[Damifino]

Loan companies must prove they tried to modify the delinquent loans before they can begin foreclosing.

Why? - If the borrower never made a single payment what does the bank owe them? A huge (in the 80's) percentage of NINJa loans never made a single payment.

[Pelham]

” A huge (in the 80’s) percentage of NINJa loans never made a single payment.”

No Income
No Job
no Assets.

And with those excellent qualifications in California you were able to get a loan for $700,000. No recipe for fraud there, noooo.