but in actuality have been popularly used in situations where aggressive mortgage lenders and brokers did not want any trouble qualifying otherwise non-qualifying loans,[3] thus becoming a significant factor in the subprime lending crisis.
It was described as a no income, no job, [and] no assets loan because the only thing an applicant had to show was his/her credit rating, which was presumed to reflect willingness and ability to pay.
The term was popularized by Charles R. Morris in his 2008 book The Two Trillion Dollar Meltdown, though the acronym had been publicly used by some subprime mortgage lenders for some years.
[5] They were especially prominent during the United States housing bubble circa 2003-2007 but have gained wider notoriety due to the subprime mortgage crisis in July/August 2007 as a prime example of poor lending practices.
The term was also popularized in the 2010 US film Wall Street: Money Never Sleeps by the character Gordon Gekko played by Michael Douglas.