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• “You can see it here in mortgages. Low-doc loans used to carry at least 1% or more of risk premium. As everybody [piled] in, that has been driven down to half a percent. These people do not have a verifiable income, and yet you can only expect them to be charged half a percent more on the interest rate.”
• In a no-doc or low-doc loan, the lender doesn′t require you to bring proof of your income, but you will usually have to pay a higher interest rate or extra fees to get the loan. Lenders generally charge more for no-doc/low-doc loans.
• This kind of “no-doc loan” and its cousin, the “low-doc loan,” became quite prevalent. By 2006, low-doc loans accounted for more than one-third of all subprime mortgage originations.