I beleive Dave called these NINJA (No Income No Job/Assets) loans.  Too bad the working class is going to have to pay off this mess down the road.  

My local bank has been doing some major house cleaning lately, the news is finally coming out.  Two loan officers lost jobs!  One got hand in Cookie Jar, etc...   Other lent to people unable to pay and he would wind up with their property for himself, quite interesting!