Private no‑doc lending blindspot

No‑documentation loans have shifted into private 'hard‑money' markets where they escape consumer‑credit rules, carry very high monthly interest (2–6% per month reported), and are short‑term with heavy extension fees. That creates a shadow credit channel tied to property saleability rather than borrower income. Regulators and policymakers may be missing a persistent, high‑risk segment that can destabilize local housing markets and produce rapid forced sales. — Recognizing private no‑doc lending as a regulatory blindspot reframes housing and financial stability debates to include short‑term, high‑rate private credit outside standard oversight.