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Helen and Harrison Woodfield are considering the purchase of a new home for US$500,000. On the mortgage application, the Woodfields lie about their income level by stating a number that is three times higher than the actual amount. The bank requires a 20% down payment which the Woodfields have in escrow. Recent sales of similar homes have sold for $450,000. Which describes the situation best? A. Predatory borrowing. B. Predatory lending. C. Moral hazard between originator and investor. D. Adverse selection between borrower and lender. |