Lenders issued ninja loans with zero income verification before 2008, approving anyone who could "fog a mirror." Real estate agents sold homes financed this way and profited until the market crashed.
And then financing fell out when, when '08 came. So the financial crash, no longer were they doing these refinance loans, especially these. These were like, they called them the ninja loans, which was like no income, no verification, no nothing.
They don't have those anymore, right?
No. If you could fog a mirror, they'd give you a loan.
Yeah, and that's why 2008 happened. Yeah, that's why it happened.
Yeah, you know, I was part of it. I was selling houses where these guys were doing good money off of it. They were doing these ninja loans.
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