Wow.
Another good find by CJR's Ryan Chittum: Yet Another Reason to Dislike Securitization
He's referring to a post on the rortybomb blog that describes a curious increase in foreclosures when people have a FICO score of just above 620.
The apparent reason? 620 was the cutoff point for accepting NINJA loans (No Income, No Job or Assets).
In other words, if you had a 615 FICO and had to go through actual underwriting, you were less likely to default than somebody with a 625 FICO who "qualified" for Wall Street's don't ask don't tell loans.
Owch.
Read the post.
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