NINJA loans
“NINJA loans … no income, no job, no assets.”
I just heard that on John Gormley Live. Perfect.
Would you loan money to someone with little to no earned income? I wouldn’t. Even if they were family.
I’m not an economist. I’ve never taken an economics course. However, I do have common sense and logic. That’s all it takes to know that loaning money to people who can’t pay it back is a stupid plan and bound to fail.
Ann Coulter has a fantastic piece summarizing the situation.
Instead of looking at “outdated criteria,” such as the mortgage applicant’s credit history and ability to make a down payment, banks were encouraged to consider nontraditional measures of credit-worthiness, such as having a good jump shot or having a missing child named “Caylee.”
Threatening lawsuits, Clinton’s Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn’t a joke — it’s a fact.
RTWT.
