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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

Clean-up merger

Consolidation of the acquired firm into the acquiring firm after the merger. Also called take-out merger.

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