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Posted: 9:23 PM Aug 18, 2008
'Liar Loans' Threaten To Prolong Mortgage Crisis
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.
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** FILE ** In this May 9, 2008 file photo. a foreclosure sign stands outside a home in Denver. The optimism that surrounds a new president taking office cannot resurrect home values overnight, and presidents have no direct ability to reduce rising mortgage rates. Nevertheless, Democrat Barack Obama and Republican John McCain both promise help for homeowners facing foreclosure. (AP Photo/David Zalubowski, File)
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