Good evening to you all and sorry for being away from the blog for a while. I’m back in full force now and wanted to start off light with my new favourite acronym to describe the ridiculous criteria used by mortgage lenders, which ultimately contributed to the sub-prime mortgage mess:
No Income, No Job, and No Assets loans (NINJA)
More than just a joke, the term has made its way into Wikipedia.
Bottom line: “Easy money” is actually very hard money when you make it by acting stupidly. Just ask the 262 major US lending operations that have imploded since 2006.