Black Drivers

[Cracker]

Interesting read: http://www.englishfirstfoundation.org/pd..._brief.pdf

If this link doesn't work, try this:

http://webcache.googleusercontent.com/se...l=en&gl=us

If you don't know what a NINJA home loan is, you may want to read it. Consider the fact that taxpayers have to cough up the money when one of them defaults, and you won't find it very amusing.

Did you know they let up to EIGHT illegals sign a mortgage WITHOUT a single Social Security number? Stereotypes come from somewhere...

"Loose lending laws coupled with greed soon resulted in the proliferation of NINJA loans. NINJA stands for "No Income, No Job, No Assets". That meant, a lender could qualify a borrower for a home loan even if that borrower did NOT have any reliable income, job or assets to provide concrete evidence that the new home owner was financially able to repay the loan. In the banking community, the official name for NINJA loans is "subprime loans". I like NINJA loans better.

Why did lenders make NINJA loans? For one simple reason: That lender's money was not on the line. All they had to do was to initiate the loan and get the borrower to sign the papers. Next, they would sell the loan to another lender or investor.

Also, wanton greed paved the way for excessive salaries for Chief Executive Officers and money managers, who earned their lofty perks by generating and flipping as many new NINJA loans as possible.

The demand for "loan shares" kept driving the prices of homes up all across America, creating the housing bubble. Once those millions of broke mortgagees began to default on their adjustable rate mortgage loans, the prices of homes started to tank. In the end, even responsible borrowers, who were repaying their loans, suffered the consequences of falling home prices, as they found themselves in upside-down situations, with their homes worth less than what they originally "bought" them for.


Today, after the bailout has been signed into law, millions of mortgagees are still holding NINJA loans and are likely to lose their homes."

That is what fucks normal people who have lost part of their income and keeps them from refinancing or modifying their loan. If you get laid off, don't count on a refi or modification. They are too busy making a fucking ton of money from the NINJA loans. They don't care if you pay or lose your house. The tax payers pay mortgage companies to put you out on the street.

I feel like a douche for having a conventional mortgage that I pay every month so I can lose 20% of my home value so these poor people can fuck my property value. Who do these laws really help and who do they really hurt? Idiots like you and me.