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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: bentway who wrote (73567)3/11/2007 10:25:55 AM
From: Lizzie TudorRead Replies (1) of 306849
 
Mortgages requiring little or no documentation became known colloquially as “liar loans.” An April 2006 report by the Mortgage Asset Research Institute, a consulting concern in Reston, Va., analyzed 100 loans in which the borrowers merely stated their incomes, and then looked at documents those borrowers had filed with the I.R.S. The resulting differences were significant: in 90 percent of loans, borrowers overstated their incomes 5 percent or more. But in almost 60 percent of cases, borrowers inflated their incomes by more than half.

OR, they lied on their tax return, an equally likely possibility I'd say.
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