Austin, Texas-based 360 Mortgage Group just revealed that it will conduct a pilot program to test the viability of no-income, no-asset mortgage loans by originating up to $1 billion of them to finance investor-owned homes. The housing crisis in 2008 stemmed largely from defaults on sub-prime mortgages, or so-called NINJAs – borrowers who qualified for a home loan with no income, no job and no assets verified. Lenders have since stopped making NINJA loans, but […]
source https://therealdeal.com/2019/04/21/this-lender-plans-to-underwrite-1b-in-mortgages-with-no-income-no-asset-verification/
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