Haven’t heard that one before:
> In recent years, there has been a concerted effort to increase the share of homeowners in America from the post-war average of around 63% to 70%. Lending standards were relaxed and deposits were no longer required. The extreme was reached with so-called NINJA loans (borrowers needed no income, job or assets).
> Debt markets -Another pounding Jul 12th 2007 From The Economist print edition