UNDATED (AP) -- The nation's struggling housing market is getting hit with a second wave of losses as homeowners with mortgages called "liar loans" default in record numbers.

Liar loans are mortgages approved without requiring proof of the borrower's income or assets. The worst of them have the nickname of "ninja loans." That's short for no income, no job and no assets.

In some parts of the country, the loans are threatening to drag out the mortgage crisis for another two years.

Many homeowners with liar loans are stuck. They can't refinance because housing prices in some markets have tanked. And lenders now demand full documentation of income and assets.

Moody's Economy.com reports losses on the liar loans could top 100 billion dollars. That's on top of 400 billion in expected subprime loan losses.

(Copyright 2008 by The Associated Press. All Rights Reserved.)