By 2006, half of all the loans called subprime were also liar's loans.

截至2006年，半数被称为次贷的借款，同时也是欺骗性借贷。

So let's go to this crisis, and the two huge epidemics of loan origination fraud that drove the crisis appraisal fraud and liar's loans.

估价欺诈和欺骗性贷款。