Liar loans lead next wave of foreclosures

Posted on August 19, 2008. Filed under: Mortgage Fraud | Tags: Figting Foreclosure, Maryland Foreclosure, Maryland short sale, Mortgage Crisis, Mortgage Default, Mortgage Fraud, stop foreclosure, Sub prime mortgage |

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 [...]