LIAR LOAN
A loan known as low-documentation or no-documentation mortgages, which is delivered to a borrower without assets and income. "Liar" pertains to a borrower who declared an incorrect level of income; for instance, an unemployed individual who stated that he earns $50,000 a month. Some low-documentation programs like stated income/stated asset (SISA) loans, income and assets are just indicated in the loan application. But on other loan programs such as no income/no asset (NINA) loans, income and assets need not to be indicated in the application form. Hence, the loan programs give opportunities to unconscionable borrowers and lenders.
Also called no docs.
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