liar's mortgage
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Mortgage fraud — is crime in which the intent is to materially misrepresent or omit information on a mortgage loan application to obtain a loan or to obtain a larger loan than would have been obtained had the lender or borrower known the truth. In United States… … Wikipedia
Liar's Poker — This article is about the book. For the bar game, see Liar s poker. Liar s Poker … Wikipedia
liar loan — n. A loan or mortgage provided without requiring documentation from the borrower. Example Citations: Last year almost forty per cent of subprime borrowers were able to get liar loans mortgages that borrowers can get simply by stating their income … New words
Liar Loan — A category of mortgages known as low documentation or no documentation mortgages that have been abused to the point where the loans are sometimes referred to as liar loans. On certain low documentation loan programs, such as stated income/stated… … Investment dictionary
mortgage mill — n. A company that automatically approves mortgages, particularly to unqualified buyers. Example Citations: During the housing boom, lenders created mortgage mills and put people into overpriced homes with mortgages that were difficult to… … New words
education mortgage — n. 1. A mortgage that covers the cost of a student s university or college education and that is paid back over an extended period, similar to a residential mortgage. 2. he debt that a student holds at the end of their university or college… … New words
Stated income loan — A stated income loan is a mortgage where the lender does not verify the borrower s income, by looking at their pay stubs, W 2 forms, income tax returns, or other records. Instead, borrowers are simply asked to state their income, and taken at… … Wikipedia
jingle mail — n. The practice of abandoning one s house and mailing the keys back to the creditor because the mortgage is worth more than the house itself. jingle mailer n. Example Citations: Making it harder for people to discharge their credit card debts has … New words
homedebtor — n. A homeowner with an extremely large mortgage, particularly one that he or she is unlikely to ever pay off. Example Citations: In these places, accepting a government bailout that pays them, say, 90 percent of the value of the house to keep… … New words
brickor mortis — n. A real estate market in which very few houses are being sold. Also: brickormortis. Example Citations: Mister, this market wouldn t go voom if you put 50,000 volts through it. The property market has passed on. It s demised. Bereft of buyers,… … New words
