liar’s loan
n.— «Over half of subprime mortgages are stated-income loans, loans which the industry often refers to as “liars loans.” The question is, who’s lying? According to a survey of over 2,000 mortgage brokers, 43% of brokers who make these loans do so because they know that their borrowers don’t have the income to qualify for the loan.» —“Hearing On Preserving The American Dream: Predatory Lending Practices And Home Foreclosures” by Christopher Dodd OpEdNews.com Feb. 7, 2007. (source: Double-Tongued Dictionary)
Further reading
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