9.30.2007

Subprime Loans - NINJA loans?

Another disparaging use of the term "ninja" has appeared, this one literally an acronym spelled N-I-N-J-A. While you can buy these awesome "Proud to be a Ninja" t-shirts, you should also inform yourself on the growing problem of Ninja mortgages. From the Guardian:

In America, they call them Ninja mortgages - standing for No Income, No Job or Assets - and there is growing evidence that these sub-prime mortgages were mis-sold in their millions by lenders desperate to feed the pipeline for securitising, or packaging up, these loans by investment banks. Now legislators are looking at ways of tightening the regulations on everything from how such mortgages are sold to how they are securitised and rated by credit agencies.
While at first we found this association of "ninja" with poverty and unemployment offensive, we must admit now that it has grown on us. Just consider Jerry, the former-banker-turned-surly-ninja who lives off the grid in abject squalor somewhere in Alabama. His lifestyle might seem desperately NINJA at first, but upon closer inspection we see his is actually quite content.

Look at him!
Jerry had this to say in a brief phone call conducted by Inner-Ninja just before posting time:

"No income, no job or assets! Suck it motherf*ckers! You think you took it all away from Jerry, don't you? Well I'd like to take away that smug, satisfied look on your face. You should know that while you still slave away at your cubicle... while you open the very veins of your soul for the corporate leeches to suck... I'm showing a net income of $10 on last year's tax return with no taxes due! In reality I ate 30 raw chickens while sitting on my fat ass. I used my true ninja skills to exist without income, assets, or a job. N-I-N-J-A indeed!"

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