from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. Plural form of no-doc.
Sorry, no etymologies found.
They refused to endorse the move to no-docs and battled unsuccessfully against the reduced underwriting standards from April to September 2004.
That would have been fine had the global financial system not been so interconnected: "If nobody outside the U.S. held subprime no-docs loans at 105 per cent loan-to-values from Nevada, then nobody would care but the people in the United States," Ms. Ridpath said.
Remember Alan Greenspan, the former chairman of the Fed was ecstatic over the new financial instruments the industry was debuting; sub-prime and no-docs and interest-only ARMS and credit default swaps and securitized bundling and all that jazz; give consumers "more choices."
In 2004, Fannie and Freddie decided to get into subprime mortgages in a big way, particularly in low-docs and no-docs (documents) mortgages.
Also unreasonable to believe that no-docs wouldn't attract bad credit risks.
Like social drinkers that slowly drift into alcoholism, we got more and more drunk at how well our system was working until by the early 21st Century, to the point where everyone was in on it - the banks, the mortgage brokers, the "innovative" loans with balloon payments, nothing down, no-docs - everyone was drunk and partying as though this could go on forever.