Tuesday, July 10, 2007
Here we go !!!!
Another factor adding to the poor performances of these loans was that many of them were so-called "liar loans" in which claims by applicants about income, assets and employment were unsubstantiated. S&P cited an analysis made by the Mortgage Asset Research Institute, an information provider to the mortgage and financial services industry, which found that there had been a big jump in misrepresentations on credit applications.