Alt-A
(redirected from Low-doc)Also found in: Financial.
Alt-A
n
a type of US mortgage with interest rates determined by credit risk
[From Alternative A-paper]
Also found in: Financial.
References in periodicals archive
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Significant Low-Doc Composition: Low-documentation loans (80.
Just as mortgage lenders got into trouble with no-doc, low-doc loans, there is a concern government student loan requirements aren't strict enough.
Many experts blame the securitization of low-doc loans--the very instruments Paul helped pioneer--as one of the causes of the Great Recession, but Paul doesn't agree.
This includes the information memorandum and high-level data relating to the asset pools underpinning the securities, such as the share of prime domestic full-doc and low-doc residential mortgages.
Since this is low-doc financing with no credit pulled or reported, most LeverageLines are available for drawing within two weeks.
88) Fannie stopped acquiring low-doc or no-doc loans in 1990.
You take an alt-A loan or low-doc or no-doc loan, and there is no documentation of the borrower's income--then you can't necessarily get full goals credit for any of the goals that are income-based.
Figure 4 shows a sharp increase in the share of low-doc loans in post-2004 Alt-A originations.
Low-doc loans were justified by the expectation that property appreciation would offset the risks.
The mortgage industry's acceptance of risk in the form of low-doc no-doc and subprime housing loans, the securities industry's acceptance of the risk represented by the bundling of these loans into vast mortgage-backed debt obligations, along with their further acceptance of the risk represented by exotic, leveraged derivatives based on these same securities, has led to a meltdown of historic proportions.
Lending practices such as low-doc and no-doc loans (where the borrower certifies their own capacity to pay) and asset-based lending enable loans to be provided with the creditor making few or no independent enquiries into the borrower's ability to repay.
A sampling of more specific forms includes alien employment certification, LOW-DOC application, company profile, and Freedom of Information Act request.
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