Which of the following would be described by the term "liar loan"?
A)A situation where the lender concealed information from the borrower
B)A situation where the lender lied to the borrower about the interest rate
C)A situation where the borrower lied about his or her income
D)None of the above

Question

Quizplus · Accepted Answer

A "liar loan" refers to a situation where the borrower falsifies information (such as income) in order to obtain a loan. It is also sometimes called a "stated income" or "no document" loan, because the borrower is not required to provide proof of their income.

Which of the Following Would Be Described by the Term