The worst of them earn the nickname "ninja loans," short for "no income, no job, and (no) assets." -- In the mortgage industry, they are called "liar loans" _ mortgages approved without requiring proof of the borrower's income or assets. The mortgage loan itself is made by a bank, a savings and loan association, a mortgage company, a credit union, or any other lender. For it to become an FHA mortgage loan, the lender would have to be approved by the Federal Housing Administration.
