Liar loans lead next wave of foreclosures

Posted on August 19, 2008. Filed under: Mortgage Fraud | Tags: , , , , , , , |

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 default in record numbers. In some parts of the country, the loans are threatening to drag out the mortgage crisis for another two years.

http://www.contracostatimes.com/ci_10238206?source=rss

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