1065:(or ARMs) that give them a lower initial interest rate. But with potential annual adjustments of 2% or more per year, these loans can end up costing much more. So a $ 500,000 loan at a 4% interest rate for 30 years equates to a payment of about $ 2,400 a month. But the same loan at 10% for 27 years (after the adjustable period ends) equates to a payment of $ 4,220. A 6-percentage-point increase (from 4% to 10%) in the rate caused slightly more than a 75% increase in the payment. This is even more apparent when the lifetime cost of the loan is considered (though most people will want to refinance their loans periodically). The total cost of the above loan at 4% is $ 864,000, while the higher rate of 10% would incur a lifetime cost of $ 1,367,280.
1058:, regardless of their actual composition or performance. Because of the "originate-to-distribute" model followed by many subprime mortgage originators, there was little monitoring of credit quality and little effort at remediation when these mortgages became troubled. Subprime loans as aggressive lending tools. Markets with a high concentration of aggressive lending facilities are at risk of a sharper fall in real estate prices after a negative shock to demand.
718:
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such low-default-risk individuals. Accordingly, "subprime" borrowers have lower credit scores and are more likely to default than prime borrowers. Historically, this group was defined as borrowers with FICO scores below 600, although this has varied over time and circumstances, making it harder to determine what "subprime" really means.
1175:
The term "subprime" refers to the credit quality of the mortgage borrower as determined by various consumer credit-rating bureaus such as FICO, Equifax, and
Experian. The highest-quality borrowers are referred to as "prime", hence the term "prime rate" refers to the interest rate charged on loans to
1044:
so the probable rate of return looked very good (since subprime lenders pay higher premiums on loans secured against saleable real-estate, which was commonly assumed "could not fail"). Many subprime mortgages had a low initial interest rate for the first two or three years and those who defaulted
991:
A borrower with a history of always making repayments on time and in full will get what is called an A grade paper loan. Borrowers with less-than-perfect credit scores might be rated as meriting an A-minus, B-paper, C-paper or D-paper loan, with interest payments progressively increased for less
1000:
of below 660 while Alt-A is traditionally defined as loans lacking full documentation or with alternative documentation of ability to repay . The value of U.S. subprime mortgages was estimated at $ 1.3 trillion (~$ 1.84 trillion in 2023) as of March 2007, with over 7.5 million
823:
refers to the credit quality of particular borrowers, who have weakened credit histories and a greater risk of loan default than prime borrowers. As people become economically active, records are created relating to their borrowing, earning, and lending histories. This is called a
1013:
The sub-prime market did not take hold in Canada to the extent that it did in the U.S., where the vast majority of mortgages were originated by third parties and then packaged and sold to investors who often did not understand the associated risk.
918:
explained, "The main thing that innovations in the mortgage market have done over the past 30 years is to let in the excluded: the young, the discriminated against, the people without a lot of money in the bank to use for a down payment."
931:
the amount of student loan debt surpassed credit card debt, hitting the $ 1 (~$ 1.00 in 2023) trillion mark in 2012. However, that $ 1 trillion rapidly grew by 50% to $ 1.5 trillion as of 2018. In other countries such loans are
1053:
burst, property valuations plummeted and the real rate of return on investment could not be estimated, and so confidence in these instruments collapsed, and all less-than-prime mortgages were considered to be almost worthless
798:
These loans are characterized by higher interest rates, poor quality collateral, and less favorable terms in order to compensate for higher credit risk. During the early to mid-2000s, many subprime loans were packaged into
956:
or buying a house, since defaulters are likely to be classified as subprime, which means the loan may be refused or more difficult to arrange and certainly more expensive than for someone with a perfect repayment record.
832:, the information is readily available to people with a need to know (in some countries, loan applications specifically allow the lender to access such records). Subprime borrowers have credit ratings that might include:
874:
Lenders' standards for determining risk categories may also consider the size of the proposed loan, and also take into account the way the loan and the repayment plan is structured, if it is a conventional
1689:
903:
limit or some other arrangement. The originator is also taken into consideration. Because of this, it was possible for a loan made to a borrower with "prime" characteristics (e.g. high
936:
by governments or sponsors. Many student loans are structured in special ways because of the difficulty of predicting students' future earnings. These structures may be in the form of
1188:
988:
guidelines for prime mortgages are called "non-conforming" loans. As such, they cannot be packaged into Fannie Mae or
Freddie Mac MBS and have less secondary market liquidity.
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reliable payers to allow the company to share the risk of default equitably among all its borrowers. Between A-paper and subprime in risk is a grade called
366:
910:
Proponents of subprime lending maintain that the practice extends credit to people who would otherwise not have access to the credit market. Professor
1329:
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to people in the United States who may have difficulty maintaining the repayment schedule. Historically, subprime borrowers were defined as having
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996:. A-minus is related to Alt-A, with some lenders categorizing them the same, but A-minus is traditionally defined as mortgage borrowers with a
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loans and so on. Because student loans provide repayment records for credit rating, and may also indicate their earning potential,
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the known income of the individual or family is unlikely to be enough to pay living expenses, plus interest and repayment;
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The
Cleveland Plain-Dealer investigation into the complicity of lenders in the Cleveland foreclosure mess. May 2008
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regularly at first, but finally, a bigger share of borrowers began to default in staggering numbers. The inflated
941:
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can cause serious problems later in life as an individual wishes to make a substantial purchase on credit such as
93:
1819:
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1136:. National Commission on the Causes of the Financial and Economic Crisis in the United States. 2011. p. 67.
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1347:..many borrowers are struggling to pay off their student loans, and the debt collection industry is cashing in.
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A panel of economists at
Columbia University, School of International and Public Affairs, Feb 28, 2008.
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Yuliya
Demyanyk and Otto Van Hemert (2007-10-10). "Understanding the Subprime Mortgage Crisis".
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1531:"Subprime Lending and Real Estate Prices: Subprime Lending and Real Estate Prices"
1036:(MBSs) that were traditionally isolated from, and sold in a separate market from,
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arose from "bundling" American subprime and
American regular mortgages into
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To avoid high initial mortgage payments, many subprime borrowers took out
1766:"From Sub-Prime to Prime-Time - A Debate on the Current Financial Crisis"
1648:
1616:
Michael Hudson and E. Scott
Reckard, Los Angeles Times, February 4, 2005.
1040:. These "bundles" of mixed (prime and subprime) mortgages were based on
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subprime loans are usually classified as those where the borrower has a
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1275:"Irresponsible Mortgages Have Opened Doors to Many of the Excluded"
30:"Subprime" redirects here. For the 2007 house mortgage crisis, see
1361:"Student loan debt just hit $ 1.5 trillion. Women hold most of it"
1191:. U.S. Department of Housing and Urban Development. Archived from
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1380:"Student Loan Debt Statistics In 2018: A $ 1.5 Trillion Crisis"
36:
1755:"Subprime Mortgage Lending: Benefits, Costs, and Challenges"
973:
below 600. The term was popularized by the media during the
977:
or "credit crunch" of 2007. Those loans which do not meet
1690:
United States
Department of Housing and Urban Development
965:
Although there is no single, standard definition, in the
795:
below 600, although this threshold has varied over time.
1149:"Reading About the Financial Crisis: A 21-Book Review"
67:. Unsourced material may be challenged and removed.
1725:"Jan 15 2008 Main sub-prime losses reported]"
1785:“What you ought to know about missold mortgages”
1300:"Student Loan Debt Exceeds One Trillion Dollars"
1158:. Journal of Economic Literature. Archived from
859:failures to pay debts completely (default debt);
856:a history of late or sometimes missed payments;
1771:"The Obama Recession: An Abbreviated History"
1529:Pavlov, Andrey; Wachter, Susan (March 2011).
1330:"Debt Collectors Cashing In on Student Loans"
744:
8:
1508:Greg McArthur; Jacquie McNish (2009-03-14).
1213:
1211:
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847:(for the lender to sell in case of default);
862:legal judgments such as "orders to pay" or
907:, low debt) to be classified as subprime.
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138:
1710:"The Rise and Fall of Subprime Mortgages"
127:Learn how and when to remove this message
1323:
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27:Loans to people with higher credit risk
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1787:Are mis-sold mortgages a problem for
1622:"Why Subprime Lenders Are In Trouble"
1614:Workers Say Lender Ran 'Boiler Rooms'
1400:, Chapter 2 (Thomson West, 2013 ed.).
1221:, Chapter 3 (Thomson West, 2013 ed.).
839:limited or no possession of property
7:
1263:. Federal Reserve Bank of Cleveland.
1232:"FDIC-Guidance for Subprime Lending"
65:adding citations to reliable sources
1328:Martin, Andrew (8 September 2012).
1130:The Financial Crisis Inquiry Report
1429:. Associated Press. March 13, 2007
1254:Ten Myths about Subprime Mortgages
327:Affordability in the United States
25:
1593:J F Bellod, "La Crisis Imposible"
1773:. Freedomofbleep.com. 2008-11-24
1547:10.1111/j.1540-6229.2010.00284.x
1510:"Canada's dirty subprime secret"
1005:subprime mortgages outstanding.
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158:
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1273:Goolsbee, Austan (2007-03-29).
866:(sometimes known in Britain as
52:needs additional citations for
1717:Federal Reserve Bank of Dallas
1604:"The subprime wolves are back"
1423:"How severe is subprime mess?"
1359:Lobosco, Katie (5 June 2018).
836:limited or no debt experience;
1:
809:financial crisis of 2007–2008
1757:. Board of Governors of the
1702:"Q&A: Sub-prime lending"
1692:. 2006-03-24. Archived from
1486:. 2007-09-08. Archived from
1454:The Subprime Mortgage Market
687:Residential treatment center
1744:"Sub-Prime Trail of Deceit"
946:income-contingent repayment
1841:
1398:Mortgage-Backed Securities
1219:Mortgage-Backed Securities
1034:mortgage-backed securities
1021:
942:income-sensitive repayment
801:mortgage-backed securities
29:
1825:Subprime mortgage lenders
1791:and Brokers? June 8, 2018
1598:Wolves Feeding On Bailout
1063:adjustable-rate mortgages
1805:Subprime mortgage crisis
1620:Peter Coy (2007-03-02).
1570:"The Skinny on Subprime"
1568:Gad, Sham (2007-07-10).
1396:Lemke, Lins and Picard,
1217:Lemke, Lins and Picard,
1030:subprime mortgage crisis
1024:Subprime mortgage crisis
975:subprime mortgage crisis
632:Healthy community design
32:Subprime mortgage crisis
1480:"What subprime crisis?"
1075:Amortization (business)
1042:asset-backed securities
1759:Federal Reserve System
1672:Cite journal requires
1156:Draft: January 9, 2012
868:County Court judgments
843:that could be used as
828:; although covered by
815:Defining subprime risk
807:, contributing to the
787:) is the provision of
387:Housing discrimination
357:Environmental security
1535:Real Estate Economics
1252:Demanyank Y. (2009).
803:(MBS) and ultimately
785:second-chance lending
771:(also referred to as
582:Alternative lifestyle
527:Real estate investing
522:Real estate economics
512:Real estate appraisal
250:Mixed-use development
1649:10.2139/ssrn.1020396
1281:. The New York Times
1110:Student loan default
1080:Collateral (finance)
954:purchasing a vehicle
950:student loan default
916:Princeton University
692:Retirement community
677:Psychiatric hospital
485:Society and politics
61:improve this article
1810:Financial economics
263:(travellers' hotel)
1731:. January 15, 2008
1704:. BBC. 2007-03-14.
1686:"Subprime Lending"
1259:2013-06-05 at the
1189:"Subprime Lending"
1165:on 13 January 2013
1090:Graduated payments
1085:Endowment mortgage
1051:house-price bubble
893:standard repayment
889:interest-only loan
885:endowment mortgage
723:Housing portal
702:Supportive housing
517:Real estate bubble
437:Subsidized housing
402:Housing inequality
76:"Subprime lending"
1634:on March 4, 2007.
1459:Chicago, Illinois
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412:Luxury apartments
332:Executive housing
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16:(Redirected from
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1719:. November 2007.
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1775:. Retrieved
1733:. Retrieved
1728:
1694:the original
1665:cite journal
1632:the original
1625:
1608:Businessweek
1607:
1574:. Retrieved
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1513:. Retrieved
1503:
1492:. Retrieved
1488:the original
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1193:the original
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1167:. Retrieved
1160:the original
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1056:toxic assets
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905:credit score
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830:privacy laws
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662:Nursing home
547:Rent control
447:architecture
442:Sustainable:
431:
377:Homelessness
367:Fair housing
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59:Please help
54:verification
51:
1541:(1): 1–17.
1304:www.NPR.org
1169:17 November
1095:Microcredit
1038:prime loans
983:Freddie Mac
901:credit card
793:FICO scores
612:Foster care
552:Rent strike
452:development
372:Healthiness
297:Shanty town
252:(live-work)
245:Condominium
1799:Categories
1777:2010-05-01
1735:January 6,
1576:2010-05-01
1572:. Fool.com
1515:2015-12-28
1494:2015-12-28
1457:(Speech).
1384:forbes.com
1310:19 January
1285:2010-12-03
1234:. Fdic.gov
1199:2018-09-21
1116:References
998:FICO score
979:Fannie Mae
971:FICO score
938:soft loans
864:bankruptcy
773:near-prime
622:Group home
607:Ecovillage
602:Eco-cities
215:Green home
87:newspapers
1657:195793149
1555:152426044
1105:Soft loan
1047:'swapped'
895:loan, an
870:or CCJs).
819:The term
805:defaulted
781:non-prime
667:Orphanage
652:Log house
532:Redlining
282:Flophouse
195:Apartment
18:Sub-prime
1729:BBC News
1464:July 13,
1433:July 13,
1427:NBC News
1257:Archived
1069:See also
845:security
821:subprime
642:Hospital
592:Boomtown
472:Vagrancy
362:Eviction
347:planning
240:Tenement
210:Ecohouse
200:Bungalow
190:terraced
180:detached
144:a series
142:Part of
1600:NPR.com
1365:cnn.com
944:loans,
927:In the
765:finance
230:I-house
205:Cottage
101:scholar
1655:
1553:
1341:17 May
1238:May 1,
1009:Canada
1001:first-
841:assets
783:, and
777:subpar
672:Prison
457:living
422:Permit
352:racism
342:design
315:Issues
267:Castle
261:Hostel
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1789:Banks
1713:(PDF)
1653:S2CID
1551:S2CID
1306:. NPR
1163:(PDF)
1152:(PDF)
1134:(PDF)
1045:were
994:Alt-A
887:, an
883:, an
789:loans
575:Other
562:YIMBY
502:NIMBY
302:Villa
287:Shack
277:Squat
256:Hotel
235:Ranch
176:House
108:JSTOR
94:books
1737:2010
1678:help
1641:SSRN
1466:2008
1435:2008
1343:2017
1312:2015
1240:2010
1171:2013
1028:The
1003:lien
899:, a
891:, a
879:, a
427:Rent
292:Slum
169:Main
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1645:doi
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981:or
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