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
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