So now I understand why our banks and underwriters didn’t see the ‘Credit crunch’ and housing lender market problems coming our way. It’s because these were Ninja Mortgages.
Old article from 2007, amazing how clear hindsight is now that we’ve been whacked by one or more of those shuriken bailouts…
Why Ninja mortgages could wreak havoc
“Mounting evidence that borrowers are being given loans they can’t pay is fuelling fears of Britain’s own sub-prime crisis, writes Heather Connon”