A loan for a nonexistent property. Most or all of the documentation is fabricated, including the borrower, the property
ownership documents, and the appraisal. This type of scheme involves a high level of collusion, and perpetrators
might even set up a fictitious office with people pretending to be participants in the transaction, such as the
borrower's employer, the appraiser, and the credit agency. Usually go into early payment default. Since there
are no actual properties on which to foreclose, the losses on these loans can be enormous.

a) Collusion
b) Fictitious office
c) Early payment default
d) Fabricated documentation