N.i.n.j.a. Loans

[THE-BEAKER]

no wonder the sub prime market is really causing problems.

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."



http://www.washingtonpost.com/wp-dyn/content/article/2007/03/13/AR2007031301733.html

 

[nkhoi]

And they warned that any tightening of standards would trigger a credit crunch and burst the housing bubble that their loosey-goosey lending had helped spawn.

they were right, it is happening.