Any chance that Bush et al were behind “NINJA” mortgages to gain support as new homeowners became excited?

“NINJA”—No Income, No Job, No Assets
A hypothesis: the White House ordered “regulators” like “Chainsaw” Jim Gilleran, head of his Office of Thrift Supervision—a former banker under a cloud for signing Republican fundraising letters while serving as California’s superintendent of banks—to stand down, and regulate nothing. Or, even worse, had these revolving-door regulators to pass the word to their friends and former colleagues in the industry to write the fastest, loosest NINJA loans they could dream up—for as sure as our troops in Iraq would be greeted as liberators, the boom that would come of the home-building boom would cover all bets, economic and political: Grover Norquist nirvana.

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