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`Liar loans' threaten to extend mortgage woes
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Posted on
Aug 27 2008 3:07 AM
by
adeal
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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 getting hit with a second wave of losses.
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