NINJA Loans

[OK2]

one for the record, only in America;

NINJA loans= NO INCOME NO JOB APPLICATION

and this is for real. NINJA is the actual name of the loan application and what it stands for.

work that out!!!

 

[cuttlefish]

thought the A was for assets (no income, no job, no assets) - and yeah gives an idea of how silly it was getting.

 

[MS+Tradesim]

The loan comes back to slaugher them when they least expect it?

 

[OK2]

You are probably correct about the A = Asset. My mind was at odds to understanding the concept of it all.

I remember having to beg the bank for my first loan even though i had a job and a deposit. I was going to borrow less than 80% and the bank was pushing mortgage insurance on me for loan of around 90k.

bring back the eighties!!!

 

[numbercruncher]

bring back the eighties!!!

I agree - but as they say "be careful what you wish for"

Imagine if common practice of the 1980s came in over night, Imagine the carnage lol, 1930s would be a walk in the park!