I had never heard the expression before today. Do you guys know what it stands for?
...
...
...
Ninja Loan n. A loan or mortgage given to a person who has no income, no job, and no assets. Also: NINJA loan. [From the phrase, No Income, No Job or Assets.]
Some citations:
"It's not as though the absurd excesses of the mortgage market were some big secret. Lenders brazenly advertised "low-doc" and "no-doc" loans that required borrowers to provide little or no documentation of their ability to repay. They pushed "ninja" loans, requiring no income, job or assets. And adjustable rate mortgages that were barely affordable at their teaser rates.
—"Risky-mortgage meltdown was predictable, preventable," USA Today, August 10, 2007
In 2004, when US interest rates were 1 per cent, there were few problems in the sub-prime market. However, since then the Federal Reserve Bank has raised rates 17 times in a row. Defaults on Ninja loans have become common and some sub-prime lenders, such as New Century Financial, have been driven to bankruptcy as a result.
Why is this a problem for homeowners in the UK?
The sub-prime difficulties are affecting the global financial system because these Ninja loans do not just sit on US banks' books. They are sliced up, repackaged and sold on to hedge funds, pension funds and other investors around the world. This is why equity markets have taken such a battering recently."
—Paula Hawkins, "Will we feel the chill?," The Times (London), August 24, 2007
...
...
...
Ninja Loan n. A loan or mortgage given to a person who has no income, no job, and no assets. Also: NINJA loan. [From the phrase, No Income, No Job or Assets.]
Some citations:
"It's not as though the absurd excesses of the mortgage market were some big secret. Lenders brazenly advertised "low-doc" and "no-doc" loans that required borrowers to provide little or no documentation of their ability to repay. They pushed "ninja" loans, requiring no income, job or assets. And adjustable rate mortgages that were barely affordable at their teaser rates.
—"Risky-mortgage meltdown was predictable, preventable," USA Today, August 10, 2007
In 2004, when US interest rates were 1 per cent, there were few problems in the sub-prime market. However, since then the Federal Reserve Bank has raised rates 17 times in a row. Defaults on Ninja loans have become common and some sub-prime lenders, such as New Century Financial, have been driven to bankruptcy as a result.
Why is this a problem for homeowners in the UK?
The sub-prime difficulties are affecting the global financial system because these Ninja loans do not just sit on US banks' books. They are sliced up, repackaged and sold on to hedge funds, pension funds and other investors around the world. This is why equity markets have taken such a battering recently."
—Paula Hawkins, "Will we feel the chill?," The Times (London), August 24, 2007
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Access Restricted: Unlock 1,000,000+ Posts
Stop Peeking Through the Keyhole.
Open the Door.
You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
- Active Daily: Life-changing content posted dozens of times every day. No dead threads.
- MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
- Vetted Network: Connect with founders scaling to 7 and 8 figures.
- Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."— User Richard Peck
"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?
