What is a Ninja Loan
What is a ninja loan? The ninja loan is a loose acronym from no income. No job no assets in the term also represents something of a play on words due to the fact that a ninja alone is likely to be defaulted upon, the bar, or is described as like a ninja, because he or she can so easily disappear, especially when it comes to making payments use of the ninja alone is highly criticized as a dangerous lending practice and can be in part held responsible for the subprime mortgage crisis of 2007 and the collapse of financial markets in 2008. In a scenario where a ninja loan is offered and they are becoming considerably less common since the economic downturn of 2008, the borrower really has few means to pay back money owed, but on applications these loans may have looked okay. to pay back money owed but on Actually, what happened with many ninja alone was that either borrowers or brokers, purposefully falsified information about jobs, income or assets, alternately lenders merely ...