This was, in effect, a "no doc" or at least a "low doc" subprime mortgage loan.

实际上，这是一个“无文件”或至少是“低文件”次级抵押贷款。

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Moreover, 90% of the CMO borrowers took out "low doc" loans, meaning they submitted sketchy proof they could pay their mortgages.

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Low-doc loans accounted for 10 percent of new housing loans in 2006, compared with less than one half percent in 2000.

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Yet, according to Guy Debelle, assistant governor of the RBA, low-doc loans still account for almost 10 percent of new loans and almost half of all new home owners are opting to not make any principal repayments.

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