I don’t mean the Japanese master of stealth and deception, I mean that no-documentation mortgages are back, NINJA stands for “No Income, No Job, (and) No Assets” loan.

Basically, all you had to do was fog a mirror.

The new twist is that all you have to do have a live insurance policy that equals the amount of a 10% down payment:

First we got GM subprime interest-free car loans,  then we got subprime ABS securitizations, then we got soaring student loan defaults and delinquencies, then we got the opportunity to sell and short student loan exposure, and now, finally, the credit bubble is complete as FastFunds Financial Corporation is proud to announce that it has acquired exclusive mortgage servicing rights for an “Innovative New Mortgage Product.” Why is it so innovative? Because it requires no credit verification, no credit history, no docs and needs no personal guarantees. In other words, it is the very worst of the worst lending practices we saw in 2006: the NINJA.

But there is a twist: “all that is required to qualify for a mortgage loan is qualifying for a life insurance policy, a down payment that usually amounts to 10% of the purchase price and verification that the borrower has the financial ability to pay the monthly payments.”

In other words: buy life insurance, get a subprime, no doc mortgage for free.

We are completely f%$#ed.