Sentence examples for document loans from inspiring English sources

He lied about his income on "no document" loans and was not asked for anything so old-fashioned as a deposit.

Peter Spalthoff, executive director of the Connecticut Society of Mortgage Brokers, said he was in favor of banning low document loans.

In calling together executives from top banks, Mr. Paulson said he was looking for ways to revive investor confidence in mortgage-backed securities that seemed to be fundamentally healthy and quite different from those backed by subprime mortgages and "no document" loans that require little or no verification of a borrower's income.

The signature of the now-failed Kabul Bank was a secret multi-million dollar, no document loan to political favorites of the Karzai administration.

He described GFI's expanding subprime business, including "no-document" loans, as "a different mentality, different guidelines; almost like two separate companies".

The fact is that with no- or low-document loans, the financial system was relying on front-line people to feed us loans that had the same risk of the loans they fed us in the past.

Andrew Pizor, a senior loan policy counsel for the Connecticut Fair Housing Association, said the no-document loans Ms. Sotire received are called "liar loans" by many in his field because they allowed brokers and borrowers to misrepresent a borrower's income.

On stated income loans, only 19percentt of the cases of suspected fraud were detected before the loans were financed, versus 33.5percentt on more fully documented loans.

Lenders and their representatives have sought to minimize the significance of robo-signing and, while acknowledging legal lapses in how they documented loans, have argued that foreclosures should proceed anyway.

"The assertion that F.H.A. is setting up potential homeowners for failure by insuring 30-year, fixed-rate, fully documented loans for underserved borrowers is not supported by the information presented," he said.

Mr. Barofsky said the plan posed "significant fraud risks," especially when it came to buying up securities backed by exotic mortgages made during the peak of the housing bubble, when the excesses of poorly documented loans and no-money-down loans reached their zeniths.