Liar loan

From CaseyPedia

"liar loans" or "NINAs" (no asset, no income verification), low-doc mortgages originally were designed for professionals and business owners with high credit scores who preferred not to lay out their confidential tax, income and investment information every time they applied for a mortgage. Typically those loans required FICO scores above 700, relatively low loan-to-value (LTV) ratios, and came with slightly higher fees or rates.

Recently, consumers with subprime credit scores, low down payments and questionable incomes are opting for reduced documentation.

Casey Serin jumped on the Liar Loan bandwagon to purchase a number of his now foreclosed properties. He does not believe he has done anything wrong by 'bending the truth' to obtain these loans.