liar loan

Definition of "liar loan"
  1. A loan in which the borrower's income is self-reported without verification
How to use "liar loan" in a sentence
  1. During the housing bubble, many economies were severely damaged due to the prevalence of liar loans.
  2. The bank stopped offering liar loans after many borrowers defaulted.
  3. In the audit, the financial institution was found to have issued a large number of liar loans.
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