The worst of them earn the nickname .ninja loans,. The nation's struggling housing market, already awash in subprime foreclosures, is now getting hit with a second wave of losses as homeowners with liar ...short for .no income, no job, and (no) assets.. . mortgages approved without requiring proof of the borrower's income or assets. In the industry, they are called .liar loans. Many people dream of owning their own homes but only very few are able to pay cash for them. This is why FHA mortgages are one of the popular methods to find a source for consumer credit. People who could not otherwise afford to own a house become homeowners with the help of FHA mortgage insurance programs.
