No‑doc Loans as Crisis Early‑Warning

The prevalence and terms of no‑documentation or low‑documentation mortgage products (share of originations, reliance on private money, unusually high interest and short terms) function as an early indicator of underwriting laxity and systemic risk in housing finance. Tracking their market share, failure rates, and migration into mainstream banks can flag fragile credit cycles and predatory‑lending pockets before they cascade. — If regulators, investors and journalists monitor no‑doc/low‑doc issuance and performance, they get an actionable metric to prevent housing bubbles, protect vulnerable borrowers, and design targeted oversight.