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In finance, subprime lending (also referred to as near-prime, subpar, non-prime, and second-chance lending) is the provision of loans to people in the United States who may have difficulty maintaining the repayment schedule. [1] Historically, subprime borrowers were defined as having FICO scores below 600, although this threshold has varied ...
Pages in category "Subprime mortgage lenders" The following 22 pages are in this category, out of 22 total. This list may not reflect recent changes. ...
The consumer finance industry (meaning branch-based subprime lenders) mainly came to fruition in the middle of the twentieth century. At that time, these companies were all stand-alone companies not owned by banks and an alternative to banks. However, at that time, the companies were not focused on subprime lending. Instead, they attempted to ...
Lenders must underwrite a subprime home loan according to Dodd-Frank standards, including the “ability-to-repay” (ATR) provision that requires a lender to thoroughly assess whether a borrower ...
Of course, those other options are hard to come by for subprime borrowers, who typically have a FICO credit score in the 580 to 619 range; prime and super-prime are typically 660 and above, though ...
In 2008, David Goldstein and Kevin G. Hall reported that more than 84% of the subprime mortgages came from private lending institutions in 2006, and the share of subprime loans insured by Fannie Mae and Freddie Mac decreased as the bubble got bigger (from a high of insuring 48% to insuring 24% of all subprime loans in 2006). [266]
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