liar’s loan
n.— «With the advent of “no-doc” and “stated-income” loans—sometimes dubbed the “liar’s loan”—versus full-income disclosure, lenders increasingly face potential exposure to a smorgasbord of what the FBI calls fraud for profit.» —“Grappling with Loan Quality” by Kevin Coop Mortgage Banking Feb. 1, 2005. (source: Double-Tongued Dictionary)
Further reading
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