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No Income No Asset
No income, no asset (NINA) is a term used in the United States mortgage industry to describe one of many documentation types which lenders may allow when underwriting a mortgage. A loan issued under such circumstances may be referred to as a NINA loan or NINJA loan. NINA programs are ostensibly created for those with hard to verify incomes (waiters, etc.) but in actuality have been popularly used in situations where aggressive mortgage lenders and brokers did not want any trouble qualifying otherwise non-qualifying loans, thus becoming a significant factor in the subprime lending crisis. A significant number of NINA loans were never possible for the applicant to repay and have resulted in defaults for this reason, as laid out in detail by investigative reporters, including the reporting of ''This American Life'' and ''Planet Money'' that culminated in the Peabody- and Polk- award winning episode "The Giant Pool of Money." No income, no job, no assets ("NINJA") A NINJA loan is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Americ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ninja
A or was a covert agent or mercenary in feudal Japan. The functions of a ninja included reconnaissance In military operations, reconnaissance or scouting is the exploration of an area by military forces to obtain information about enemy forces, terrain, and other activities. Examples of reconnaissance include patrolling by troops (skirmisher ..., espionage, Infiltration tactics, infiltration, Military deception, deception, ambush, bodyguarding and their fighting skills in martial arts, including ninjutsu.Kawakami, pp. 21–22 Their covert methods of waging irregular warfare were deemed dishonorable and beneath the honor of the samurai. Though ''shinobi'' proper, as specially trained spies and mercenaries, appeared in the 15th century during the Sengoku period, antecedents may have existed as early as the 12th century. In the unrest of the Sengoku period, mercenaries and spies for hire became active in Iga Province and the adjacent area around the village of Kōka, Shi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Washington Post
''The Washington Post'' (also known as the ''Post'' and, informally, ''WaPo'') is an American daily newspaper published in Washington, D.C. It is the most widely circulated newspaper within the Washington metropolitan area and has a large national audience. Daily broadsheet editions are printed for D.C., Maryland, and Virginia. The ''Post'' was founded in 1877. In its early years, it went through several owners and struggled both financially and editorially. Financier Eugene Meyer purchased it out of bankruptcy in 1933 and revived its health and reputation, work continued by his successors Katharine and Phil Graham (Meyer's daughter and son-in-law), who bought out several rival publications. The ''Post'' 1971 printing of the Pentagon Papers helped spur opposition to the Vietnam War. Subsequently, in the best-known episode in the newspaper's history, reporters Bob Woodward and Carl Bernstein led the American press's investigation into what became known as the Watergate scandal, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
No Doc Loan
A No-Doc or Low-doc loan (abbr: No/Low Documentation Loan) refers to loans that do not require borrowers to provide documentation of their income to lenders or do not require much documentation. It is a financial product commonly offered by a mortgage lender to consumers who cannot qualify for normal loan products because of fluctuating or hard-to-verify incomes, such as the self-employed, or to serve long time customers with strong credit. Applicants are often required to provide a substantial down payment, i.e. a larger deposit either through equity in security or personal savings. Self-employed, unemployed, seasonal workers, and new immigrants generally struggle to meet strict requirements to qualify for loans. A loan with few to no documentation or credit history requirements is easier to qualify for, but generally carries a significantly higher interest rate. Low Doc Loans Residential low doc loans are designed for self-employed borrowers who cannot provide tax returns as evi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Balloon Payment Mortgage
A balloon payment mortgage is a mortgage which does not fully amortize over the term of the note, thus leaving a balance due at maturity.Wiedemer, John P, ''Real Estate Finance, 8th Edition'', p 109-110 The final payment is called a ''balloon payment'' because of its large size. Balloon payment mortgages are more common in commercial real estate than in residential real estate.Fabozzi, Frank J. (ed), ''Handbook of Mortgage-Backed Securities, 6th Edition'', p 1125 A balloon payment mortgage may have a fixed or a floating interest rate. The most common way of describing a ''balloon loan'' uses the terminology ''X'' due in ''Y'', where ''X'' is the number of years over which the loan is amortized, and ''Y'' is the year in which the principal balance is due. An example of a balloon payment mortgage is the seven-year Fannie Mae Balloon, which features monthly payments based on a thirty-year amortization. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adjustable Rate Mortgage
A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.Wiedemer, John P, ''Real Estate Finance, 8th Edition'', pp 99–105 The loan may be offered at the lender's standard variable rate/base rate. There may be a direct and legally defined link to the underlying index, but where the lender offers no specific link to the underlying market or index, the rate can be changed at the lender's discretion. The term "variable-rate mortgage" is most common outside the United States, whilst in the United States, "adjustable-rate mortgage" is most common, and implies a mortgage regulated by the Federal government, with caps on charges. In many countries, adjustable rate mortgages are the norm, and in such places, may simply be referred to as mortgages. Among the most common indices are the rates on 1-year co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michael Douglas
Michael Kirk Douglas (born September 25, 1944) is an American actor and film producer. He has received numerous accolades, including two Academy Awards, five Golden Globe Awards, a Primetime Emmy Award, the Cecil B. DeMille Award, and the AFI Life Achievement Award. The elder son of Kirk Douglas and Diana Dill, Douglas received his Bachelor of Arts in drama from the University of California, Santa Barbara. His early acting roles included film, stage, and television productions. Douglas first achieved prominence for his performance in the ABC police procedural television series ''The Streets of San Francisco'', for which he received three consecutive Emmy Award nominations. In 1975, Douglas produced '' One Flew Over the Cuckoo's Nest'', having acquired the rights to the Ken Kesey novel from his father. The film received critical and popular acclaim, and won the Academy Award for Best Picture, earning Douglas his first Oscar as one of the film's producers. After leaving ''Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gordon Gekko
Gordon Gekko is a composite character in the 1987 film '' Wall Street'' and its 2010 sequel '' Wall Street: Money Never Sleeps'', both directed by Oliver Stone. Gekko was portrayed by actor Michael Douglas, whose performance in the first film won him an Oscar for Best Actor. Co-written by Stone and screenwriter Stanley Weiser, Gekko is said to be based loosely on several actual financiers, including Stone's own father Louis Stone and corporate raider Asher Edelman. According to Edward R. Pressman, producer of the film, "Originally, there was no one individual who Gekko was modeled on", but added that "Gekko was partly Milken", who was the "Junk Bond King" of the 1980s. Gekko's "Greed is good" speech was influenced by a commencement address given by Ivan Boesky for the University of California, Berkeley School of Business, May 1986, where he commented on the beneficial side of greed. In 2003, the American Film Institute named Gordon Gekko No. 24 on its Top 50 movie v ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Never Sleeps
''Wall Street: Money Never Sleeps'' (also known as ''Wall Street 2'' or ''Wall Street 2: Money Never Sleeps'') is a 2010 American drama film directed by Oliver Stone, a sequel to ''Wall Street'' (1987). It stars Michael Douglas, Shia LaBeouf, Josh Brolin, Carey Mulligan, Frank Langella, Susan Sarandon, and Eli Wallach in his final movie role. The film takes place in New York City, 23 years after the original, and revolves around the 2008 financial crisis. Its plot centers on a supposedly reformed Gordon Gekko, played by Douglas, and follows his attempts to repair his relationship with his daughter Winnie (Mulligan), with the help of her fiancé, Jacob Moore (LaBeouf). Principal photography took place in New York City between September and November 2009. After having its release date moved twice, ''Money Never Sleeps'' was released theatrically worldwide on September 24, 2010, by 20th Century Fox. Prior to its official release, many journalists connected to the financial indus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Housing Bubble
The 2000s United States housing bubble was a real-estate bubble affecting over half of the U.S. states. It was the impetus for the subprime mortgage crisis. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and reached new lows in 2011. On December 30, 2008, the Case–Shiller home price index reported its largest price drop in its history. The credit crisis resulting from the bursting of the housing bubble is an important cause of the Great Recession in the United States. Increased foreclosure rates in 2006–2007 among U.S. homeowners led to a crisis in August 2008 for the subprime, Alt-A, collateralized debt obligation (CDO), mortgage, credit, hedge fund, and foreign bank markets. In October 2007, Henry Paulson, the U.S. Secretary of the Treasury, called the bursting housing bubble "the most significant risk to our economy". Any collapse of the U.S. housing bubble has a direct impact not only on home valuations, but mortgage markets, home buil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Underwriting
Underwriting (UW) services are provided by some large financial institutions, such as banks, insurance companies and investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability arising from such guarantee. An underwriting arrangement may be created in a number of situations including insurance, issues of security in a public offering, and bank lending, among others. The person or institution that agrees to sell a minimum number of securities of the company for commission is called the underwriter. History The term "underwriting" derives from the Lloyd's of London insurance market. Financial backers (or risk takers), who would accept some of the risk on a given venture (historically a sea voyage with associated risks of shipwreck) in exchange for a premium, would literally write their names under the risk information that was written on a Lloyd's slip created for this purpose. Securities underwriting In the f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Charles R
Charles is a masculine given name predominantly found in English and French speaking countries. It is from the French form ''Charles'' of the Proto-Germanic name (in runic alphabet) or ''*karilaz'' (in Latin alphabet), whose meaning was "free man". The Old English descendant of this word was '' Ċearl'' or ''Ċeorl'', as the name of King Cearl of Mercia, that disappeared after the Norman conquest of England. The name was notably borne by Charlemagne (Charles the Great), and was at the time Latinized as ''Karolus'' (as in ''Vita Karoli Magni''), later also as '' Carolus''. Some Germanic languages, for example Dutch and German, have retained the word in two separate senses. In the particular case of Dutch, ''Karel'' refers to the given name, whereas the noun ''kerel'' means "a bloke, fellow, man". Etymology The name's etymology is a Common Germanic noun ''*karilaz'' meaning "free man", which survives in English as churl (< Old English ''ċeorl''), which developed its depr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
