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What are subprime mortgage loans ?

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OfflineSpanky
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notepad Aug 18, 2008, 09:17:24 PM #1
I hear a lot of people on the news talking about the subprime banking crisis and mortgage meltdown.

What exactly are subprime mortgages ?
OfflineCode4Gold
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notepad Aug 19, 2008, 10:26:40 AM #2
Subprime is when a lender writes a risky loan to somebody with questionable credit at a higher rate than the prime rate.

You can read more about the definition of subprime lending here :

http://en.wikipedia.org/wiki/Subprime_lending

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