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