Wednesday, August 15, 2007 |
eleanor roosevelt i never knew that much about her. but reading some of her notable quotes made me want to know more:
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what is a subprime loan anywhoo? This summer I did some office work for the Center for Responsible Lending. And now that I am winding up my tenure, I thought it would be good to summarize what I've gotten from their literature re: subprime loans. Subprime is a high interest rate loan given to borrowers with credit scores lower than 620. They usually have features that increase the risk of foreclosure, i.e. adjustable interest rates, balloon payments, prepayment penalties. Whereas prime mortgages are more complex and regulations are not adequate for borrowers to know the true cost of their payments. Sub-prime loads were typically used for re-financing. 8:23:32 PM comment [] |
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