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。

youdao

Mr. CHALLENGER: As the credit crunch broke out in early August, all of a sudden, this crazy mortgage arms and no-doc loans began to unravel.

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The entire firm came around to believing the great mortgage bubble was a house of cards ready to collapse, based on delinquencies, no-doc loans, fraud, and more.

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