liar’s loan
n.— «You rarely hear anything about individual borrowers who tell little white lies, the ones who obtain so-called “liar loans,” but they’re just as prevalent, if not more so. A young New Jersey couple, “the Deceivers,” said they intended to occupy the seaside house they were purchasing. When the mortgage insurance company checked, it found out they had bought the place strictly as an investment and were renting it out. So it kicked the loan back to the lender, and again, the lender called the loan due.» —“Mortgage Detectives Root Out Application Lies” by Lew Sichelman Oregonian (Portland, Oregon) Nov. 9, 1992. (source: Double-Tongued Dictionary)
Further reading
Sean in Oneonta, New York, says that when he was growing up in New Jersey, his family would pile in the car and set off on a surprise adventure, whether a short distance or long, and the kids would be told only that they were going on Buxtehude...
Amid court-ordered busing in the 1970s, a middle-school teacher tried to distract her nervous students on the first day of class with this strange assignment: find a monarch caterpillar. The result? A memorable lesson in the miracle of metamorphosis...