NINA loan
English
Etymology
From a coding system for classifying loans to be securitized, in which N indicated "no verification", I "income", and A "assets". Other letters used were S "stated by borrower, unverifed" and V "verified".
Noun
NINA loan (plural NINA loans)
- (finance) A mortgage loan to a borrower with no verified or stated income or assets.
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- 2012 May, Christopher L. Foote, Kristopher S. Gerardi, and Paul S. Willen, “Why Did So Many People Make So Many Ex Post Bad Decisions? The Causes of the Foreclosure Crisis”, in Atlanta Fed Working Papers, Working Paper 2012-7[1], page 19n:
- The NINA loan is the basis for the apocryphal “NINJA” loan that is often used as an example of excesses in the boom-era mortgage market. NINJA supposedly stood for “no-income, no job, no assets,” but no such loan ever existed. Also, the NINA code, which did exist, did not signify a loan to a borrower with no income. Rather, the code signified that the lender had no information about the borrower’s income.
- A mortgage loan to a borrower with no income or assets.