No Income, No Asset - But Here's Your Loan!

[Mordekhuul]

For those uninitiated into the depths of what went on in the recent financial meltdown (such as myself), here is a This American Life broadcast that is both entertaining and informative.

Picks up a lot after the intro, anyway, starting with the gentleman relaying the story of how he picked up a No Income, No Asset loan that he really, really didn't deserve. "Don't want to verify your income or assets? No problem, here's a loan for a few hundred thousand anyway."

EDIT-Looks like I can't edit the subject, but TIA is a typo...was going for some kind of This American Life abbreviation, to save space. Sigh.

[Jim]

Hi,

Same as buying a Car or a House with Nothing Down, owner carries the Note. however the House is the Asset...Miss 1 [one] Payment & forclosure or Repo :angry:

For those uninitiated into the depths of what went on in the recent financial meltdown (such as myself), here is a This American Life broadcast that is both entertaining and informative.

Picks up a lot after the intro, anyway, starting with the gentleman relaying the story of how he picked up a No Income, No Asset loan that he really, really didn't deserve. "Don't want to verify your income or assets? No problem, here's a loan for a few hundred thousand anyway."

EDIT-Looks like I can't edit the subject, but TIA is a typo...was going for some kind of This American Life abbreviation, to save space. Sigh.