NINJA Loans

• 14 January 2008

• #1

O

OK2

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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!!!

 

• 14 January 2008

• #2

cuttlefish

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

 

• 14 January 2008

• #3

MS+Tradesim

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

 

• 14 January 2008

• #4

O

OK2

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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!!!

 

• 14 January 2008

• #5

numbercruncher

Beware of Dropbears

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OK2 said:

bring back the eighties!!!

Click to expand...

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!