Prices grew far higher than they

Prices grew far higher than they had been in 2002 when I first became convinced of the bubble. The bad lending practices that were already visible in 2002 exploded to the point where they had become a joke within the industry. People in housing finance openly talked about “liar loans” and NINJA loans, which stood for “no income, no job, no assets.” To be clear, the lying was driven at least as much by the lenders as the borrowers. We had created a system of securitization where the profit was derived from issuing the loan, not from having a homeowner who would repay it. Mortgage issuers were happy to issue loans that they had no reason to expect would be repaid because they knew they could resell just about anything in the secondary market. แทงบอลออนไลน์