‘Liar loans’ worsen U.S. mortgage crisis (The State)

November 4th, 2008 | by DebtFree.net |

In the mortgage industry, they are called “liar loans” — mortgages approved without requiring proof of the borrower’s income or assets. The worst of them earn the nickname “ninja loans,” short for “no income, no job, and (no) assets.” The nation’s struggling housing market, already awash in subprime foreclosures, is now getting hit with a second wave of losses as homeowners with liar loans …


original article

Sorry, comments for this entry are closed at this time.

DebtFree.net does not assume or pay any debt, nor does it give legal advice, offer credit repair or help stop creditor & collector calls. DebtFree.net provides information regarding various debt relief options as well as referrals and connections to debt relief companies. These companies specialize in specific debt relief categories, including debt management plans through credit card counseling, debt consolidation, debt settlement, debt negotiation, and debt mediation.