Loans were often made to people who did not have a credit rating or documentation ('low- doc' loans). These have been described as___________ , and borrowers of these loans are often referred to as___________ .

Question

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'Low-doc' loans are often called 'liars' loans' because they require little to no documentation, and borrowers are sometimes referred to as NINJAs (No Income, No Job, and no Assets).

Loans Were Often Made to People Who Did Not Have