Explanation:
NINJA loans were those that borrowers were granted but with no documentation indicating employment, income, or assets that could have been used for collateral.
(Book 1, Module 10.1, LO 10.c)
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Question 55
Subprime mortgages are often cited as a determining factor in the 2007-2009 financial crisis. Numerous acronyms were created to describe some of the issues attributable to subprime mortgages. One of the most widely used acronyms indicative of the problems underlying subprime mortgages was NINJA, which is best described by which of the following?
A
No Interest, No Justification, No Awareness.
B
No Income, No Job, No Assets.
C
Not In Nearest Justification Association.
D
No Included Nearby Justified Assets.
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