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In Australia you have to have 2 out of the 3 of the following: Income ,equity (deposit) ,good credit rating : and you need a really good explanation if you cannot provide 3 out of 3 ,can anyone involved in Lending explain to me how it came about that banks where willing to lend to NINJA's (no income ,no job's no assets) as I really cannot see any reasoning other than a quick buck to be made by the bank and the lender and hope to god you weren't at the bottom of the pyramid when it all fell over. Was it it really that easy to borrow money or are we in other countries not getting the full story?
I'm a REALTOR, not a lender, but from where I sat, yeah, the US had some very "creative" ways of qualifying borrowers. There were all sorts of loans available, including: The NINJAs, but not really since borrowers did need to show some assets - just what is an asset? Ask the lenders that made the loans. Oh yeah, they all took their money and ran. The 80-20 - that was basically 103%+ because so many borrowers rolled their closing costs, pre-paids into the loans - and avoided PMI so there was nothing securing the loans. The Hybrid ARMs - where "marginal" borrowers (at best) were qualified based on the lower "teaser rate" for new "lower end" houses. And, in the case of new homes here (Austin, TX), property tax appraisals based on "lot" value before the home was built. So even though the ARM interest rate hadn't adjusted (yet), the monthly payment went up $300 or more after the property taxes were assessed on the value AFTER the home was built. How about homeowners in areas of rapid appreciation like indiana & indiana who bought for $40,000 and homes now appraised for $400,000+ (like a friend of mine who owns a little condo in LA) who took out HELOCs and bought "investment" properties in lower priced places? No PMI to secure these loans. And there were lots of other ways to become a homeowner with no money out of pocket and over-valued property prices. Then there was the bundling of these very risky assets into mortgage backed securities that were sold to investors all over the world. Yeah, some nasty business here. I think it started with de-regulation of lending practices and was aided along after the Tech Bust (which started in 2000). Yes, it really WAS that easy to borrow money. sigh.
HI, I think you're not getting the real story. I sincerely doubt ANY loans were made to NINJA's. The problems involved either adjustable rate mortgages, 2 income families buying at the very top end of their qualification, then one losing a job...Inexperienced couples, using the 103% financing, not considering the total expenses involved in owning a home, not having anything invested in the home and not modifying their lifestyle to compensate. I'm not saying that all buyers were to blame, obviously if the company you work for sends all the jobs overseas including yours, you end up in a financial mess, but in my opinion a lot of the home mortgage problems stem from too many people unable to "settle" for a modest house as their first home and needing that 3000 square foot house for 2 people just starting out....Makes no sense to me but I'm old school and actually lived in a house with "only 1 bathroom" for 20 years and survived just fine.
I heard an interview with someone verifying loans for one of the biggies that went under. They were *required* to verify at least 30 applications per day. That is an absolute maximum of 15 minutes to verify the income, credit rating and property. Can't be done.