In the years just prior to the 2007-2009 financial crisis, mortgage loans were issued to borrowers with no income or employment.

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This practice, known as "no-doc" or "liar loans," was a significant contributor to the financial crisis. Lenders did not require borrowers to provide proof of income or employment, making it easier for people to obtain loans they could not afford to repay.

In the Years Just Prior to the 2007-2009 Financial Crisis