Perhaps a 2005 flashback scene from Season 4 of the Netflix comedy “Arrested Development” depicted the lending market best. In it, actor Ed Helms, playing a realtor, tells two of the show’s main — and jobless, and nutty — characters that he can get them into a mansion through a new “NINJA loan.”
“No income, no job and no assets,” he says, to their delight.
It’s laughable now, but local experts say the depiction wasn’t far off for some lenders during the last decade. To be sure, NINJA didn’t mean banks actually wanted to lend money to people without income, jobs or assets. They just didn’t ask for verification. (more…)