No docs

Definition:

Loans that are supported with little or no documentation (like proof of income, employment or assets.) Generally availed of by borrowers who do not have such documentation (or do not want to disclose it) but are willing to pay high interest rates for such loans. Also see Alt-A, NINA loan.

Investing Essentials


Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

Term of the Day

Mortgage bond

A bond in which the issuer has granted the bondholders a lien against the pledged assets. See: Collateral trust bonds

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