Just prior to the 2007 financial crisis, mortgage loans known as NINJA loans were issued to borrowers. What is a NINJA loan?

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NINJA loans were issued to borrowers with no income, no job, and no assets to speak of. The acronym NINJA stands for "no income, no job, no assets." These loans were often given without proper credit checks or documentation, leading to high default rates and contributing to the 2007-2008 financial crisis.

Just Prior to the 2007 Financial Crisis, Mortgage Loans Known