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air loan

Spanish translation: préstamos ficticios

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:air loan
Spanish translation:préstamos ficticios
Entered by: Margarita Ezquerra (Smart Translators, S.L.)
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16:26 Sep 17, 2007
English to Spanish translations [PRO]
Bus/Financial - Real Estate
English term or phrase: air loan
"When the house does not exist, the mortgage is called an “air loan,” which is very embarrassing and costly for lenders when they try to foreclose, the ultimate result in all these cases."

I have spent a significant amount of time researching how to say AIR LOAN in Spanish with no success. HELP!
Thanks
Ceci
Cecilia Castro de Anderson
Local time: 14:03
prestamos ficticios
Explanation:
Lies Are Growing In Loan ProcessWhat if your loan officer thought up some creative ways for you to get into a ... brokers create what the FBI calls "air loans" -- fictitious borrowers, ...
www.washingtonpost.com/wp-dyn/content/article/2005/07/29/AR... - Similar pages


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Note added at 3 minutos (2007-09-17 16:30:31 GMT)
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Sorry: "Préstamos"
Selected response from:

Margarita Ezquerra (Smart Translators, S.L.)
Spain
Local time: 20:03
Grading comment
Selected automatically based on peer agreement.
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +2prestamos ficticios
Margarita Ezquerra (Smart Translators, S.L.)
5préstamos del aire
Marina Menendez


  

Answers


3 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
prestamos ficticios


Explanation:
Lies Are Growing In Loan ProcessWhat if your loan officer thought up some creative ways for you to get into a ... brokers create what the FBI calls "air loans" -- fictitious borrowers, ...
www.washingtonpost.com/wp-dyn/content/article/2005/07/29/AR... - Similar pages


--------------------------------------------------
Note added at 3 minutos (2007-09-17 16:30:31 GMT)
--------------------------------------------------

Sorry: "Préstamos"

Margarita Ezquerra (Smart Translators, S.L.)
Spain
Local time: 20:03
Native speaker of: Native in SpanishSpanish
PRO pts in category: 120
Grading comment
Selected automatically based on peer agreement.

Peer comments on this answer (and responses from the answerer)
agree  David Girón Béjar
1 hr
  -> Gracias David

agree  NoraBellettieri
1 hr
  -> Gracias Nora
Login to enter a peer comment (or grade)

25 mins   confidence: Answerer confidence 5/5
préstamos del aire


Explanation:
it is a metaphor, "del aire" means "out of blue"

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Note added at 33 mins (2007-09-17 16:59:55 GMT)
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Air Loans - This is a non-existent property loan where there is usually no collateral. An example of an air loan would be where a broker invents borrowers and properties, establishes accounts for payments, and maintains custodial accounts for escrows. They may set up an office with a bank of telephones, each one used as the employer, appraiser, credit agency, etc., for verification purposes.

http://mortgageforensics.wordpress.com/category/fraud-loan-a...

Marina Menendez
Argentina
Local time: 15:03
Works in field
Native speaker of: Native in SpanishSpanish
PRO pts in category: 4
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Changes made by editors
Oct 1, 2007 - Changes made by Margarita Ezquerra (Smart Translators, S.L.):
Created KOG entryKudoZ term » KOG term


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