NINJA loan


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NINJA loan

Acronym for No Income No Job or Assets. Loans made without any supporting documentation for income, employment or assets. Also see NINA loan, No docs.
References in periodicals archive ?
Commercial lenders, who sat out the lending frenzy of NINJA loans as Walker did, still have money for projects like apartments, office buildings, retail and industrial, as long as the projects deliver cash flow that will service the debt.
The most extreme examples of this were the NINJA loans - to people with No Income, No Job or Assets - in the United States.
But we are all paying a price for these so-called Ninja loans - to people with No Income, No Job or Assets.
With so many Ninja loans turning sour, US house prices have taken a tumble leaving lenders unable to get their money back.