Ninja Loans … And More
“the industry embraced these ‘innovations,’ but it has also begun to combine various features into a single loan and offer it to high-risk borrowers. One cheeky lender went so far as to advertise what it dubbed its ‘NINJA’ loan — NINJA standing for ‘No Income, No Job and No Assets.’
In fact, these innovative products are now so commonplace, they have been the driving force in the boom in the housing industry at least since 2005.”
Whatta Con
This write up in the Washington Post, is an amazing snap shot of what went on in the US and (also) European markets for the last few years. This was directly a result of printing too many dollars. Western Banks had an inverted choice – join the party at no cost or stay out of the party at a high cost.
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April 23, 2009 at 1:51 pmWhy Do Our Economic Models Keep Failing? - The Atlantic Business Channel « Quick Take - As It Happens
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