U.S. housing market shifts from liar loans to hard cash

"We've had this huge pendulum swing - from liar loans, no-doc loans and no-income loans - to no loans at all," NAR spokesman Walter Molony said. "We've gone to the opposite extreme."

http://www.theglobeandmail.com/report-on-business/economy/us-housing-market-shifts-from-liar-loans-to-hard-cash/article1516368/