To the Bottom Subprime Loans

Sub Prime Mortgage Default Rate

At the opposite extreme from prime loans are subprime ones, which are given to borrowers with very poor credit histories and low FICO scores, typically below 620 to 660, depending on whose definition you want to use the average FICO score for securitized subprime loans was 617 as of January 2009 . Such borrowers are generally poor, aren 't well educated, have spotty employment histories, and have frequently been late or defaulted on debts in short, precisely the people a lender should be very...