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‘Liar loans’ worsen U.S. mortgage crisis (The State)

 
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Zilthai
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Joined: 22 Apr 2006
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PostPosted: Tue Aug 19, 2008 10:04 pm    Post subject: ‘Liar loans’ worsen U.S. mortgage crisis (The State) Reply with quote
In the mortgage industry, they are called “liar loans” — mortgages approved without requiring proof of the borrower’s income or assets. The worst of them earn the nickname “ninja loans,” short for “no income, no job, and (no) assets.” The nation’s struggling housing market, already awash in subprime foreclosures, is now getting hit with a second wave of losses as homeowners with liar loans ...

[url=http://us.rd.yahoo.com/dailynews/rss/search/nevada+mortgage/SIG=123u8ila6/*http%3A//www.thestate.com/business/story/494488.html?RSS=business]Read more...[/url]
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