摘要
Asub-prime mortgage refers to a type of loai3 that is normally made to borrowers who do not qualify for market interest rates,often due to a variety of risk factors,such as their income level,size of the down pay- ment,credit history,or employment status. As a result of the borrower's low
Asub-prime mortgage refers to a type of loai3 that is normally made to borrowers who do not qualify for market interest rates,often due to a variety of risk factors,such as their income level,size of the down payment,credit history,or employment status. As a result of the borrower＇s low credit rating, a conventional mortgage cannot be offered because the lender views the borrower as having a greater-than-average risk of defaulting on the loan. Lending institutions often charge interest on sub-prime mortgages at a rate that is higher than a conventional mortgage in order to compensate for this added risk. Recently,
