J
Joint account
An agreement between two or more organizations to share risk and
responsibility in purchasing or underwriting securities.
Jumbo loan
A loan larger than the lending limits set by Fannie Mae (Federal National
Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage
Corporation). Jumbos usually carry a higher interest rate than conforming
loans.
Junk bond
A risky bond with a speculative credit rating of BB (Standard & Poor's) or
Ba (Moody's) or lower. Junk bonds offer investors higher yields than those
of financially sound companies, but with substantially higher risk.
Junior debt
Debt whose holders have a claim on the firm's assets only after senior
debtholder's claims are satisfied.
