013
Stated income loans in which the applicant is not required to document his/her income were prevalent in the years preceding the financial crisis and are sometimes referred to as "liar loans" since there was significant opportunity for the applicant's income to be misrepresented. For more information, please contact me directly at 917.699.0183 or via email michaeldenniston247@gmail.com. Follow me on twitter @mdenniston247.

Michael Denniston
Senior Loan Officer
NMLS License 24076
Cliffco Mortgage Bankers
New York
1 vote Thank Flag Link Mon Feb 11, 2013
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