In the Early 2000s, Borrowers No Longer Needed to Provide

True/False

In the early 2000s, borrowers no longer needed to provide proof of employment or income. These were popularly called "no doc" or "liar loans" because banks weren't bothering to verify the "truth" of what borrowers were claiming on their mortgage applications. This was one of the factors that laid the groundwork for the disaster in the United States.