Dad2three
Gold Member
all fine and well.....but you are misinterpreting what it means...NINJA loan
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English
Wikipedia has an article on:
NINJA loan
Alternative forms
Etymology
Coined by the American lending company HCL Finance from an approximate initialism of no income, no job, no assets.
Noun
NINJA loan (plural NINJA loans)
A subprime loan issued to borrowers with no job, income, or assets. [quotations ▼
It means that one did not need to prove
that the information they gave on the application was correct.
The stuff mortgage brokers could care less about?
JPMorgan CEO Jamie Dimon, who told the FCIC: “In mortgage underwriting, somehow we just missed, you know, that home prices don’t go up forever and that it’s not sufficient to have stated income.”