“Another problem was so-called NINA — no income, no assets — loans.”
NINJA- No Income, No Job or Assets.
yes I had one of these homes next to me. There were 3 Mexican families living there, Grandpa, grandma, 2 sons, their wives and 6 kids. At least they did, untill swat came out one day and took the two sons away. So Pa and Ma could not make the house payment so they just abadoned it. A flipper came in and had to gut the whole house and now has it up for sale again. Lord...we need to move, after 36 years in the same home.