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取自維基百科 http://en.wikipedia.org/wiki/Subprime_mortgage
Subprime mortgages
As with subprime lending in general, subprime mortgages are often defined by th
e type of consumer to which they are made available. According to the U.S. Depa
rtment of Treasury guidelines issued in 2001, "Subprime borrowers typically hav
e weakened credit histories that include payment delinquencies, and possibly mo
re severe problems such as charge-offs, judgments, and bankruptcies. They may a
lso display reduced repayment capacity as measured by credit scores, debt-to-in
come ratios, or other criteria that may encompass borrowers with incomplete cre
dit histories."
Subprime mortgage loans are riskier loans in that they are made to borrowers un
able to qualify under traditional, more stringent criteria due to a limited or
blemished credit history. Subprime borrowers are generally defined as individua
ls with limited income or having FICO credit scores below 620 on a scale that r
anges from 300 to 850. Subprime mortgage loans have a much higher rate of defau
lt than prime mortgage loans and are priced based on the risk assumed by the le
nder.
Although most home loans do not fall into this category, subprime mortgages pro
liferated in the early part of the 21st Century. About 21 percent of all mort?g
age originations from 2004 through 2006 were subprime, up from 9 percent from 1
996 through 2004, says John Lonski, chief economist for Moody's In?vestors Serv
ice. Subprime mortgages totaled $600 billion in 2006, accounting for about one-
fifth of the U.S. home loan market.
There are many different kinds of subprime mortgages, including:
* interest-only mortgages, which allow borrowers to pay only interest for a
period of time (typically 5-10 years);
* “pick a payment” loans, for which borrowers choose their monthly paymen
t (full payment, interest only, or a minimum payment which may be lower than th
e payment required to reduce the balance of the loan);
* and initial fixed rate mortgages that quickly convert to variable rates.
This last class of mortgages has grown particularly popular among subprime lend
ers since the 1990s. Common lending vehicles within this group include the "2-2
8" loan, which offers a low initial interest rate that stays fixed for two year
s after which the loan resets to a higher adjustable rate for the remaining lif
e of the loan, in this case 28 years. The new interest rate is typically set at
some margin over an index, for example, 5% over a 12-month LIBOR.Variations on
the "2-28" loan concept include the "3-27" and the "5-25".
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