Irish Mike wrote:
"KC" wrote in message
...
On Sep 23, 3:20 pm, "HeyBub" wrote:

You're right the problem was caused by the federal government,
specifically
the mandate to make PC morgtages. That is, people got morgtages who
would never, in an honest world, have qualified for them.

Those are referred to as NINJA loans - No Income, No Job, no Assets.

KC

I had never heard the term "NINJA loans" before but it certainly
fits. Now the people who bought the houses they couldn't afford with
loans they never read, have a couple of options. The banks will
lower their principle, or lower their mortgage interest rate, or
lower both. Or, if they don't like those options, they just say
"****-it" and walk away from the whole mess. Not to worry, those
suckers who worked, saved and rented and then bought a house they
could actually afford, will be glad to pick up the tab.

You bet:

"More than a negligible amount of the blame for the mortgage meltdown can be
traced back to multiculturalism: government-mandated affirmative-action
lending, demographic change, illegal immigration, and the mind-numbing
effects of political correctness."

http://www.takimag.com/site/article/...e_the_housing/