A lonely wiki on Wall Street
Nov 20th 2009 6:30PM
Updated Dec 4th 2009 4:58PM
But the site has attracted just one main contributor since it went live in October. The featured personal story was posted by "Ninja Dad," a finance executive who writes about the pre-credit crisis days of freewheeling loans to homebuyers like his daughter with no income, no job or assets, (aka the NINJA borrower).
In the fall of 2006, his young, unemployed daughter wanted to buy, not rent, as he writes: "The instrument was a 30-year interest-only mortgage with a so-called 'silent second' to cover the down payment. Her plan was to take in boarders and to cover the rest of the rent from her sundry part-time jobs. She hasn't defaulted ... yet ... but periodically she calls crying her eyes out. Yet another boarder left or failed to pay, her hours got cut, she got hurt and missed work, and so forth."
So why is Ninja Dad the only one to weigh in? Kristin Aguilera, communications director with the museum, hopes a relaunch last week will attract more stories.
"We need to go out and let people know it's there," she says. Or maybe we're all just ready to move on.