Why You Should Hate the Treasury Bailout Proposal

Rohan said

Dan, here is John Mauldin's website:

http://www.investorsinsight.com/blogs/john_mauldins_outside_the_box/default.aspx

Separately, though, I'd push back on your contention that no one without a job got loans in this bubble. You must be familiar with the term "Ninja Loan" (aka No Income, No Job, no Assets)? Ninja loans were 75% of WaMu's option-ARM portfolio at the end of '07.

http://seattletimes.nwsource.com/html/businesstechnology/2008192640_wamu21.html

Click to expand...

Thanks for the website address. I looked earlier but couldn't find it.

You may be right re the Ninja loans. The truth is, while I did some business with WAMU, I've seen plenty of no income loans, no document loans, and no ratio loans, but I'd never come across a loan that allowed for the entire combination.