Ninja Loans

'No Money Down' Falls Flat:

"the industry embraced these 'innovations,' but it has also begun to combine various features into a single loan and offer it to high-risk borrowers. One cheeky lender went so far as to advertise what it dubbed its 'NINJA' loan -- NINJA standing for 'No Income, No Job and No Assets.'
In fact, these innovative products are now so commonplace, they have been the driving force in the boom in the housing industry at least since 2005."
Whatta Con

This write up in the Washington Post, is an amazing snap shot of what went on in the US and (also) European markets for the last few years. This was directly a result of printing too many dollars. Western Banks had an inverted choice - join the party at no cost or stay out of the party at a high cost.

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.