I tweeted this a couple days ago about how mortgage industry jargon has evolved since the insane days of no documentation:

Hot mortgage acronym circa 2005 was NINA (no income, no asset). Now it’s NPNF (no point, no fee). #JargonIndicator

— Julian Hebron (@TheBasisPoint) November 9, 2012

Then today I was cleaning out some old files and found these fliers from some long-gone firms. I’d comment more, but each picture is worth a thousand bad loans (at the very least)…

$XLF