Ninja Loans
This form of
lending is one originally based on trust, where the lenders need little to say
yes. From what I have been told, credit rating still needed to be within an
acceptable range and certain other requirements need first be met. This NINA,
where the second N takes on the sound of nj, from who else, the Latinos, is not
adhered to in the ambush lending that occurred.
|
Ninja Loans No assets
still the Banks say yes Income
uncertain but the lenders couldn’t care less No
references but these Financial Houses didn’t care Just ambush
lending but the borrowers weren’t aware A pattern
of Mortgages now taking the blame Loans to low
income earners who'll soon have financial shame Once the
borrowers are snagged, lenders later foreclose And now Now there
is talk about a 700 billion bailout Should
these modern day pirates be given this way out? |
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